SandRidge Energy, Inc. Announces Withdrawal From Crusader Energy Group Inc. Acquisition Process

      

OKLAHOMA CITY, Nov. 12 /PRNewswire-FirstCall/ -- SandRidge Energy, Inc. (NYSE: SD) today announced that it is no longer pursuing the acquisition of Crusader Energy Group Inc. As contemplated by the bid procedures approved by the Bankruptcy Court, additional bidders have submitted proposals to acquire Crusader. SandRidge does not intend to participate in the auction triggered by those proposals.

Tom L. Ward, SandRidge's CEO commented, "We remain committed to a disciplined approach to managing the company. While we execute our primary growth strategy of developing the West Texas Overthrust, we will continue to evaluate other opportunities that are accretive to shareholder value."

SandRidge expects to receive payment of the agreed upon break-up fee of $7 million.

Projected end of period common and fully diluted shares outstanding are updated to 183.5 million and 216.6 million from 194.3 million and 227.4 million, respectively, for 2009. For 2010, end of period common and fully diluted shares outstanding are updated to 187.3 million and 220.4 million from 198.0 million and 231.1 million, respectively. All other guidance for 2009 and 2010 issued on November 5, 2009 remains unchanged.

For further information, please contact:

    Kevin R. White
    Senior Vice President
    SandRidge Energy, Inc.
    123 Robert S. Kerr Avenue
    Oklahoma City, OK 73102-6406
    (405) 429-5515

SandRidge Energy, Inc. is a natural gas and crude oil company headquartered in Oklahoma City, Oklahoma with its principal focus on exploration and production. SandRidge and its subsidiaries also own and operate gas gathering and processing facilities and CO2 treating and transportation facilities and conduct marketing and tertiary oil recovery operations. In addition, Lariat Services, Inc., a wholly-owned subsidiary of SandRidge, owns and operates a drilling rig and related oil field services business. SandRidge focuses its exploration and production activities in West Texas, the Cotton Valley Trend in East Texas, the Gulf Coast, the Mid-Continent, and the Gulf of Mexico. SandRidge's internet address is www.sandridgeenergy.com.

SOURCE SandRidge Energy, Inc.