OKLAHOMA CITY, Dec. 13, 2019 /PRNewswire/ -- SandRidge Energy,
Inc. ("SandRidge" or the "Company") (NYSE: SD) today announced it
has initiated a series of actions designed to improve shareholder
value:
- Evaluation of minimal 2020 capex plan to maximize free cash
flow
- John P. Suter named Interim
President & CEO following departure of Paul D. McKinney
The Company will be focusing on actions to maximize value to
shareholders, which will include evaluation of the 2020 capital
expenditure program in light of market conditions with a focus on
maximizing free cash flow. Management and the Board of Directors
(the "Board") will undertake a comprehensive review of the Company
with the aim to improve operational efficiencies and cost
controls.
Jonathan Frates, Chairman of the
Board, stated, "In light of the current challenging price
environment, we are reevaluating our 2020 capital plans with an
emphasis on cost control and free cash flow generation. Our goal is
to maintain our strong balance sheet and pursue only high return
opportunities."
In connection with this initiative, Paul
D. McKinney has resigned as President and Chief Executive
Officer and as a Board member and John P.
Suter, who currently serves as the Company's Chief Operating
Officer, has agreed to serve as Interim President and Chief
Executive Officer.
Mr. Frates added, "On behalf of SandRidge, I offer my sincere
thanks to Paul for his service to the Company and wish him all the
best in his future endeavors."
Mr. Suter commented: "I'm honored that the Board has selected me
for this opportunity. I am excited to work with the talented and
dedicated individuals at SandRidge as we advance initiatives in our
assets and our organization to generate shareholder value."
John Suter has extensive senior
management, operational and technical experience in the exploration
and production industry as well as intimate knowledge of the
Company through his service as the Company's Chief Operating
Officer for the past three years. Having overseen John and the
management team since June 2018, the
Board is highly confident in his ability to perform as SandRidge's
Interim President and Chief Executive Officer.
Mr. Suter joined SandRidge in April
2015 as Senior Vice President of Mid-Continent Operations,
bringing with him extensive experience in the exploration and
production sector, including management roles with American Energy
Partners, LP, Chesapeake Energy Corporation, Continental Resources,
Inc., and Cabot Oil & Gas Corporation. He holds a Bachelor of
Science degree in Petroleum Engineering from Texas Tech University.
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an oil and natural gas
exploration and production company headquartered in Oklahoma City, Oklahoma with its principal
focus on developing high-return, growth oriented projects in
Oklahoma and Colorado. The majority of the Company's
production is generated from the Mississippian Lime formation in
Oklahoma and Kansas.
For further information, please contact:
Johna Robinson
Investor Relations
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102-6406
(405) 429-5515
Cautionary Statement Regarding Forward-Looking
Statements
This communication may contain certain "forward-looking
statements" under applicable securities laws, including the Private
Securities Litigation Reform Act of 1995. These statements are
typically identified by words or phrases such as "may," "will,"
"could," "should," "predict," "potential," "pursue," "outlook,"
"continue," "anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe," "target," "forecast," and other words
and terms of similar meaning. For example, statements regarding
expectations about the hiring of a permanent President and Chief
Executive Officer, the future results and benefits of announced
initiatives and future financial results and operational plans are
forward-looking statements. These forward-looking statements are
subject to numerous risks and uncertainties, many of which are
beyond the Company's control, which could cause actual benefits,
results, effects and timing to differ materially from the results
predicted or implied by the statements. Additional information
concerning the risk factors faced by the Company is contained in
SandRidge's public filings with the Securities and Exchange
Commission (the "SEC"), which are available at the SEC's website,
http://www.sec.gov. Each forward looking statement speaks only as
of the date of the particular statement, and SandRidge undertakes
no obligation to publicly update any of these forward-looking
statements to reflect events or circumstances that may arise after
the date hereof.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sandridge-energy-announces-a-series-of-initiatives-to-improve-shareholder-value-300974581.html
SOURCE SandRidge Energy, Inc.