OKLAHOMA CITY, Sept. 1, 2020 /PRNewswire/ -- SandRidge
Energy, Inc. (the "Company" or "SandRidge") (NYSE:SD) today
announced the closing on the sale of the Company's 30-story office
tower and annex with parking and ancillary uses located at 123
Robert S. Kerr, Oklahoma City,
Oklahoma 73102 (the "Sale"), for net proceeds of
approximately $35.4 million.
As of June 30, 2020, the Company
had approximately $14.9 million in
cash and $59.0 million in outstanding
debt under the Company's revolving credit facility. The
$35.4 million in net proceeds
received as part of the closing of the Sale significantly reduces
the Company's net debt position. The Company believes that the
closing of the Sale and resulting receipt of $35.4 million in net proceeds should alleviate
any substantial doubt about its ability to continue as a going
concern.
About SandRidge Energy, Inc.
SandRidge Energy,
Inc. (NYSE: SD) is an independent oil and gas company engaged in
the development and acquisition of oil and gas properties. Its
primary areas of operation are the Mid-Continent in Oklahoma and Kansas and the North Park Basin in
Colorado. Further information can
be found at www.sandridgeenergy.com.
For further information, please contact:
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 press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended." These
forward-looking statements are neither historical facts nor
assurances of future performance and reflect SandRidge's current
beliefs and expectations regarding future events We have based
these forward-looking statements on our current expectations and
assumptions and analyses made by us in light of our experience and
our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe
are appropriate under the circumstances. We refer you to the
discussion of risk factors in Part I, Item 1A - "Risk Factors" of
our Annual Report on Form 10-K and in comparable "Risk Factor"
sections of our Quarterly Reports on Form 10-Q filed after such
Form 10-K. All of the forward-looking statements made in this press
release are qualified by these cautionary statements. The actual
results or developments anticipated may not be realized or, even if
substantially realized, they may not have the expected consequences
to or effects on our Company or our business or operations. Such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. We undertake no obligation to
update or revise any forward-looking statements, except where we
are expressly required to do so by law.
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SOURCE SandRidge Energy, Inc.