Ares Backs SandRidge Energy

SandRidge Energy Inc. (f.k.a. Riata Energy), an Oklahoma City-based oil and gas exploration and production company, has agreed to sell $250 million in common stock to Ares Management ($200m) and company chairman and CEO Tom Ward ($50m). The Ares commitment is subject to reduction in the event certain existing shareholders exercise their right to acquire a portion of the shares.