OKLAHOMA CITY, Feb. 26, 2013 /PRNewswire/ -- SandRidge Energy,
Inc. (NYSE: SD) (the "Company") today announced that it has closed
the sale of its Permian Basin properties, excluding assets
associated with SandRidge Permian Trust (NYSE: PER), to Sheridan
Holding Company II, LLC for total cash proceeds of $2.6 billion. The effective date of the
sale is January 1, 2013. During
the fourth quarter of 2012, the divested properties produced
approximately 23 MBoe per day. The Company expects to use proceeds
of the sale to reduce debt, as described below, fund capital
expenditures and for general corporate purposes.
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The Company also announced that it has initiated a process to
redeem all of its outstanding 9.875% Senior Notes due 2016, which
have an aggregate principal amount outstanding of $365,500,000, and all of its 8% Senior Notes due
2018, which have an aggregate principal amount outstanding of
$750,000,000 (collectively, the
"Notes"). Each series of Notes is being redeemed for a
redemption price of 100.00% of the principal amount thereof, plus a
premium as of the redemption date as well as accrued and unpaid
interest on the Notes at that time. The redemption date for
the Notes is March 28,
2013.
FORWARD-LOOKING STATEMENTS
This communication may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve risks and
uncertainties that may individually or mutually impact the matters
herein described for a variety of reasons that are outside the
control of the Company. Actual results could differ
materially from those discussed above. Important factors that
could affect performance and cause results to differ materially
from management's expectations are described in the sections
entitled "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in the Annual
Report on Form 10-K for the year ended December 31, 2011, which was filed with the
Securities and Exchange Commission (the "SEC") on February 27, 2012, as updated on its Quarterly
Report on Form 10-Q for the fiscal quarter ended September 30, 2012, filed on November 9, 2012, and as may be further updated
from time to time in the Company's SEC filings, which are available
through the web site maintained by the SEC at www.sec.gov.
The Company's forward-looking statements in this communication are
based on management's current views and assumptions regarding
future events and speak only as of their dates. The Company
undertakes no obligation to publicly update or revise any forward
looking statements, whether as a result of new information, future
events or otherwise, except as required by the federal securities
laws.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
On January 18, 2013 the Company
filed with the SEC a definitive consent revocation statement
in connection with the consent solicitation by TPG-Axon Partners,
LP, TPG-Axon Management LP, TPG-Axon Partners GP, L.P., TPG-Axon
GP, LLC, TPG-Axon International, L.P., TPG-Axon International GP,
LLC, Dinakar Singh LLC, Dinakar
Singh, Stephen C. Beasley,
Edward W. Moneypenny, Fredric G. Reynolds, Peter H. Rothschild, Alan J. Weber and Dan A.
Westbrook (the "TPG-Axon Consent Solicitation"), and has
mailed the definitive consent revocation statement and a form of
WHITE consent revocation card to stockholders of the Company
entitled to execute, withhold or revoke consents relating to the
TPG-Axon Consent Solicitation. STOCKHOLDERS OF THE COMPANY
ARE URGED TO READ THE CONSENT REVOCATION STATEMENT, which is
available now, AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. Stockholders may obtain a free copy of
the consent revocation statement and other documents (when
available) filed with the SEC by the Company through the website
maintained by the SEC at www.sec.gov.
CERTAIN INFORMATION REGARDING PARTICIPANTS
The Company and certain of its directors and executive officers
are participants in the solicitation of consent revocations from
the Company's stockholders in connection with the TPG-Axon Consent
Solicitation. Stockholders may obtain information regarding
the names, affiliations and interests of the Company's directors
and executive officers in the Company's Annual Report on Form 10-K
for the year ended December 31, 2011,
which was filed with the SEC on February 27,
2012, its Quarterly Reports on Form 10-Q for the first three
fiscal quarters of the fiscal year ending December 31, 2012, filed on May 7, 2012, August 6,
2012 and November 9, 2012,
respectively, and its definitive consent revocation statement,
which was filed with the SEC on January
18, 2013. These documents can be obtained free of
charge through the website maintained by the SEC at
www.sec.gov.
About SandRidge Energy, Inc.
SandRidge Energy, Inc. is an oil and natural gas company
headquartered in Oklahoma City,
Oklahoma with its principal focus on exploration and
production. SandRidge and its subsidiaries also own and operate gas
gathering and processing facilities and CO2 treating and
transportation facilities and conduct marketing and tertiary oil
recovery operations. In addition, Lariat Services, Inc., a
wholly-owned subsidiary of SandRidge, owns and operates a drilling
rig and related oil field services business. SandRidge focuses its
exploration and production activities in the Mid-Continent,
Gulf of Mexico, west Texas and Gulf Coast. SandRidge's internet
address is www.sandridgeenergy.com.
SandRidge Energy Contact:
Kevin R. White
Senior Vice President
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
+1 (405) 429-5515
SOURCE SandRidge Energy, Inc.