SandRidge Energy, Inc. (SD), Monday said that it is selling shares of its preferred and common stock in connection with the planned acquisition of oil and gas properties in the Permian Basin from Forest Oil Corp.
The company will issue and sell 2 million shares of of its 6.0% convertible perpetual preferred stock to an institutional investor for an aggregate purchase price of $200 million. Each share of convertible preferred stock will be convertible at any time on or after February 1, 2010 at the option of the holder into a number of shares of the company's common stock equal to the liquidation preference of $100 divided by the conversion price, which is initially $10.856 per share, subject to adjustments in certain circumstances.
The company also announced a registered underwritten public offering of 22 million shares of its common stock. In addition, Tom Ward, the company's chairman, chief executive officer and president, is offering 2 million shares of common stock. The company also intends to grant the underwriters a 30-day option to purchase up to 3.30 million additional shares of common stock. Net proceeds from the offering will be used to fund the purchase price for the Forest Acquisition, but if the Forest Acquisition is not consummated, the net proceeds are expected to be used for general corporate purposes, including exploration, development and other capital expenditures.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.