OKLAHOMA CITY, Sept. 28, 2015 /PRNewswire/ -- SandRidge
Energy, Inc. (the "Company") (NYSE: SD) today announced that
its Board of Directors has decided to suspend payment of the
$3.50 per share semi-annual dividend
on shares of its 7.0% Convertible Perpetual Preferred Stock.
James Bennett, President and CEO,
commented "Preservation of liquidity and prudent capital allocation
are key issues for SandRidge in the current environment. In prior
periods, we had chosen to PIK the dividend on our preferred stock,
paying in common shares rather than in cash. Given the low recent
SD share price, paying the dividend in shares would subject our
equity holders to significant dilution. So we have chosen to
suspend the dividend as we proactively protect and improve our
balance sheet while supporting long term enterprise value."
The Company has 3,000,000 shares of 7.0% Convertible Perpetual
Preferred Stock outstanding and will continue to re-evaluate the
dividend payment policy on a semi-annual
basis.
The suspension of its dividend does not affect the Company's
business operations and does not cause an event of default under
any of its debt agreements.
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 the
Mid-Continent region of the United
States. In addition, SandRidge owns and operates a saltwater
gathering and disposal system and a drilling rig and related oil
field services business.
CONTACT:
Duane Grubert
EVP – Investor Relations & Strategy
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
+1 (405) 429-5515
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SOURCE SandRidge Energy, Inc.