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February 1, 2012
New York, February 1, 2012 — Covington & Burling advised SandRidge Energy, Inc. on its announced acquisition of Dynamic Offshore Resources, LLC for $1.275 billion in cash and stock. Under the agreement, SandRidge will pay about $680 million in cash and approximately 74 million shares of SandRidge common stock valued at $8.02 per share. Covington also advised SandRidge on the related $725 million in committed financing from Bank of America Merrill Lynch, SunTrust Robinson Humphrey and Royal Bank of Scotland that the Company may use to fund the cash portion of the consideration.
Houston-based Dynamic Offshore Resources is a privately-held, acquisition, exploration and production company operating in the shallow waters of the Gulf of Mexico. SandRidge Energy, Inc. is an oil and natural gas company headquartered in Oklahoma City, Oklahoma, with its principal focus on exploration and production in the Mid-Continent, Permian Basin, Gulf of Mexico, West Texas Overthrust, and Gulf Coast.
The Covington team is being led by New York partners Scott Smith and Stephen Infante, with the assistance of Matthew Fox, Mirra Levitt* and Jeffrey Katz* (mergers & acquisitions). John Gourary and Andrew Hyman are advising on the financing, David Engvall and Matt Franker on capital markets, Steven Rosenbaum on federal offshore oil & gas leasing, Rob Heller and Sarah Burnham on tax matters, Mike Francese and Michael Chittenden on employment and benefits and James Dean is advising on antitrust.
*Not yet admitted to practice.