Sandridge Energy Distressed Exchange

Filing

On May 14, 2015, SandRidge Energy, Inc. (the “Company”) entered into an exchange agreement with an existing holder (the “Holder”) of the Company’s 7.5% Senior Notes due 2021 (the “2021 Notes”) and 8.125% Senior Notes due 2022 (the “2022 Notes”), pursuant to which the Company agreed to issue to the Holder (a) 16,046,666 shares of the Company’s common stock, par value $0.001 per share ( “Common Stock”) in exchange for an aggregate $29,000,000 principal amount of the 2021 Notes and 257,778 additional shares of Common Stock as payment for the interest accrued thereon since the last interest payment date and (b) 11,620,000 shares of Common Stock, par value $0.001 per share, in exchange for an aggregate $21,000,000 principal amount of the 2022 Notes and 107,431 additional shares of Common Stock as payment for the interest accrued thereon since the last interest payment date. The exchange is expected to close May 19, 2015.

Retiring $50 million of debt for 28 million shares of garbage stock (worth $20 million for now) - great trade by management!