Midstates Petroleum Corrects Sandridge Energy’s Inaccurate Statements
TULSA, Okla.--(BUSINESS WIRE)-- Midstates Petroleum Company, Inc. (“Midstates” or the “Company”) (NYSE: MPO) today issued the following response to SandRidge Energy Inc.’s (“SandRidge”) (NYSE: SD) statements made earlier today.
SandRidge today issued a statement with a reference to Midstates that is inaccurate. While SandRidge has offered a non-disclosure agreement (“NDA”) to Midstates, it would require Midstates to enter into a standstill, which is an unusual requirement for a party that has made a public offer. Furthermore, SandRidge has informed Midstates that it will not provide Midstates with internal forecasts that it is providing other process participants even if Midstates were to sign the NDA offered by SandRidge.
Also, in a June 4, 2018 filing, SandRidge made the claim that “SandRidge sought to engage in negotiations with Midstates regarding the proposal, but was rebuffed.” Although Midstates encouraged SandRidge to make a counteroffer to our proposal, SandRidge refused and rejected our offer.
About Midstates Petroleum Company, Inc.
Midstates Petroleum Company, Inc. is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. The Company’s operations are currently focused on the oilfield in the Mississippian Lime play in Oklahoma.
Midstates Petroleum Company, Inc.
Jason McGlynn, 918-947-4614
Source: Midstates Petroleum Company, Inc.
Released June 15, 2018