The Associated Press July 2, 2010, 8:40AM ET

SandRidgeto sell Oklahoma rights for $140M

SandRidge Energy will sell some deep-acreage rights in Oklahoma to an unnamed company for $140 million.

SandRidge said Friday that the deal would help it pay down debt. It won't affect its tie-up with Tulsa, Okla. oil and natural gas company Arena Resources, Inc., the company said. The deal is expected to close in the third quarter.

SandRidge Energy Inc. wouldn't name the potential buyer, other than to say it signed a letter of intent with a "large independent oil and gas company."

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