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NEW YORK - Independent oil and natural gas company SandRidge Energy Inc. said Thursday it is dropping its $230 million bid to buy oil driller Crusader Energy Group Inc.
SandRidge, based in Oklahoma City, said other companies have submitted bids for Crusader, and it doesn't plan to compete with them. Crusader, also based in Oklahoma City, filed for bankruptcy protection in March.
In September, SandRidge said it would offer cash and stock for the company in a move that would have expanded its stake in the Anadarko basin in Western Oklahoma and in the Permian Basin in Texas.
SandRidge said it expects to receive a break-up fee of $7 million following its decision to pull out.
Shares of SandRidge advanced 51 cents, or 5.4 percent, in after-hours trading to $10.05 following its statement. In the regular session, the company's stock fell 69 cents, or 6.7 percent, to close at $9.54.
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