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SandRidge Energy To Evaluate Proposal From Midstates Petroleum

SandRidge Energy, Inc. (SD) Wednesday said it has received an unsolicited proposal from Midstates Petroleum Co., Inc. (MPO) for an all stock merger, at market transaction.

Under the terms of the proposal, SandRidge shareholders would receive 1.068 shares of Midstates for each existing SandRidge share. As proposed, SandRidge shareholders would own approximately 60 percent of the combined company and Midstates shareholders would own 40 percent.

SandRidge said it will review and evaluate the proposal in consultation with its legal advisors.

Earlier, SandRidge's independent directors have informed that they were engaged in developing a plan of action for the best interests of all shareholders.

Midstates is an independent exploration and production company focused on the application of modern drilling and completion techniques in the onshore U.S. Midstates said on Tuesday that the all-stock merger would create the leading exploration and production company in the Mississippian Lime play.

David Sambrooks, Midstates President and Chief Executive Officer, said, "The combined company will have zero net debt, strong liquidity, and forecasted free cash flow generation of up to $480 million over the next five years."

by RTTNews Staff Writer

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