Sandridge Energy looking into “reorganization,” bankruptcy

Sandridge

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OKLAHOMA CITY – A decline in oil and gas prices continue to negatively impact one of Oklahoma City’s most well-known energy companies.

In 2015, officials say Sandridge lost $4.3 billion after gas and oil prices fell consistently.

In February, officials announced that the Oklahoma City workforce at Sandridge dropped from 548 to 376.

Sandridge stock prices have dropped 52 percent in the last year, opening at just 10 cents on Wednesday morning.

On Wednesday, Sandridge Energy, Inc. released that it is considering reorganization under Chapter 11 bankruptcy, according to a regulatory filing.

“However, there can be no assurances that the company will be able to successfully restructure its indebtedness, improve its financial position or complete any strategic transactions. As a result of these uncertainties and the likelihood of a restructuring or reorganization, management has concluded that there is substantial doubt regarding the company’s ability to continue as a going concern as it is currently structured,” the Oklahoman cited from the filing.

The Oklahoman states that Sandridge recently announced that it would cut its drilling budget by 60 percent this year.

 

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