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Simpson Thacher represented Riata Energy, Inc. (d/b/a SandRidge Energy, Inc.) (“SandRidge”) in its approximately $1.5 billion acquisition of NEG Oil & Gas LLC from American Real Estate Partners L.P. (“AREP”). AREP is an affiliate of Carl C. Icahn. The transaction represents the acquisition of substantially all of AREP’s oil and gas operations. In the acquisition, SandRidge issued approximately 12.8 million shares of its common stock to AREP, paid $1.025 billion cash and assumed approximately $250 million of debt of NEG Oil & Gas, net of cash.

SandRidge is an oil and natural gas company with its principal focus on exploration and production. SandRidge also owns and operates drilling rigs, provides oil field related services, and owns oil and gas properties in Texas, Colorado, the Gulf of Mexico, Oklahoma and Arkansas.

Members of the Simpson Thacher team who worked on the transaction include: Robert Spatt, Edward Chung, Atif Azher and Felton Booker (M&A); Charlie Rappaport and Helena Wolin (Tax); Alvin Brown and Andrew O’Brien (Benefits); and Michael Isby (Environmental). Paralegal Michael Hoverman also provided invaluable assistance.