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Covington Advises SandRidge Energy on Sale of Preferred and Common Stock

12/2/2009

WASHINGTON, DC, December 2, 2009 — SandRidge Energy, Inc. has announced that it is selling shares of its preferred and common stock in connection with the planned acquisition of Forest Oil Corporation’s oil and gas properties in the Permian Basin of Texas. Covington & Burling LLP advised SandRidge on the stock transactions.

SandRidge Energy is a natural gas and crude oil company headquartered in Oklahoma City, Oklahoma with its principal focus on exploration and production. In the preferred stock transaction, SandRidge will sell $200 million of new 6.0% convertible perpetual preferred stock to an institutional investor in a private placement. The common stock transaction is a registered underwritten public offering of 24 million shares of common stock, priced at $8.85 per share. SandRidge also granted the underwriters of the offering a 30-day option to purchase up to 3.6 million additional shares of common stock.

The Covington corporate team was led by partner David Engvall, with associates Matt Franker, Brandon Gay and Matt Connolly*. All are based in the firm’s Washington office. Partner Rob Heller in New York advised on tax.

*Admitted to the Massachusetts bar; not admitted to practice in Washington.

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