SandRidge Energy Inc. (NYSE: SD) has been approached by 26 potential bidders for a buyout of the company or some of its assets, the U.S. shale oil producer said June 29, days after activist investor Carl Icahn took control of its board.
The list includes Midstates Petroleum Co. Inc. (NYSE: MPO), whose previous attempt to buy SandRidge was rebuffed by the company—a move that was criticized by Icahn and some other shareholders.
RELATED: Midstates Petroleum Makes Public Pitch To Merge With SandRidge
SandRidge, which said earlier this month it was approached by 17 potential bidders including Icahn, is seeking more bids and has launched a review of its assets and strategies. RBC Capital Markets LLC has been retained by the company to pursue and assist in evaluating such sale possibilities.
Icahn, who had then said he was not planning to make a bid soon, was not immediately available for comment.
The investor won the battle for control of SandRidge last week, taking five seats on the board. Earlier, the investor had criticized the embattled company's leadership and forced the removal of its CEO and CFO.
Of the 26 potential bidders, 10 of them were interested in buying the whole company, while 16 were focused solely on its assets in North Park, an oil and gas basin in Colorado.
SandRidge has a market value of about $614 million.
Recommended Reading
US Gas Rig Count Falls to Lowest Since January 2022
2024-03-22 - The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22.
TPH: Lower 48 to Shed Rigs Through 3Q Before Gas Plays Rebound
2024-03-13 - TPH&Co. analysis shows the Permian Basin will lose rigs near term, but as activity in gassy plays ticks up later this year, the Permian may be headed towards muted activity into 2025.
Gushing, Ohio: EOG Joins Ascent, Encino in Top Oil Wells
2024-01-22 - EOG’s latest wells in its new Ohio oil play are rolling into state public records, while Ascent Resources and Encino Energy are reporting the biggest producers. All three are landing 3-milers. Some are 3.5 miles.
US Drillers Add Oil, Gas Rigs for First Time in Three Weeks
2024-01-19 - U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks
Comstock Continues Wildcatting, Drops Two Legacy Haynesville Rigs
2024-02-15 - The operator is dropping two of five rigs in its legacy East Texas and northwestern Louisiana play and continuing two north of Houston.