SandRidge Energy, Inc. (NYSE: SD - News) today announced a registered underwritten public offering of 12,200,000 shares of its common stock. In addition, Tom L. Ward, the Company's Chairman, Chief Executive Officer and President, is offering 3,000,000 shares of common stock. Following the completion of the offering, Mr. Ward will continue to beneficially own 26,051,577 shares of common stock of the Company.
The Company has granted the underwriter a 30-day option to purchase up to 2,280,000 additional shares of common stock to cover over-allotments. Net proceeds to the Company from the offering are expected to be used for general corporate purposes, including to repay a portion of the amount outstanding under the Company's revolving credit facility and/or to fund a portion of the Company's 2009 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.
Morgan Stanley & Co. Incorporated is acting as book-running manager of the offering.
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