March 19, 2018 / 9:53 PM / a month ago

BRIEF-SandRidge Announces Rejection Of Midstates' Proposal

March 19 (Reuters) - SandRidge Energy Inc:

* SANDRIDGE ANNOUNCES REJECTION OF MIDSTATES’ PROPOSAL AND REVIEW OF STRATEGIC ALTERNATIVES

* SANDRIDGE ENERGY - BOARD REJECTED MIDSTATES PETROLEUM’S UNSOLICITED PUBLIC OFFER TO COMBINE COS IN STOCK FOR STOCK MERGER AT 60%/40% EXCHANGE RATIO

* SANDRIDGE ENERGY INC - HAS RECEIVED INDICATIONS OF INTEREST REGARDING ALTERNATIVE TRANSACTIONS FROM OTHER OIL AND GAS COMPANIES

* SANDRIDGE - REJECTION OF MIDSTATES’ PROPOSAL PRIMARILY BASED ON “SIGNIFICANTLY DIFFERING OPINIONS” OF MIDSTATES’ PROVEN OIL AND GAS RESERVES

* SANDRIDGE ENERGY INC - IT WILL UNDERTAKE A FORMAL PROCESS TO EVALUATE STRATEGIC ALTERNATIVES

* SANDRIDGE - CO DOES NOT SUPPORT MIDSTATES’ ESTIMATE THAT COMBINED BUSINESS PLAN WOULD RESULT IN GENERALLY FLAT PRODUCTION FROM 2019-2022

* SANDRIDGE ENERGY - STRATEGIC ALTERNATIVES TO INCLUDE EVALUATION OF DIVESTMENT OR JV OPPORTUNITIES ASSOCIATED WITH NORTH PARK BASIN ASSETS

* SANDRIDGE - CO DOES NOT SUPPORT MIDSTATES’ ESTIMATE THAT COMBINED BUSINESS PLAN WOULD RESULT IN FREE CASH FLOW OF $320 MILLION - $400 MILLION, FROM 2019-2022

* SANDRIDGE - CONCLUDED THAT ACCEPTING MIDSTATES’ PROPOSAL WOULD BE “HIGHLY DILUTIVE” Source text for Eikon: Further company coverage:

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