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Midstates Proposes All-stock Merger With SandRidge Energy - Quick Facts

Midstates Petroleum Company, Inc. (MPO) announced it has proposed to combine with SandRidge Energy, Inc. (SD) in an all-stock merger. Under the terms of the proposal, SandRidge shareholders would own approximately 60% of the combined company and Midstates shareholders would own 40%. SandRidge shareholders would receive 1.068 shares of Midstates for each existing SandRidge share.

David Sambrooks, Midstates CEO, said, "We are ready to move forward immediately to negotiate a merger agreement to form a stronger, more formidable company. 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."

Midstates also sent a letter to the Board of SandRidge detailing the merger proposal. "We want to emphasize that it remains our strong preference to execute this transaction on a negotiated basis with SandRidge's current Board. This proposal, which has received the unanimous support of our Board, is non-binding and subject to satisfactory completion of due diligence and the execution of mutually acceptable definitive agreements."

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