SandRidge Energy has priced its previously announced registered underwritten public offering of 24,000,000 shares of the Company's common stock, 2,000,000 of which are being offered by Tom L. Ward, the Company's Chairman, Chief Executive Officer and President, at a price to the public of $8.85 per share.
The Company has also granted the underwriters of the offering a 30-day option to purchase up to 3,600,000 additional shares of common stock. Net proceeds to the Company from this offering will be used to fund a portion of the purchase price of its previously announced acquisition of oil and gas properties in the Permian Basin region from Forest Oil Corporation, but if such acquisition is not consummated, the net proceeds are expected to be used for general corporate purposes, including exploration, development and other capital expenditures. The Company will not receive any of the proceeds from the shares of its common stock sold by Mr. Ward.
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