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SandRidge Energy Emergency Motion Filed

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The Ad Hoc Committee of Shareholders in the SandRidge Energy bankruptcy case filed with the U.S. Bankruptcy Court an emergency motion to compel debtors to produce documents in connection with notice of 2004 examination.

The motion explains, “The Debtors’ represented that their electronic data room, for which counsel for the Ad Hoc Committee would be given access on or about August 6, 2016, would contain all relevant documents. The court ordered deadline to file our expert’s report was August 19, 2016. However, in the two weeks since we filed our Ad Hoc Committee’s Rule 2004 Exams, the Debtors made piecemeal disclosures up to and until August 19, 2016. As this motion will document and describe, during this process, the Debtors made clearly inconsistent statements, engaged in unjustified delay, and were often non-responsive to our inquiries for further clarification. Because significant portions of our August 5th Ad Hoc Committee’s Rule 2004 Exams have only been disclosed on August 19, 2016, and because the Debtors have only recently summarily refused to disclose other outstanding items we have requested over two weeks ago, the Ad Hoc Committee regretfully asks the court to compel the Debtors to produce the remaining documents. These circumstances also caused the Ad Hoc Committee to ask the court to extend time to file our expert’s report and to file our objection, if any, to the confirmation of the Plan….After the Ad Hoc Committee’s repeated requests for the disclosure of certain geophysical reports and seismic data reports, the Debtors either made vague or no responses to our requests. After further attempts to clarify on August 17, 2016, the Debtors, for the first time, asserted confidentiality in these reports and data, even though all the parties who have access to the electronic data room are strictly bound by pre-existing confidentiality agreements….Moreover, our expert requires access to the requested geophysical reports and seismic data reports in order to properly appraise the value of the Debtors’ oil and gas properties and leases, if they were marketed for sale and/or liquidation. Quite simply, these reports would give potential buyers greater insight, and potentially assign greater value, as to the potential of identifying future drilling sites and exploiting future reserves on the Debtors’ properties and leases.”

More on oil and gas bankruptcies.

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