SandRidge, based in Oklahoma, will keep a small stake of 2% in the assets following the sale.
The two identified exploration prospects are the deep Miocene prospects in Green Canyon 65 (Bullwinkle area) and South Pass 60 blocks.
Proved reserves have totaled 57.2 million barrels of oil equivalent. Of these reserves, 72% is developed and 51% has proven to be oil.
Daily production currently sits around 25,000 bpd.
Fieldwood will also assume $350 million of abandonment liabilities according to the purchase agreement.