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June 4, 2012
NEW YORK, June 4, 2012 — Covington advised SandRidge Energy, Inc. on the sale of its non-core tertiary recovery business for $130 million to Morgan Stanley Global Private Equity portfolio company Trinity CO2 Investments. The divested properties are located in West Texas and currently produce approximately 1,100 barrels of oil per day.
SandRidge Energy is an oil and natural gas company headquartered in Oklahoma City, Oklahoma with its principal focus on exploration and production. Headquartered in Midland, Texas, Trinity CO2 Investments is a privately owned CO2 pipeline and supply company serving upstream oil producers in the Permian Basin of West Texas and New Mexico, the hub of CO2-based enhanced oil recovery activity in the United States. Morgan Stanley Global Private Equity, part of Morgan Stanley Investment Management, makes private equity and equity-related investments on a global basis.
The Covington team included Scott Smith, Kate Withers, Leah Graham and Rachel Beller (corporate), David Engvall and Matthew Franker (securities), Andrew Hyman and Jason Chlipala (finance), Robert Heller (tax), and Michael Francese and Kathryn Johnson (benefits).