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Tuesday, 14 October, 2008, 16:20 GMT | more prices >>

SandRidge lines up IPO



By Upstream staff 

Oklahoma independent SandRidge Energy has filed for an initial public offering worth up to $690 million, it said today.

The company said Lehman Brothers, Goldman Sachs and Banc of America Securities were underwriting the offering of its common stock.

The filing did not detail how many shares the company plans to sell or an expected price, as that information is usually disclosed in future filings, Reuters reported.

SandRidge intends to list its stock on the New York Stock Exchange under the symbol "SD" .

The company said in the filing that it plans to use the proceeds from the IPO for general corporate purposes, including acceleration of its drilling program, expansion of its midstream capacity and other capital expenditures.

For the three months ended 31 March, the company reported a net loss of $19.49 million on $149.06 million of revenues. For the year-earlier period, the company reported earnings of $8.38 million on $85.92 million of revenues.


Friday, 22 June, 2007, 22:44 GMT  | last updated: Friday, 22 June, 2007, 22:48 GMT

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