Published: May 25, 2016 |

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SandRidge Energy, Inc. has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas to consummate a pre-arranged reorganization through a restructuring support agreement entered into with holders of approximately (i) 98 percent in principal amount outstanding under the company’s reserve-based lending facility (RBL), (ii) 79 percent in principal amount of the company’s second lien notes, and (iii) 55 percent in principal amount of the company’s senior unsecured notes.

The company projects having ample liquidity to fund its ongoing operations and its capital programs throughout the Chapter 11 and upon emergence thereafter, without the need for debtor-in-possession financing or other additional capital.

As part of the Chapter 11, SandRidge has filed “first day” motions that, when granted, will enable the company’s day-to-day operations to continue as usual. Specifically, the company requested authority to pay operating expenses associated with production activities, joint interest billings for non-operated properties, royalty and working interest owners, and lienholders, as well as employee wages and benefits without change or interruption. Additionally, the company will pay all suppliers and vendors in full under normal terms for goods and services provided during the Chapter 11 cases.

“We are pleased that our creditors recognize the long-term value SandRidge and its employees can create with an improved balance sheet. The new capital structure will allow the company to concentrate on oil and gas exploration and development in our active Oklahoma and Colorado project areas. We look forward to completing this next phase of the process quickly with minimal disruption to our business,” said James Bennett, SandRidge president and CEO.

“Constructive dialogue with each major funded debt constituency and an efficient negotiating process have led to today’s announcement. We appreciate the efforts of our creditors and their advisors and commend the diligent efforts of management and our employees, as well as our advisors and restructuring committee in getting to this point,” said Jeff Serota, SandRidge chairman of the board and chairman of the restructuring committee of the board.

About SandRidge Energy, Inc.
SandRidge Energy, Inc. is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and Niobrara Shale.

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