OKLAHOMA CITY, Jan. 8, 2016 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company") (OTC PINK: SDOC) today announced that its Board of Directors has decided to suspend payment of the $4.25 per share semi-annual dividend on shares of its 8.5% Convertible Perpetual Preferred Stock.
The dividend suspension follows the prior suspension of dividend payments on shares of the Company's 7.0% Convertible Perpetual Preferred Stock announced on September 28, 2015 and reflects the Company's continued focus on preservation of liquidity, prudent capital allocation and support of long-term enterprise value.
The Company has 2,650,000 shares of 8.5% Convertible Perpetual Preferred Stock outstanding and will continue to re-evaluate the dividend payment policy on a semi-annual basis.
The suspension of its dividend does not affect the Company's business operations and does not cause an event of default under any of its debt agreements.
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (OTC PINK: SDOC) is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth oriented projects in the Mid-Continent region of the United States. In addition, SandRidge owns and operates a saltwater gathering and disposal system and a drilling rig and related oil field services business.
EVP – Investor Relations & Strategy
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
+1 (405) 429-5515
SOURCE SandRidge Energy, Inc.