Morgan Stanley Global Private Equity Portfolio Company Trinity CO2 Investments Acquires SandRidge Tertiary for $130 Million
 Jun 4 2012 | New York |
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Morgan Stanley Global Private Equity announced today that portfolio company Trinity CO2 Investments LLC (Trinity CO2), a Midland, Texas-based carbon dioxide (CO2) pipeline and supply company, has acquired SandRidge Tertiary, LLC (SandRidge Tertiary) from SandRidge Energy Inc. (SandRidge Energy | NYSE: SD) for $130 million in cash. Headquartered in Midland, Texas, SandRidge Tertiary is an enhanced oil recovery (EOR) company with projects in the Permian Basin of West Texas that have proved reserves of 24 million barrels of oil equivalent, as of December 31, 2011. The acquisition will combine Trinity CO2’s strategically located CO2 pipeline and supply assets with SandRidge Tertiary’s EOR operations to create a leading CO2-based EOR company. Trinity CO2 has also acquired the Wellman Pipeline from SandRidge Energy as part of this transaction. SandRidge Tertiary’s highly experienced management team, including Greg West and John Milam, has decades of tertiary oil recovery experience and has joined the senior management team of Trinity CO2. Greg West has been appointed Executive Vice President and Chief Operating Officer for Trinity CO2, and John Milam has been appointed Senior Vice President, Operations. Greg West has also joined Trinity CO2’s board of directors. John Moon, a Partner and Managing Director of Morgan Stanley Global Private Equity, said, “The acquisition of SandRidge Tertiary represents a unique opportunity to combine an attractive upstream EOR business with Trinity CO2’s strategically located CO2 pipeline and supply platform. We believe that there will be additional opportunities for this platform to grow, and we are delighted to have the management team at SandRidge Tertiary on board and working closely with our partners at Trinity CO2.” Barry Petty, Chief Executive Officer of Trinity CO2 Investments, said, “We have a clear long-term strategy to expand our existing asset base and develop a comprehensive and integrated CO2 business. With the addition of SandRidge Tertiary, we are excited to leverage the positive momentum and strength of our current partnership with Morgan Stanley Global Private Equity to take Trinity CO2 to the next level.” About Trinity CO2 Investments About Morgan Stanley Global Private Equity About Morgan Stanley # # # For additional information, please contact: Trinity CO2 Morgan Stanley |
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