SandRidge Energy, Inc. Closes Sale Of Permian Basin Assets And Announces Redemption Of Senior Notes

Tue Feb 26, 2013 4:05pm EST

* Reuters is not responsible for the content in this press release.

For best results when printing this announcement, please click on the link
below:

http://pdf.reuters.com/pdfnews/pdfnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130226:nPnDA66283


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.

(Logo:  http://photos.prnewswire.com/prnh/20120416/DA88110LOGO)

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.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.