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SandRidge Energy Emphasizes Openness To Asset Sale, Proposals For Entire Company

SandRidge Energy, Inc. (SD) announced 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. The company said all potential bidders will be encouraged to participate in the process. RBC Capital Markets, LLC, 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. The previously announced June 25th deadline for submission of bids has been extended to provide time for additional potential bidders.

Currently, 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.

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