SandRidge Energy Sets Semiannual Preferred Dividend

Oil and gas producer SandRidge Energy  announced yesterday a semiannual dividend of $4.25 per share on its 8.5% convertible perpetual preferred stock, of which there are 2.65 million shares outstanding.

The board of directors said the quarterly dividend is payable on Aug. 15 to the holders of record at the close of business on Aug. 1.

The 8.5% convertible perpetual preferred stock was issued in January 2009 with a liquidation preference of $100. They are convertible at the holder's option at any time into approximately 12.4805 shares of SandRidge's common stock. After Feb. 20 of next year, the oil and gas producer may cause all outstanding shares of the preferred stock to convert automatically into common stock at the then-prevailing conversion rate if certain conditions are met.


The oil and gas producer does not pay a dividend on its common stock.

The article SandRidge Energy Sets Semiannual Preferred Dividend originally appeared on Fool.com.

Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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