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SandRidge Energy: Confidentiality Agreements Signed With 17 Potential Bidders

SandRidge Energy, Inc. (SD) issued an open letter to the company's shareholders providing an update on its strategic review process. SandRidge said it has entered into 17 confidentiality agreements with potential bidders, including Icahn. Management presentations with the potential counterparties have been made and continue to be scheduled. Potential counterparties have until June 25 to submit their indications of interest.

The SandRidge Board stated: "Throughout this unnecessary and avoidable fight, Icahn's objective has been clear: he is seeking to place his interests above those of other SandRidge shareholders. If Icahn gets his way by seizing control of, or placing his non-independent nominees on the Board, he will be in a position to simultaneously run and bid for the Company - putting his interests ahead of other shareholders."

The company noted that, after negotiating with Midstates Petroleum (MPO) for over a month, Midstates has been offered a form of confidentiality agreement with terms more favorable than any other participant. To date, Midstates continues to reject both reasonable terms of non-disclosure and participation in the process.

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