SandRidge Energy – SandRidge is terminating its previously announced deal to acquire Bonanza Creek Energy.
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SandRidge Energy – Midstates Petroleum proposed a combination with SandRidge in an all-stock transaction.
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SandRidge Energy — Investor Carl Icahn plans to nominate a full slate of board candidates at SandRidge, according to a Securities and Exchange Commission filing.
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SandRidge Energy – Investor Carl Icahn bought a 13.51 percent stake in SandRidge and indicated he would vote against the firm's proposed purchase of Bonanza Creek Energy.
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SandRidge Energy – SandRidge is planning to meet with its largest shareholder, investor Carl Icahn, to discuss his call to shake up the company's board of directors.
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Midstates' all-stock proposal which would give SandRidge shareholders 60 percent of the combined entity comes weeks after SandRidge ended efforts to buy Bonanza Creek Energy.
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SandRidge has informed Midstates that it will not provide internal forecasts to the company even if it were to sign the NDA offered by SandRidge, Midstates added.
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A Texas school district that is a SandRidge creditor indicated it wanted the whistleblower to turn over all documents he provided to the SEC as well as information regarding SandRidge reserves.
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CHICAGO (Reuters) - A group of SandRidge Energy Inc shareholders SDOCQ.
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SandRidge shares rose about 3.7 percent in midday Monday trading.
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N) offered to buy larger rival SandRidge Energy Inc (SD.
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A SandRidge spokesperson did not immediately return a request for comment.
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A spokesman for SandRidge did not immediately return requests for comment.
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He has also put up candidates to replace SandRidge Energy's board.
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N joined a growing pack of companies, including SandRidge Energy SDOC.
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SandRidge will meet with other top shareholders in additional to Icahn.
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SandRidge has not set a date for its 2018 shareholder meeting.
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SandRidge produces oil and gas from shale formations in Oklahoma and Kansas.
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NEW YORK (Reuters) - U.S. oil and gas explorer SandRidge Energy Inc SDOC.
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Shares of SandRidge have generally traded below 2 cents in recent months.
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SandRidge will reimburse Bonanza up to $3.7 million in transaction-related expenses.
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SandRidge has made changes in recent months after some prodding by Icahn.
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SandRidge is an oil exploration and production company based in Oklahoma City.
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Ward left Chesapeake in 2006 and founded competitor SandRidge Energy Inc SDOC.
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SandRidge shares rose 3 percent to $17.00 in premarket trading on Tuesday.
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Fir Tree is among the biggest shareholders in both Midstates and SandRidge.
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Fir Tree also said SandRidge was paying an "unjustified premium" for Bonanza Creek.
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Icahn wants to "gain control of SandRidge without paying an appropriate premium," it said.
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SandRidge stock fell 4.5 percent on Thursday to $14.43, its lowest since early June.
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Under Midstates offer, SandRidge shareholders were to hold 60 percent of the combined company.
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SandRidge, Fir Tree and Avenue Capital did not immediately respond to requests for comment.
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Before Ward founded SandRidge in 2006, he co-founded Chesapeake with McClendon in 1989.
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The company entered into discussions with several companies, including Shell Oil, SandRidge and Chesapeake.
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SandRidge shares, which peaked above $65 in 2008, are now worth 10 cents apiece.
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After co-founding Chesapeake with McClendon in 1989, Ward left in 2006 to establish SandRidge.
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SandRidge filed a prepackaged bankruptcy plan in May to restructure roughly $4 billion of debt.
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For SandRidge: James Sprayregen, Steven Serajeddini and Christopher Marcus of Kirkland & Ellis, and Zack Clement.
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One of the debt restructuring options SandRidge had been mulling was a pre-packaged bankruptcy.
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Fir Tree Partners said the proposed deal would "drain SandRidge of its entire cash balance".
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Among midsized drillers, IHS warned Ultra Petroleum and SandRidge Energy could come under financial stress.
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A spokesman for SandRidge Energy did not respond to a request for comment from CNBC.
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SandRidge filed a prepackaged Chapter 11 bankruptcy in May with over $4 billion of debt.
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SandRidge had said it would review the offer, but did not mention it on Thursday.
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SandRidge has total debts of around $4 billion and Energy XXI owes approximately $163 billion.
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PK. SandRidge shares, which peaked above $65 in 2008, are now worth 10 cents apiece.
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Simpson Thacher & Bartlett LLP and Womble Carlyle Sandridge & Rice LLP are Krispy Kreme's legal advisers.
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SandRidge Energy (SD) is terminating its previously announced deal to acquire Bonanza Creek Energy (BCEI).
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A wave of defaults by energy-related companies, like Linn Energy and SandRidge Energy, ensued.
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SandRidge is based in Oklahoma and drills in the U.S. Mid-Continent and Niobrara Shale.
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Midstates said SandRidge had not responded to its offer with a date for a meeting.
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Midstates' proposal says SandRidge shareholders will receive 1.068 shares of Midstates for each share held.
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On Friday, SandRidge said 17 potential bidders including Icahn were preparing to view confidential financial data.
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They have not touched $36 - the offer price - since SandRidge announced its bid on Nov 15.
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A SandRidge spokesperson said the company will be reviewing Icahn's proposed candidates and declined further comment.
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SandRidge claims Icahn is trying to gain control of the company without paying an appropriate premium.
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Morgan Stanley & Co was the financial adviser to SandRidge and Vinson & Elkins LLP its legal adviser.
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Officials at SandRidge and Tom Ward's new company, Tapstone Energy, were not immediately available for comment.
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The disposal wells into the Arbuckle formation are operated by 36 companies, including Sandridge and Chesapeake Energy.
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Three other oil firms, Chaparral Energy, Energy XXI and SandRidge Energy, have also recently missed debt payments.
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The investor won the battle for control of SandRidge last week, taking five seats on the board.
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In the letter, he asked SandRidge to clarify the intent of what he called an "ambiguous" provision.
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SandRidge abandoned the $746-million pursuit in December following opposition from investors including top shareholder, Carl Icahn.
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Carl Icahn, who has settled on that one, is off trying to replace the board at SandRidge Energy.
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Energy companies that defaulted on debt in 2015 include SandRidge Energy, Halcón Resources, Quicksilver Resources and Walter Energy.
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In what could become the most high-profile reorganization in the sector, Oklahoma City-based SandRidge Energy IncSDOC.
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SandRidge had cash, cash equivalents and restricted cash of $135.5 million as of the nine months ended Sept.
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SandRidge said it would spend $180 million to $190 million this year, down from $247 million in 2017.
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He is currently embroiled in a dispute with SandRidge Energy and its plan to acquire Bonanza Creek Energy.
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Shares of SandRidge were up 1.9 percent, while Bonanza Creek were down 1.8 percent in after market trading.
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SandRidge shareholders would receive 1.068 shares of Midstates for each share held, as per Midstates' Monday closing price.
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Chisholm said in the complaint that many believe the other unnamed co-conspirators were Chesapeake, SandRidge and Ward.
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Chisholm said the main competitors for the leases became Chesapeake and SandRidge, whose bids caused prices to increase.
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The question is whether SandRidge now has a better spread of drilling sites to take advantage of the rise.
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Another struggling energy producer, Sandridge Energy Inc, said on Wednesday it would not file its quarterly results on schedule.
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On Monday, SandRidge Energy disclosed it had received a subpoena from the SEC in connection with its employment agreements.
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On Thursday he sent a letter to SandRidge Energy blasting its attempts to block him from acquiring more shares.
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Shares of SandRidge fell 1 percent to $20.03 on Wednesday as oil CLc1 and natural gas NGc1 prices rose.
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However, earlier this month, SandRidge said it ended its review but rejected all bids, saying they undervalued the company.
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SandRidge was delisted from the New York Stock Exchange in January, and closed Tuesday at 4 cents per share.
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SandRidge, which has a market value of $544 million, has most of its production in the north west STACK region.
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AND SO IT WASN'T SOMETHING THAT, LOOK, I WANT TO GO GET SANDRIDGE EVEN THOUGH I THINK IT'S BADLY RUN.
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The company has acquired assets from oil firms exiting the Gulf, including Apache Corp, Noble Energy Inc and SandRidge Energy.
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After talking to its top shareholders, SandRidge board on Thursday concluded that it would not receive approval for the transaction.
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As part of the mutual termination agreement, Bonanza will receive up to $3.7 million for transaction related expenses, SandRidge said.
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Other shareholders with substantial stakes in SandRidge including Fir Tree Partners and Susquehanna Advisors have also come out against the purchase.
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The latest victims are SandRidge Energy and the master limited partnership Breitburn Energy Partners, which filed for bankruptcy protection on Monday.
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Fir Tree owns about 8 percent of SandRidge and has said the company was paying an "unjustified premium" for Bonanza Creek.
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SandRidge had estimated its assets were worth $7 billion as of March 31, according to its Chapter 11 filing in May.
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One of the options SandRidge was considering when it announced it hired restructuring advisors earlier this year was a prepackaged bankruptcy.
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SandRidge Energy – The company said it has signed confidentiality agreements with 17 potential bidders, as it continues a strategic review process.
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Chesapeake, SandRidge, and McClendon had previously disclosed in securities filings that they were being investigated by the Justice Department's Antitrust Division.
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ADOPTS SHORT-TERM SHAREHOLDER RIGHTS PLAN * SANDRIDGE ENERGY INC - SETS TRIGGER AT 10 PERCENT Source text for Eikon: Further company coverage:
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SandRidge, which was founded in 2006 by former Chesapeake Energy Corp executive Tom Ward, did not immediately respond to requests for comment.
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In a statement, SandRidge said it hoped to emerge from bankruptcy within the next month, eliminating $3.7 billion in pre-petition debt.
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Many of those assets have been gathered up in a string of acquisitions, including of units of Apache Corp and SandRidge Energy.
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Shares of SandRidge were unchanged in after-hours trading after falling more than 3.5 percent to $16.10 in a broad market rout.
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SandRidge also said it would explore strategic options, including divestment or joint venture opportunities at its North Park Basin assets in Colorado.
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Both Midstates and SandRidge have large holdings in the Mississippian Lime shale formation that is spread across Northern Oklahoma and Southern Kansas.
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Shares in SandRidge, which filed for bankruptcy in 2016 and emerged out of it after a year, slipped 10.5 percent in 2017.
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The largest shareholder of SandRidge with an about 13.5 percent stake, Icahn had said he was prepared to begin litigation against the company.
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Oklahoma-based SandRidge drills in the U.S. Mid-Continent and Niobrara Shale, which spans northeastern Colorado and parts of Wyoming, Nebraska and Kansas.
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Gupta said he tracked down the SandRidge whistleblower, a former director of reservoir engineering, and opponents of the plan wanted to depose him.
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N, whose previous attempt to buy SandRidge was rebuffed by the company - a move that was criticized by Icahn and some other shareholders.
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SandRidge currently has 717 employees, Energy XXI had 378 employees at June 30, and Venoco had 158 employees at the end of 2014.
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Sandridge, 26, is an environmental engineer, specializing in water resources management, in the New York office of Arcadis, a Dutch environmental engineering consultancy.
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O and SandRidge Energy to max out revolving credit lines - designed to cover short-term funding gaps - have prompted banks to take action.
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The North Carolina-based law firm Womble Carlyle Sandridge & Rice said on Thursday it would be combining with the British firm Bond Dickinson.
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"I just didn't see it coming," said John Thompson, 57, who was laid off in February from Oklahoma City-based SandRidge Energy Inc.
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They expressed concern about the harm an indictment might cause to AEP, SandRidge, their employees, the Oklahoma City community and the natural gas industry.
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SandRidge was founded in 2006 by former CEO Tom Ward, a previous executive and co-founder of natural gas giant Chesapeake Energy Corp CHL.
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They also approved existing SandRidge directors Sylvia Barnes and William Griffin Jr. The settlement added Icahn nominee Jonathan Frates and existing director David Kornder.
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Recently, SandRidge, Energy XXI and Chaparral Energy elected to not make their interest payments, and their 30-day cure periods expire later this month.
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SandRidge emerged from bankruptcy late last year, while Bonanza did so in April following a recovery in oil prices after a two-year slump.
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Oaklahoma-based SandRidge, which has called Icahn's claims "false and reckless," agreed to make some records available to Icahn subject to a confidentiality agreement.
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Simpson Thacher & Bartlett and Womble Carlyle Sandridge & Rice were the legal advisers to Krispy Kreme, and Skadden, Arps, Slate, Meagher & Flom worked with JAB.
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"I just didn't see it coming," said John Thompson, 57, who was laid off in February from Oklahoma City-based SandRidge Energy Inc SDOC.
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SandRidge came out of bankruptcy in late 2016, overcoming opposition from shareholders who had accused the oil and gas producer of misrepresenting its value.
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Shares of Oklahoma City-based SandRidge, which produces oil in Oklahoma and Colorado, were off a penny at $14.64 in afternoon trading on Monday.
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Oklahoma City-based SandRidge has said its cash-and-stock offer for Bonanza Creek would expand its presence in the Denver-Julesburg Basin of Colorado.
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Ward, who co-founded Chesapeake with McClendon and left to run SandRidge in 2006, was not named in the U.S. indictment against his old friend.
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SandRidge said that management's attention has been diverted from the normal review of financial statements to negotiations on the restructuring transaction, leading to the delay.
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Mr. Sandridge, 27, is a vice president for commercial real estate lending in the Merrill Lynch division in New York of the Bank of America.
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WE BY THE WAY, REACHED OUT TO SANDRIDGE TODAY TO LET THEM KNOW THAT YOU WERE COMING ON TO SEE IF THEY HAVE ANY COMMENT.
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Icahn said he bought up shares of SandRidge earlier this month as the stock price fell nearly 20 percent on news of the Bonanza purchase.
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SandRidge had yet to comment on the indictment, while Chesapeake said it was cooperating with the investigation and did not expect to face criminal penalties.
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Defaults totaling nearly $18 billion in these sectors already occurred this year, including $13.7 billion from Pacific Exploration & Production, SandRidge Energy, Arch Coal and Energy XXI.
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Shares of SandRidge, which had fallen nearly 22 percent since the beginning of the year, dropped another 15 percent on Wednesday after the deal was announced.
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SandRidge was forced to call off its acquisition of smaller rival Bonanza Creek last month in the face of opposition from Icahn and other major shareholders.
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The activist investor, who offered to buy the company last week, said he planned to nominate directors who would push for a sale of SandRidge Energy.
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SandRidge was set to meet with other top shareholders in addition to Icahn on Wednesday, though it was not immediately clear if those meetings took place.
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Oil and gas companies like Chesapeake, SandRidge, and McClendon's new venture AEP, have struggled as the price of oil plummeted by 70 percent since late 2014.
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SandRidge Energy Inc gave CEO James Bennett an 86 percent pay boost for 2016, awarding him $18.8 million in the year the company exited bankruptcy protection.
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SandRidge emerged from bankruptcy late last year, while Bonanza did so in April this year following a recovery in oil prices after a two-year slump.
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The proposal comes a few weeks after SandRidge ended a $746 million deal to buy Bonanza Creek Energy following opposition from large shareholders including Carl Icahn.
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Icahn, who opposes SandRidge's $746 million proposal for Bonanza Creek Energy Inc, wants to investigate deliberations involving the deal and other matters including executive compensation at SandRidge.
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The appointment comes months after larger rival SandRidge Energy, under pressure from activist investor Carl Icahn and other shareholders, abandoned its bid to buy Bonanza Creek Energy.
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Ashley Wilemon, a representative of SandRidge, said the company would not comment on Icahn's characterization of the board or proposal to nominate his own slate of directors.
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Simpson Thacher & Bartlett LLP and Womble Carlyle Sandridge & Rice LLP are Krispy Kreme's legal advisers and Skadden, Arps, Slate, Meagher & Flom LLP is JAB Beech's legal counsel.
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I NOTED AS WELL WITH SANDRIDGE THAT IT'S YOUR FIRST NEW ACTIVIST POSITION OF THE YEAR, WHICH BEGAN IN OCTOBER, WHICH IS NEWS IN AND OF ITSELF.
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The list includes Midstates Petroleum, whose previous attempt to buy SandRidge was rebuffed by the company—a move that was criticized by Icahn and some other shareholders.
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HOUSTON (Reuters) - Billionaire activist investor Carl Icahn on Monday nominated a five-person slate of his employees and business associates to replace the SandRidge Energy Inc (SD.
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Struggling SandRidge Energy LLC, a former high flyer once led by legendary wildcatter Tom Ward, said it would not be able to file quarterly results on time.
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SandRidge said the deal is expected to close in the first quarter of 2018 and will add to its cash flow from the start of the year.
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SandRidge would already have been sold if there was strong demand for its assets, which are largely in high-cost oilfields and in decline, said Coker Palmer's Beard.
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The hedge fund has a stake of 8.3 percent in SandRidge making it the second-biggest investor in the oil and gas producer, according to Thomson Reuters data.
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SandRidge had argued Icahn wants to gain control of the company on the cheap by disrupting its directors' review of a sale of assets or the entire company.
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SandRidge will be led in the interim by board member Bill Griffin and will add Sylvia Barnes, owner of oil investment firm Tanda Resources LLC, as a director.
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But the activist investor Fir Tree Partners, which owns more than 8 percent of SandRidge, on Monday said it opposed the deal, saying the price is too high.
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SandRidge initiated a strategic review in June, a month after Icahn gained control of the company by taking five seats on the board and pushed for its sale.
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YOU KNOW, I HAVE BEEN FOCUSING ON -- WE HAVE BEEN BUSY JUST WITH, YOU KNOW, WITH XEROX AND SANDRIDGE AS AN ACTIVIST, AMTRUST, WERE DOING AS WE SPEAK.
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Mount Kellett's other oil and gas investments have included Quicksilver Resources, which filed for bankruptcy in March 2015, and SandRidge Energy Inc, which hired restructuring advisors in January.
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Part of the discussion focused on emails between McClendon and former SandRidge Energy chief executive Tom Ward, in which the two longtime friends discussed coordinating bids on energy acreage.
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Several other SandRidge holders including Fir Tree Partners, which holds an about 8.3 percent stake, and Susquehanna Advisors Group with about 4 percent, have come out against the purchase.
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By the end of the three-month review process, SandRidge said it had executed 28 non-disclosure agreements and received eight offers to buy the company or certain assets.
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SandRidge, which emerged from bankruptcy late last year following a recovery in oil prices, wants to expand in the Denver-Julesburg Basin of Colorado with its purchase of Bonanza.
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Shareholders who stood to be wiped out in SandRidge Energy's bankruptcy proceeding tried to argue that the company had misrepresented its value, though SandRidge's restructuring plan was ultimately approved.
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SandRidge, which said earlier this month it was approached by 17 potential bidders including Icahn, is seeking more bids and has launched a review of its assets and strategies.
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SandRidge said it had offered Icahn the opportunity to submit qualified, independent candidates for the board's consideration "on more than one occasion" adding that none had been put forth.
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Both Chesapeake and SandRidge, once storied firms in Oklahoma's oil industry, have recently engaged restructuring experts as they scramble to pay off billions in debt and avoid potential bankruptcy.
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Midstates Petroleum said on Tuesday sought to merge with larger rival SandRidge Energy in a deal that could create the biggest oil producer in the Mississippian Lime shale formation.
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Chisholm alleged Chesapeake and SandRidge divided the area covering the Anadarko Basin in Kansas and other states and agreed not to compete, which drove down prices for the leases.
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SandRidge Energy' implied liquidation value, obtained by totaling the highest cash bids, amounted to about $12 to $13 per share, which "meaningfully undervalues" the company, it said in a statement.
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"We look forward to working together in a constructive manner as we execute our plan and continue our strategic review process to maximize value for all SandRidge shareholders," it said.
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After fully drawing its revolving line earlier this year, SandRidge Energy said last month that it engaged advisors to explore its options, including private restructuring or reorganization under Chapter 11.
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CHICAGO (Reuters) - A group of SandRidge Energy Inc shareholders is accusing the oil and gas producer of grossly understating its value, threatening to derail a prepackaged bankruptcy agreement with its lenders.
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"The problem is (SandRidge) is buying Bonanza Creek but not accelerating their production," said Coker and Palmer analyst David Beard, noting that the deal would add debt to SandRidge's balance sheet.
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As of March 31, SandRidge estimated it had total assets of $43 billion and total debt of $4.0 billion, and Breitburn listed assets of $4.7 billion and liabilities of $3.4 billion.
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Icahn told CNBC that while he takes issue with the Bonanza buyout and the performance of SandRidge CEO James Bennett, that provision is what convinced him to go after the company.
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The OCC also told Sandridge Energy Inc and SK Plymouth LLC to reduce injection into disposal wells in the Enid area that were within a 10-mile radius of the quakes.
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Oklahoma-based Midstates Petroleum, backed by activist shareholder Fir Tree Partners, had offered to buy SandRidge last month, after activist shareholder Carl Icahn scuppered SandRidge's plans to buy Bonanza Creek Energy.
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SandRidge is one of 90 energy companies that have sought Chapter 11 protection in the midst of declining oil and gas prices, lawyers said during a three-day confirmation hearing in Houston.
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Chico Fire Chief Steve Sandridge said at the Saturday press conference that it is unclear whether contaminated drugs from the same batch that caused the mass overdose are still on the street.
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"We believe this proposed acquisition represents a complete about face by (SandRidge's) management on its post-bankruptcy strategy," Fir Tree Partners, which owns about 8.3 percent of SandRidge, said in a statement.
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SandRidge is one of dozens of oil and gas companies with piles of debt that look increasingly difficult to pay as revenues, oil and gas output, and reserves tumble on low prices.
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The exits come just days after smaller rival Midstates Petroleum Co offered to buy SandRidge in an all-stock deal that had been supported by some smaller shareholders, including Fir Tree Partners.
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Icahn also said he may be willing to make an all-cash offer for SandRidge shares that would allow existing shareholders to sell or continue with their holdings, according to the filing.
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SandRidge Energy said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board.
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Oklahoma City-based SandRidge and Bonanza Creek, headquartered in Denver, have both recently emerged from bankruptcy, having been swept up in a wave of restructurings following a historic crash in oil prices.
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In a statement on Monday, SandRidge said that it would look at alternatives to its current strategy and would also evaluate "credible" offers for the company, including any offer from Icahn Capital.
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Carl Icahn has bought a 13 percent stake in SandRidge Energy, becoming the latest shareholder to oppose the company's deal to acquire Bonanza Creek, according to a Securities and Exchange Commission filing.
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A day earlier, he was indicted on charges of conspiring with two unnamed companies, believed to be Chesapeake Energy and SandRidge Energy, to fix prices of oil and gas leases in Oklahoma.
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While SandRidge shareholders will hold 60 percent of the combined company, according to the proposal, Midstates' CEO David Sambrooks will be in charge — a move that may pacify Icahn and Fir Tree.
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OKLAHOMA CITY (Reuters) - Activist investor Carl Icahn on Tuesday won a battle for control of SandRidge Energy, taking five seats on the board of the U.S. shale producer that he wants to sell.
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SandRidge filed the prepackaged bankruptcy pact in May to restructure roughly $4 billion of debt, joining a long list of oil-and-gas producers hit by a deep crash in U.S. energy prices.
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Carl Icahn on Thursday blasted SandRidge Energy for adopting a strategy that the billionaire investor says is designed to quash dissent from shareholders opposed to the company's purchase of fellow driller Bonanza Creek.
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SandRidge had previously rejected Icahn's demand to replace two directors and the removal of a "poison pill" measure preventing individual shareholders from amassing more than a 10 percent stake in the company's stock.
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Oklahoma-based SandRidge, which emerged from bankruptcy last year, had said in November that it would pay $746 million for Bonanza Creek to expand its presence in the Denver-Julesburg Basin of Colorado.
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The combined entity, SandRidge-Bonanza Creek, will operate over 630,000 net acres in the Rocky Mountains and Mid-Continent regions, producing about 55,000 barrels of oil equivalent per day, the two companies said.
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Seismic Exchange Inc and Geophysical Pursuit Inc argued in court papers on Monday that SandRidge and Halcon have not provided assurances they will protect seismic data the suppliers say is their intellectual property.
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In 2018, Morgan Stanley advised on 22 campaigns, working with Akamai Technologies, SandRidge Energy and Cigna when those companies faced pressure from prominent agitators such as Elliott Management and Carl Icahn, the data showed.
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In what could become the most high-profile reorganization in the sector, Oklahoma City-based SandRidge Energy Inc confirmed on Wednesday that it has hired advisers to review its options, including a bankruptcy filing.
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While the indictment did not identify the two companies, most energy experts believe they are Chesapeake and SandRidge Energy, also based in Oklahoma City and formerly led by a onetime partner of Mr. McClendon.
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U.S. Bankruptcy Judge David Jones said he read every letter he received from individual shareholders, some of whom lost their entire savings, when SandRidge filed a prepackaged bankruptcy in May with $313 billion of debt.
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Last month, a financially troubled producer in the northern oil and gas fields struck by Wednesday's quakes, SandRidge Energy Incorporated, broke industry ranks and refused the commission's request to scale back its underground waste disposal.
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Two energy companies, SandRidge Energy Inc and Halcon Resources Corp, have run into opposition from suppliers arguing they are trying to exit bankruptcy with a valuable trade secret: seismic data about oil and gas deposits.
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The landowners accused Chesapeake and another energy company, SandRidge Energy Inc, of conspiring to stabilize and depress the level of royalty and bonus payments paid to landowners in the Anadarko Basin, an oil and gas formation.
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Smaller, highly leveraged oil producers such as Energy XXI, SandRidge Energy and Breitburn Energy have recently declared bankruptcy, while the larger better capitalized producers like Marathon Oil and Continental Resources have seen their share prices increase.
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"SandRidge's assets are pretty far away from those of Bonanza Creek so there are no near-term synergies here," Beard said, adding that shareholders would like SandRidge to perhaps buy assets closer to its core operations.
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SandRidge, which is working with law firm Kirkland & Ellis and investment bank Houlihan Lokey on debt restructuring options, has drawn down its revolving credit line, and tried to trim costs with asset sales and job cuts.
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In a letter to shareholders, SandRidge Chief Executive Officer William Griffin said the billionaire investor, who has said he could make an all-cash offer for the company, was not competing "fairly with other potential counterparties".
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"While SandRidge has offered a non-disclosure agreement (NDA) to Midstates, it would require Midstates to enter into a standstill, which is an unusual requirement for a party that has made a public offer," Midstates said.
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SandRidge, which is working with law firm Kirkland & Ellis and investment bank Houlihan Lokey on restructuring options, has drawn down its revolving credit line and has tried to trim costs with asset sales and job cuts.
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SandRidge last year ousted James Bennett as CEO after coming under pressure from activist investor Carl Icahn, who had objected to Bennett's compensation and the company's $746 million bid to buy rival Bonanza Creek Energy Inc.
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The billionaire investor will likely continue his harsh criticism of SandRidge Chief Executive James Bennett, who he blasted earlier this month for overseeing "a period of massive value destruction" at the company, including a bankruptcy filing.
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Icahn's letter comes a week after he disclosed a 13.5 percent stake in SandRidge and joined other major shareholder Fir Tree Partners in opposing a move that they said would drain all of the company's cash.
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Activist investor Carl Icahn said on Wednesday he plans to nominate directors who would push for a sale of SandRidge Energy and may make an offer himself for the embattled Oklahoma City oil and gas producer.
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Moves, disclosed in securities filings, by oil and gas companies such as Linn Energy and SandRidge Energy to max out revolving credit lines - designed to cover short-term funding gaps - have prompted banks to take action.
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SandRidge said it adopted a poison pill, or shareholder rights plan, which is designed to stop investors from buying more than a 10 percent stake in the company and deter existing shareholders from bulking up their holdings.
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MR. ICAHN ALSO MAKING NEWS TODAY, WRITING A LETTER TO THE BOARD OF SANDRIDGE ENERGY TO ONCE AGAIN CRITICIZE ITS PLANNED DEAL WITH BONANZA CREEK AND ITS ADOPTION OF A POISON PILL, WHICH HE CALLS A TRAVESTY.
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Disgruntled shareholders of bankrupt SandRidge Energy Inc will receive more time to seek evidence for their claims that the oil and gas company substantially undervalued its assets in its reorganization plan, a U.S. judge said on Friday.
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U.S. Bankruptcy Judge David Jones of Houston struck the filing by the ad hoc committee of shareholders, which is accusing SandRidge of grossly understating its value, after the company's attorneys for Kirkland & Ellis complained about its appearance.
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In a court filing last week, opponents of the company's reorganization plan mentioned a U.S. Securities and Exchange Commission investigation of a former SandRidge employee who was fired for protesting the company's improper reporting of its reserve values.
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Icahn has made a career out of shaking up company management and, as the biggest shareholder in SandRidge with a 13.6 percent stake, he has already forced the resignation of both its chief executive and chief financial officers.
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The call for board seats came after SandRidge terminated a $746 million deal to acquire rival Bonanza Creek Energy Inc that Icahn and other investors said was too expensive and would burden the company with too much debt.
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The billionaire investor will likely continue his harsh criticism of SandRidge Chief Executive James Bennett, whom he blasted earlier this month for overseeing "a period of massive value destruction" at the company, including a bankruptcy filing in 2016.
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By Jim Christie Provisions of a plan by SandRidge Energy Inc to use its cash collateral to fund its Chapter 11 bankruptcy would prevent investigations of its secured lenders, the energy producer's committee of unsecured creditors said on Monday.
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SandRidge has said its cash-and-stock offer for Bonanza Creek would expand its presence in the Denver-Julesburg Basin of Colorado, "adding a deep inventory of drill-ready locations" in an area where it already has substantial assets.
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Shareholders are hoping to prove SandRidge may be the rare bankruptcy where a company's assets are valuable enough to repay creditors and have money left over for stockholders, according to their filing with the U.S. Bankruptcy Court in Houston.
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SandRidge, which operates in Oklahoma and Colorado, said it would cut its capital spending this year by at least 23 percent over last year, a nod to Icahn, the company's largest shareholder, who had pushed for greater financial controls.
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Icahn, who owns about 13.5 percent of SandRidge and is the company's single largest shareholder, said he had "grave concerns" about current directors' ability to decide the company's future and will nominate his own slate at the annual meeting.
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SandRidge Energy has been approached by 26 potential bidders for a buyout of the company or some of its assets, the U.S. shale oil producer said on Friday, days after activist investor Carl Icahn took control of its board.
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Last week Icahn said he planned to nominate directors who would push for a sale of SandRidge and said he was willing to make an all-cash offer to buy the company in a formal process seeking a buyer.
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In a court filing, Sunil Gupta, an attorney working with shareholders, said he was aware of a U.S. Securities and Exchange Commission investigation of a former SandRidge employee who was fired for protesting the company's improper reporting of its reserve values.
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Bloomberg News, citing multiple sources familiar with the matter, reported that SandRidge Energy is the unnamed company in the indictment, and noted that Tom Ward was CEO of the Oklahoma City company during the time period cited in the indictment.
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CHICAGO, Sept 9 (Reuters) - SandRidge Energy Inc won court approval for a plan to exit bankruptcy, overcoming opposition from shareholders who had accused the oil and gas producer of misrepresenting its value, a U.S. bankruptcy judge in Houston said on Friday.
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HOUSTON (Reuters) - SandRidge Energy Inc ousted its chief executive and finance chief on Thursday and said it would cut spending, a victory for activist investor Carl Icahn who has railed for months against the U.S. shale producer's board and management.
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James Bennett led SandRidge into and out of bankruptcy in 2016 as its CEO and a board member, and drew Icahn's ire over his compensation and a $746 million bid to buy rival Bonanza Creek Energy Inc late last year.
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The activist investor, who had offered to buy the company in April, added two more nominees to his board slate in May, demanding more influence after SandRidge expanded its board to seven directors from five to accommodate the activist Icahn's demand.
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If either SandRidge or Energy XXI file for bankruptcy they would be among the biggest victims of the nearly two-year-long oil selloff, which has seen dozens of companies go under, tens of thousands of jobs axed and corporate spending slashed.
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Icahn, whose hedge fund owns 13.6 percent of SandRidge and has said it could make an all-cash offer for the company, is assured of at least two of the seven seats under the formula set by the board and is expected to receive more.
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An expert witness for disgruntled shareholders of SandRidge Energy cast doubt in court on Thursday over the methods that the bankrupt oil and gas producer's financial advisor used to calculate its value, soon before the hearing was disrupted by a late docket filing comparing valuation methodologies.
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HOUSTON (Reuters) - Activist investor Carl Icahn has stepped up his attack on SandRidge Energy Inc's proposal to buy a rival oil-and-gas producer, taking aim at the company's top executives and calling for a release of records on the deal and executive pay, according to a regulatory filing on Friday.
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HOUSTON, Jan 17 (Reuters) - SandRidge Energy Inc is expected to meet with activist investor Carl Icahn on Wednesday over his demands for a board shake-up and other governance changes, part of a bid by the U.S. shale oil producer to quell tensions with its largest shareholder and most outspoken critic.
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HE WAS IN THE COMPANY OF SANDRIDGE IN 43 AS CFO, THEN IN 2013 THEY PUSHED THE CEO OUT, IT WAS A PROXY FIGHT FOR A LOT OF THINGS THAT I DON'T WANT TO GO INTO OR CAN'T GO INTO AND – THEY PUT BENNETT IN WHO WAS THEN THE CFO.
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His indictment on Tuesday on charges of conspiring with two unnamed companies, believed to be Chesapeake Energy and SandRidge Energy, to fix prices of leases in Oklahoma came as a surprise to the oil world, but friends say Mr. McClendon had known it was coming a few days before the announcement.
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WAPNER: WE'LL GET TO THIS INCREDIBLE STOCK MARKET IN A MOMENT, BUT LET'S BEGIN WITH SANDRIDGE, THAT'S YOUR NEWS OF THE DAY AND THIS LETTER THAT YOU'VE WRITTEN TO NOT ONLY CRITICIZE THIS PLANNED ACQUISITION BUT A POISON PILL THAT YOU REFER TO AS A COMPLETE TRAVESTY AND REPRESENTING A NEW LOW IN CORPORATE GOVERNANCE.
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They've also come to describe these proposals in similar ways: Republican state Representative Shane Sandridge named the bill he introduced in Colorado the "Protect Minors From Mutilation and Sterilization Act," while Stewart Jones, a state representative in South Carolina, told local media that his bill was designed to "protect children" from being pressured into changing their gender.
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AND I HAD A LITTLE BIT AND I THOUGHT, OKAY, WHAT THE HECK, I KNOW THE COMPANY, I KNOW THAT AREA PRETTY WELL, WE HAD DONE BUSINESS WITH SANDRIDGE A LONG TIME AGO AND INCIDENTALLY SOLD ONE COMPANY TO THEM, AND I HAD NO INTENTION OF REALLY GOING AFTER IT BUT THEY WENT OUT WITH THIS CRAZY DEAL, YOU KNOW, AND THE SHAREHOLDERS REALLY DUMPED STOCK ON THE MARKET, A TREMENDOUS AMOUNT OF STOCK ON THE MARKET.
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