SandRidge Energy to Exit US Gulf in $750M Deal

As part of the deal with SandRidge, Fieldwood will also assume well abandonment liabilities of $370 million.

SandRidge will retain a 2 percent overriding royalty interest in two exploration prospects in the Gulf assets.

Most U.S. oil and gas companies are increasing spending on their onshore fields as technological advancements open up vast shale reserves.

Morningstar's Hanson said that the deal should help SandRidge because it makes sense for a company of its size to focus its money and personnel in one area.

"It also makes it easier to sell the company outright," he said.

SandRidge's capital redeployment is expected to push its production up by about 37 percent to 23.2 million barrels of oil equivalent (BOE) in the mid-continent region this year.

The company also raised its forecast for overall production growth in 2014 to 26 percent from 12 percent, after adjusting for the sale, which is expected to close in the first quarter of this year. The company expects to produce 28.3 million BOE in 2014, which does not include 1 million BOE it expects to produce from the Gulf of Mexico assets before the deal closes.

Daily output at the divested assets was about 23,500 BOE over the past month, of which nearly half was natural gas, SandRidge said.