OKLAHOMA CITY, July 27, 2015 /PRNewswire/ -- SandRidge
Energy, Inc. (NYSE: SD) (the "Company") announced today that it has
fallen below the New York Stock Exchange ("NYSE") continued listing
requirement that the average closing price of a listed company's
common stock be above $1.00 per
share, calculated over a period of 30 consecutive trading days. The
Company received notice from the NYSE on July 23, 2015 regarding the deficiency.
Under the NYSE standards, the Company can avoid delisting if,
during the six-month period following receipt of the NYSE notice,
on the last trading-day of any calendar month, the Company's common
stock has a closing price per share and a 30 trading-day average
closing share price of at least $1.00. The Company intends to consider
available alternatives, potentially including a reverse stock
split, in order to cure the stock price deficiency and return to
compliance with the NYSE continued listing requirement. Under
the NYSE's rules, if the Company determines that it will cure the
stock price deficiency by taking an action that will require
approval by its shareholders at the next annual meeting of
shareholders, such as a reverse stock split, the six month period
described above will extend to shortly after such annual
meeting.
During this period, the Company's common stock will continue to
be traded on the NYSE, subject to compliance with other continued
listing requirements.
The NYSE notification does not affect the Company's business
operations or its SEC reporting requirements and does not conflict
with or cause an event of default under any of the Company's
material debt or other agreements.
Furthermore, the NYSE notice does not concern its requirement
that a listed company have a market capitalization of at least
$50 million. Based on the closing
price of the Company's common stock on July
24, 2015, the Company's market capitalization was
approximately $292 million. Any
action such as a reverse stock split would not be expected to
affect the Company's market capitalization.
Cautionary Note to Investors - This press
release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements express a belief, expectation or intention and are
generally accompanied by words that convey projected future events
or outcomes. The forward-looking statements include a description
of our intention to consider alternatives to cure the NYSE
continued listing requirement deficiency. We have based these
forward-looking statements on our current expectations and
assumptions and analyses made by us in light of our experience and
our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe
are appropriate under the circumstances. However, whether actual
results and developments will conform with our expectations and
predictions is subject to a number of risks and uncertainties,
including the volatility of oil and natural gas prices, our success
in discovering, estimating, developing and replacing oil and
natural gas reserves, actual decline curves and the actual effect
of adding compression to natural gas wells, the availability and
terms of capital, the ability of counterparties to transactions
with us to meet their obligations, our timely execution of hedge
transactions, credit conditions of global capital markets, changes
in economic conditions, the amount and timing of future development
costs, the availability and demand for alternative energy sources,
regulatory changes, including those related to carbon dioxide and
greenhouse gas emissions, and other factors, many of which are
beyond our control. We refer you to the discussion of risk factors
in Part I, Item 1A - "Risk Factors" of our Annual Report on Form
10-K for the year ended December 31,
2014. All of the forward-looking statements made in this
press release are qualified by these cautionary statements. The
actual results or developments anticipated may not be realized or,
even if substantially realized, they may not have the expected
consequences to or effects on our Company or our business or
operations. Such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
We undertake no obligation to update or revise any forward-looking
statements.
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an oil and natural gas
exploration and production company headquartered in Oklahoma City, Oklahoma with its principal
focus on developing high-return, growth-oriented projects in the
Mid-Continent region of the United
States. In addition, SandRidge owns and operates a saltwater
gathering and disposal system and a drilling rig and related oil
field services business.
CONTACT:
Duane M. Grubert
EVP – Investor Relations and Strategy
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
+1 (405) 429-5515
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SOURCE SandRidge Energy, Inc.