Laredo Petroleum Announces Early Tender of Over 95% of its 5 5/8% Senior Notes due 2022 and Over 85% of its 6 1/4% Senior Notes due 2023

TULSA, OK, Jan. 17, 2020 (GLOBE NEWSWIRE) -- Laredo Petroleum, Inc., a Delaware corporation (NYSE: LPI) ("Laredo" or the "Company"), announced today the early tender results of its previously announced tender offers (the "Tender Offers") to purchase (i) any or all of its outstanding $450.0 million aggregate principal amount of 5 5/8% senior unsecured notes due 2022 (the "2022 Notes") and (ii) any or all of its outstanding $350.0 million aggregate principal amount of 6 1/4% senior unsecured notes due 2023 (the "2023 Notes" and, together with its 2022 Notes, the "Existing Notes").

According to information provided by Global Bondholder Services Corporation ("GBS"), as of 5:00 p.m., New York City time, on January 17, 2020 (the "Consent Date"), holders of the 2022 Notes and holders of the 2023 Notes had validly tendered (and not validly withdrawn) the aggregate principal amount of Existing Notes set forth in the table below. Based on the tenders received, the Company has received the requisite consents to the proposed amendments described below.

Pursuant to the terms of the Tender Offers, the Company expects to accept for payment all Existing Notes tendered on or prior to the Consent Date, and each holder who validly tendered Existing Notes and delivered consents to the proposed amendments prior to the Consent Date (and did not validly withdraw) will receive the early tender premium, which is included in the total consideration below, plus accrued and unpaid interest.

Title of Notes	Aggregate Outstanding		Principal Amount Tendered by Consent Date	Tender Offer Consideration(1)		Early Tender Premium(1)		Total Consideration(1)(2)
5 5/8% Senior Notes due 2022	$450,000,000.00		$428,858,000	$956.30		$50.00		$1,006.30
6 1/4% Senior Notes due 2023	$350,000,000.00		$299,392,000	$965.63		$50.00		$1,015.63

⁽¹⁾  Per $1,000 principal amount of Existing Notes validly tendered (and not validly withdrawn) and accepted for purchase by the Company.