SandRidge Energy Inc. agreed to the multimillion-dollar sale of its North Park Basin asset, which completes the Oklahoma City-based independent’s transformation into a pure-play Midcontinent E&P company as it looks to boost shareholder value.

According to company filings, SandRidge entered into a definitive agreement with Denver-based Gondola Resources LLC for the sale of its North Park Basin assets for $47 million in cash. The purchase and salesagreement was executed on Dec. 11 and the transaction is expected to close first-quarter 2021.

The SandRidge North Park Basin asset comprises 93,000 net acres targeting multiple Niobrara benches in Colorado’s Jackson County. According to the company website, oil content on its North Park position exceeds 80% of total cumulative production.

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