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ski properties for sale in the alps les arcs
News and Information Article
NEW YORK, Nov. 22 /-FirstCall/ -- American Real Estate
Partners, L.P. (NYSE: ACP) ("AREP") today announced that its previously
disclosed transaction with Riata Energy, Inc., currently doing business as
SandRidge Energy, Inc. ("SandRidge"), closed on November 21, 2006. Pursuant
to the transaction, SandRidge acquired NEG Oil & Gas LLC ("NEG Oil & Gas"),
previously a wholly-owned subsidiary of AREP which held all of AREPs oil
and gas investments.
AREP received $1.025 billion in cash, of which $10 million had
previously been paid to AREP, and approximately 12.8 million shares of
SandRidge common stock.
AREP will realize investment profits of approximately $486 million
(assuming an $18 per share value of the SandRidge shares received by AREP
in the transaction), which represents an annualized rate of return (IRR) of
over 49% on AREPs total investment in NEG Oil & Gas.
Carl C. Icahn, AREPs Chairman, said, "The investment in NEG Oil & Gas
has proven to be greatly rewarding for AREP over a relatively short time
period. I congratulate Bob Alexander and his team for their success in
creating value for shareholders. We have confidence in Tom Ward,
SandRidges Chairman and CEO, and look forward to participating in the
continued success of these assets as a significant stockholder of
SandRidge."
Copies of the material transaction documents are being filed with the
U.S. Securities and Exchange Commission by AREP on a Current Report on Form
8-K. Anyone who wishes to obtain copies of these documents may do so from
the Internet website maintained by the SEC at http://www.sec.gov.
AREP, a master limited partnership, is a diversified holding company
engaged in a variety of businesses. AREPs businesses currently include
gaming; real estate and home fashion. To learn more about AREP, please
visit http://www.arep.com.
This release contains certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, many of
which are beyond AREPs ability to control or predict. Forward-looking
statements may be identified by words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," "will" or words of
similar meaning and include, but are not limited to, statements about the
expected future business and financial performance of AREP and its
subsidiaries. AREP undertakes no obligation to publicly update or review
any forward-looking information, whether as a result of new information,
future developments or otherwise.
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