SandRidge Energy Inc.'s (SD) subsidiary MidCon Midstream, LP has filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission or "SEC" regarding its proposed initial public offering of common units representing limited partner interests. MidCon Midstream is a Delaware limited partnership recently formed by SandRidge to own, operate, acquire and develop assets used to gather, process and dispose of saltwater produced alongside oil and natural gas. MidCon Midstream anticipates that its initial assets would include well connections, gathering pipelines and disposal wells in the Mid-Continent region of the U.S.
The number of common units to be offered and the offering's price range were not determined. MidCon Midstream plans to apply for a listing of the common units on the New York Stock Exchange. SandRidge would own the general partner of MidCon Midstream and all of its incentive distribution rights and expects to initially retain a majority of MidCon Midstream's units representing limited partner interests. The company said that a substantial majority of the net proceeds of the offering is likely to be distributed to SandRidge.
BofA Merrill Lynch and Barclays would act as the joint book-running managers for the proposed offering.
For comments and feedback contact: editorial@rttnews.com
Business News