SandRidge files petitions under Chapter 11

SandRidge Energy Inc., Oklahoma City, has filed petitions under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas.

The firm said it will consummate a “prearranged” reorganization through a restructuring support agreement that includes the conversion to equity of $3.7 billion in debt.

Sandridge projects that it will have “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.”

James Bennett, SandRidge president and chief executive officer, commented, “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.”

Sandridge’s primary focus is on the Niobrara shale and the US Midcontinent, where it holds 1.85 million acres in the Mississippian oil play.

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