Gulf Oil and Gas accountACCOUNT

SandRidge Energy Announces Expanded Pursuit of Strategic Options Process with RBC Capital Markets

Source: www.gulfoilandgas.com 6/29/2018, Location: North America

The newly constituted Board of Directors of SandRidge Energy has held a series of meetings that have involved a comprehensive review of the position of the Company and how to best maximize value for all shareholders.

With that in mind, the Company is undertaking a strategic review process to determine which avenues would maximize value for the Company, which could include a sale of the Company or significant assets of the Company. All potential bidders will be encouraged to participate in the process, which will include an expanded group of participants.

RBC Capital Markets, which had previously been retained by the Company to pursue and assist in evaluating such sale possibilities has been reaffirmed in that assignment to increase the number of potential bidders for the Company, including non-U.S. entities, which had previously not been pursued. 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, and 16 focused solely on the North Park assets. The Company is continuing to negotiate with 3 additional parties to execute confidentiality agreements, and all but one of those potential additional participants are focused solely on the North Park assets. Many of the previously entered confidentiality agreements involve entities contemplating reverse merger transactions.

The Company is emphasizing openness to asset sale proposals, as well as proposals which would result in a sale of the entire Company. The previously announced June 25th deadline for submission of bids has been extended to provide time for additional potential bidders.

The new Board is now undertaking a complete and thorough review of the long-term and short-term strategies for operating the Company, along with a complete review of the Company’s assets. This review will include a comprehensive assessment of the previous capital expenditure program and the Company’s drilling program in an effort to maximize the value of the Company’s assets. The Company will also be reviewing its expense footprint and will be performing a complete and comprehensive re-evaluation of its hedging program.

Acquisitions and Divestitures News in United States >>

Australia >>  2/26/2020 - Woodside and BHP have agreed to align their participating interests across the WA-1-R (Scarborough) and WA-62-R (North Scarborough) titles, resulting ...
South Africa >>  2/25/2020 - Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, is pleased to announce the execution of two far...

Nigeria >>  2/24/2020 - ADM Energy PLC, an oil and gas investing company quoted on AIM, is pleased to advise that it has entered into a sale and purchase agreement ("Agreemen...
Egypt >>  2/20/2020 - United Oil & Gas Plc (UOG) is pleased to announce the satisfaction of the regulatory conditions attached to its proposed acquisition (Acquisition) of ...

Canada >>  2/19/2020 - Calima Energy Limited (CE1) (Calima) owns and operates drilling and production rights in British Columbia (”Calima Lands”). The Company is pleased to ...
Vietnam >>  2/14/2020 - KrisEnergy has announced that its wholly-owned subsidiary, KrisEnergy (Vietnam 115) Ltd, has entered into a farm-out agreement with a major internatio...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.