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SandRidge Energy Chapter 11 Petition Filed

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According to the U.S. Bankruptcy Court docket, SandRidge Energy and more than 20 affiliated Debtors filed for Chapter 11 protection in the Southern District of Texas. The Company, which is an oil and natural gas company with a principal focus on exploration and production activities in the Mid-Continent and Rockies regions of the United States, is represented by Zack A. Clement of Zack A. Clement PLLC.

The Company notes that this bankruptcy case was initiated “to consummate a ‘pre-arranged’ reorganization through a restructuring support agreement…with its creditors. The Restructuring Support Agreement contemplates an RBL facility and the equitization of approximately $3.7 billion of other funded indebtedness.” The Company anticipates that it will have ample liquidity to fund ongoing operations and capital programs during the Chapter 11 case and subsequent emergence without the need for debtor-in-possession financing or other additional capital.

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