SandRidge Energy Inc. said it plans to continue developing its assets in Colorado, the Mississippian Lime and the Midcontinent after the board determined that multiple offers for a merger or a sale fell short of expectations.

The Oklahoma City-based independent said it had concluded a strategic review process that began in May, before the board was reorganized by billionaire hedge fund activist Carl Icahn. Instead of a sale, SandRidge plans to develop properties in the North Park Basin of Colorado and the northwest part of Oklahoma, within the Sooner Trend of Anadarko Basin, mostly in Canadian and Kingfisher counties (STACK). It also could pursue acquisitions.

"What we found through our comprehensive and thorough process was a significant disconnect between the intrinsic value of SandRidge and the bidders' perception of the company," said CEO Bill Griffin. "The highest cash bids received for the company's properties included $305 million for a combination of the Mississippian Lime and additional other Oklahoma properties, $70 million for the northwest STACK properties and only $100 million for the North Park Basin assets, which are simply not consistent with the current proven reserves and expected cash flows of these properties."

Jonathan Frates, who was appointed board chairman in June and serves as a managing director at Icahn Enterprises LP, said SandRidge was willing to conclude a sale or a merger "at the right price," but that the value of the reserve development plan exceeded recent trading values.

"Unfortunately, our properties are located in areas that are currently out of favor and are therefore meaningfully undervalued," Frates said. "We will work assiduously over the next few years to realize the true value of the business."