Laredo Petroleum Confirms Process to Sell Interest in Medallion Pipeline

TULSA, OK, July 19, 2017 -- Laredo Petroleum, Inc. (NYSE:LPI) ("Laredo" or the "Company") today confirmed that Medallion Gathering & Processing, LLC ("MGP"), the sole owner of the Medallion - Midland Basin pipeline system, has initiated a process to potentially sell 100% of the ownership interests in MGP. Laredo’s wholly-owned subsidiary Laredo Midstream Services, LLC owns 49% of the ownership interests in MGP.

At this time there can be no assurance that such potential sale will ultimately be consummated or, if consummated, the specific terms of such sale. Laredo anticipates that it will have no further comments on this potential transaction until such time as a deal is consummated, if applicable.

About Laredo

Laredo Petroleum, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo's business strategy is focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties, primarily in the Permian Basin in West Texas.

Additional information about Laredo may be found on its website at www.laredopetro.com.

Forward-Looking Statements
This press release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Laredo assumes, plans, expects, believes, intends, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events.

General risks relating to Laredo include, but are not limited to, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2016, and those set forth from time to time in other filings with the Securities Exchange Commission (“SEC”). These documents are available through Laredo’s website at www.laredopetro.com under the tab “Investor Relations” or through the SEC’s Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. Any of these factors could cause Laredo's actual results and plans to differ materially from those in the forward-looking statements. Therefore, Laredo can give no assurance that its future results will be as estimated. Laredo does not intend to, and disclaims any obligation to, update or revise any forward-looking statement.

Contacts:
Ron Hagood: (918) 858-5504 - [email protected]