- SandRidge Energy (NYSE:SD) says it concluded its formal strategic review process after evaluating several potential transactions which the board believed significantly undervalued the company but would remain open to a potential deal "at the right price."
- "Unfortunately, our properties are located in areas that are currently out of favor and are therefore meaningfully undervalued," says President and CEO Bill Griffin; SD's primary properties are located in the Mississippian Lime, the Oklahoma STACK and Colorado's North Park Basin,
- SD's board believes various items may have hurt bid valuations, including Colorado's ballot initiative 97, which would significantly restrict drilling on the North Park property, the current lack of a pipeline connection in Jackson County, Colo., and a lack of current market interest in the Mississippian Lime play.
- SD says it plans to continue developing its business as is, pursue “opportunistic acquisitions” of strategic assets while continuing to "focus on cost reductions, margin improvements and divestment of non-core properties while moving forward with a profitable plan for organic growth."