SandRidge Energy Prices $450MM Offering of Senior Notes

SandRidge Energy has announced the pricing of its private placement of $450 million of 8 3/4% Senior Notes due January 15, 2020. The offering was increased from a previously announced offering size of $400 million. The notes were priced at 98.349% of par, resulting in a yield to maturity of 9.00%. The offering is expected to settle on December 16, 2009. The closing is subject to our obtaining the approval of the required lenders to a proposed amendment to our senior credit facility, as well as customary closing conditions. Net proceeds from this offering will be used to fund a portion of the purchase price of the company's previously announced acquisition of oil and gas properties in the Permian Basin 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.


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