Oklahoma City-based SandRidge Energy Inc. said it has 17 confidentiality agreements with potential bidders in hand for the company, but it also warned shareholders they were being misled by billionaire hedge fund activist Carl Icahn, who also bidding to control the company.
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SandRidge Sharply Cuts Expenses in 1Q, Reallocates Some Funds to Mississippian Lime
Squeezed by its largest shareholder to make major improvements, SandRidge Energy Inc. on Tuesday reaffirmed its 2018 guidance, noting that during the first quarter it reduced cash expenses by one-third.
SandRidge Says All Offers on Table, Including Any by Icahn
Onshore producer SandRidge Energy Inc., buffeted by bankruptcy, squelched expansion plans and unsolicited takeovers, said Monday it now welcomes input on which direction to take, including any by the largest shareholder, Carl Icahn.
SandRidge Rejects Midstates, But Keeps Door Open for Offers
Cash-strapped onshore operator SandRidge Energy Inc. late Monday rejected an unsolicitedmerger with Midstates Petroleum Co. Inc., but the Oklahoma City-based independent said it might consider another bid by the spurned suitor or pursue other options.
SandRidge Ousts CEO and CFO, Considering Midstates Merger
SandRidge Energy Inc.’s board on Thursday forced out both the company’s CEO and CFO, and announced capital expenditures (capex) for 2018 would be cut by about up to 27% as it reviews an unsolicited proposal to merge with Midstates Petroleum Inc.
Midstates Proposing Merger With SandRidge, With Mississippian Lime Focus
Less than six weeks after SandRidge Energy Inc. ditched plans to purchase Bonanza Creek Energy Inc., the Oklahoma City-based independent has a new suitor to consider: Midstates Petroleum Co. Inc.
SandRidge Drops Plans to Buy Bonanza Creek After Shareholder Resistance
Setting aside plans to expand its oily side in Colorado’s DJ Basin, Oklahoma-based SandRidge Energy Inc. on Thursday canceled plans for a $746 million purchase of Colorado-based Bonanza Creek Energy Inc.
Disgruntled Shareholders Distorting Bonanza Creek Deal, Say SandRidge Execs
SandRidge Energy Inc., in a tussle with activist hedge fund billionaire and majority shareholder Carl Icahn, on Monday urged shareholders to stay focused on the benefits of its planned merger with Bonanza Creek Energy Inc.
SandRidge Adopts Poison Pill After Icahn Becomes Largest Shareholder
SandRidge Energy Inc.’s board on Monday said it had unanimously adopted a shareholder rights plan — i.e., a poison pill — after Carl Icahn, now the largest stockholder, said he would vote against the planned takeover of Bonanza Creek Energy Inc.
Brief — SandRidge
SandRidge Energy Inc.said in an update it expects to drill a total of 37 wells this year, 26 horizontal laterals in the Midcontinent and 11 in Colorado’s Niobrara formation. Annual production is forecast to total about 18.9-19.3 million boe, versus nearly 30 million boe in 2015. Capital spending for 2016 is expected to be around $225-255 million. Two rigs are running in the onshore, one in the Mississippian Lime and one in the Niobrara’s North Park Basin, which SandRidge entered in 2015 (see Shale Daily,Nov. 5, 2015). The company is scheduled to emerge from Chapter 11 bankruptcy protection in early October (see Shale Daily,Sept. 12).