Fieldwood Energy LLC has acquired SandRidge Energy Inc.’s (NYSE: SD) Gulf of Mexico and Gulf Coast business unit for $750 million.

Fieldwood is backed by Houston private equity firm Riverstone Holdings LLC. The company focuses on acquiring and developing oil and gas assets on the Gulf Coast. In July, Fieldwood closed a $3.75 billion deal for assets of Apache Corp., an oil company. 

Riverstone is an energy focused firm that has about $27 billion in equity capital raised. The firm invested $300 million in Eagle Energy Exploration LLC in December, and $200 million in Abaco Energy Technologies LLC in October

As part of the deal, SandRidge will retain a 2 percent interest in two exploration prospects. The seller is an Oklahoma City-based oil company that focuses on drilling oil wells. 

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