SandRidge Energy Inc. said it will sell its Permian Basin properties in Texas to privately held oil and gas company Sheridan Production Partners for $2.6 billion.

Last month, SandRidge had said it was exploring the sale of these assets.

"This (cash from sale) will also allow us to fund development of our acreage position as well as future opportunities in the highly scalable, high return Mississippian Play," the Oklahoma City-based company said in a statement.