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New SandRidge Board on the Hunt for Potential Buyers for Assets, Entire Company
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SandRidge Energy's new board of directors, which now includes four Icahn-chosen members, have launched a strategic review of the company.
The board noted that this could likely result in the sale of significant company assets or an outright sale of SandRidge itself.
RBC Capital Markets, LLC, which had previously been retained by the Company to pursue and assist in evaluating such sale possibilities, has been reaffirmed in that assignment.
To update prior statements of the Company, as of today, SandRidge has entered into 26 confidentiality agreements with parties that remain actively pursuing a possible transaction with the Company:
- 10 involving the entire company, including Midstates Petroleum
- 16 focused solely on the North Park assets
The company is continuing to accept more offers from potential buyers - the previously announced June 25th deadline for submission of bids has been extended to provide time for additional potential bidders.
The Company will also be reviewing its expense footprint and will be performing a complete and comprehensive re-evaluation of its hedging program.
SandRidge currently has assets in the MidContinent and Rockies regions including Anadarko Basin STACK, Mississippi Lime and North Park Niobara.
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