SandRidge Energy acquired Arena Resources Inc. for $1.6 billion in cash and stock. The move is an attempt by SandRidge to move away from Natural Gas and towards Oil. Tom Ward, the SandRidge CEO, stated that drillers can make ten times more from oil than natural gas. Natural gas prices have been lower over the last couple of years due to the recession, shale drilling, and a higher available rig count.
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