One of the industry’s first major deals of the third quarter closed on Sept. 1 without any oil and gas assets changing hands.

SandRidge Energy Inc. said in a Sept. 1 release that it sold its skyscraper in Oklahoma City for $35.4 million in net proceeds, a figure that represents more than half of the company’s $61 million value on Wall Street. The sale should alleviate any concerns that SandRidge would re-enter bankruptcy after exiting bankruptcy in 2016 and shedding roughly $3.7 billion in debt.

The independent E&P company announced plans to sell the building on May 15, along with other cost cutting moves, as it grappled with falling commodity prices amid the pandemic. The brick and mortar tower and annex with parking was purchased by the state’s Commissioners of the Land Office.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access