SandRidge Energy CEO, CFO Steps Down

(RTTNews) - SandRidge Energy Inc. (SD) said that James Bennett, the Company's President and Chief Effective Officer, will depart from the Company, effective February 8, 2018.

Bill Griffin, who currently serves as an independent director, has agreed to serve as Interim President and Chief Executive Officer while the Company conducts a full review of internal and external candidates. While serving as the Interim President and Chief Executive Officer, Mr. Griffin will continue to serve as a member of the Board.

Julian Bott, the Company's Chief Financial Officer, will also depart from the Company, effective at the close of business on the date of filing the Company's 2017 Annual Report on Form 10-K. Mike Johnson, the Company's Chief Accounting Officer, has agreed to serve as Interim Chief Financial Officer.

John Suter will continue in his role as Chief Operating Officer and Philip Warman will remain as General Counsel with an expanded role as an Executive Vice President.

The Board has accepted the recommendation of its Nominating and Governance Committee to appoint Sylvia Barnes as an independent member of the Board. The Board will continue to have four independent directors with the appointment of Ms. Barnes, who has valuable experience in capital markets, the energy industry and serving as a director on a public board. Barnes will replace Mr. Griffin on the Company's Compensation and Audit Committees.

The Company's Board of Directors has approved the Company's budget for 2018, which includes $180-$190 million in total capital expenditures, down from $247 million in 2017.