SANDRIDGE ENERGY INC

SandRidge agreed to a second Cherokee-play bolt-on acquisition, buying producing assets from Rockies Resources Holdings for $65 million cash to expand the position it built with its 2024 Western Anadarko purchase.

material agreement

SandRidge closed its $144 million Western Anadarko Basin acquisition and raised its full-year 2024 production and spending guidance to reflect the new assets.

asset acquisition disposition

SandRidge agreed to acquire Cherokee-play oil and gas assets in the Western Anadarko Basin for $144 million cash, its first major acquisition since emerging from bankruptcy, adding about 6,000 barrels of oil equivalent per day of production.

material agreement

SandRidge declared another one-time dividend, $1.50 per share (about $55 million), and raised its regular quarterly dividend 10% to $0.11 per share.

dividend declaration

Now debt-free, SandRidge began returning cash to shareholders: a one-time $2.00-per-share dividend (about $74 million), a new $0.10 quarterly dividend, and a $75 million stock buyback program.

dividend declaration

SandRidge repaid its remaining roughly $20 million of debt in full and terminated its Icahn-affiliated credit facility, leaving the company debt-free.

material agreement termination

SandRidge agreed to sell its North Park Basin assets in Colorado to Gondola Resources for $47 million, shedding a non-core area to focus on its Mid-Continent core and cash-optimization strategy.

material agreement

SandRidge replaced its bank-led credit facility with a new $30 million facility from affiliates of Icahn Enterprises, its activist-turned-supportive major shareholder, extending its liquidity runway.

debt financing

SandRidge closed the sale of its headquarters office tower for $35.4 million net, proceeds the company said should resolve doubts about its ability to continue as a going concern.

asset acquisition disposition

the exchange certified SANDRIDGE ENERGY INC's securities for listing, clearing them to begin trading.

listing compliance notice

SandRidge agreed to sell its 30-story Oklahoma City headquarters office tower for $35.5 million, monetizing a non-core real estate asset amid the COVID-19 oil price crash.

material agreement

Amid an activist campaign by Carl Icahn seeking board seats and governance changes, SandRidge's board rejected his specific proposals but raised the trigger threshold on its shareholder rights plan (poison pill) from 10% to 15%.

security holder rights change

SandRidge and Bonanza Creek mutually terminated their merger agreement after SandRidge's largest shareholders made clear they would vote it down, with SandRidge paying Bonanza Creek $3.7 million in expense reimbursement.

business combination

SandRidge agreed to acquire Bonanza Creek Energy for $36.00 per share in cash and stock, a deal that would add 67,000 net acres in Colorado's DJ Basin to its Mid-Continent portfolio.

business combination

SANDRIDGE ENERGY INC terminated the registration of a class of securities, ending its reporting obligation for them.

listing compliance notice

Now post-bankruptcy, SandRidge refinanced into a new $600 million credit facility with better pricing and looser covenants - a refinancing that also triggered mandatory conversion of its remaining $264 million of convertible notes into about 14.1 million shares.

debt financing

the New York Stock Exchange certified SANDRIDGE ENERGY INC's securities for listing, clearing them to begin trading.

listing compliance notice

The bankruptcy court confirmed SandRidge's Chapter 11 plan on September 9, 2016, resolving the case filed May 16, 2016. Existing common and preferred stock will get no recovery and will be cancelled when the plan takes effect, which the company was targeting within about 30 days without guarantees. Second-lien noteholders get new convertible notes and shares equal to 83.5% of the new stock, and unsecured creditors get cash, warrants and 16.5% of the new stock. A new board takes office, including James D. Bennett.

bankruptcy or receivership

SandRidge filed for Chapter 11 bankruptcy under a pre-arranged restructuring plan that will convert about $3.7 billion of second-lien and unsecured debt into equity, backed by creditors holding the large majority of each debt tranche.

bankruptcy or receivership

SANDRIDGE ENERGY INC's exchange filed to remove a class of its securities from listing.

listing compliance notice

SandRidge drew down the remaining $488.9 million available under its credit facility and retained restructuring advisors Kirkland & Ellis and Houlihan Lokey, signaling it was preparing for a debt restructuring.

debt financing

NYSE moved to delist SandRidge's stock after its price collapsed further, suspending trading; shares began trading over-the-counter under the symbol SDOC.

listing compliance notice

SandRidge agreed to buy back and retire $100 million of its senior notes for $30 million in cash, and to exchange $300 million of senior notes for $269.4 million of 2022 and $30.6 million of 2023 convertible notes. Converting these would add about 109.1 million shares. Closing was expected on or shortly after October 15, 2015. This continues the August 2015 swaps, further cutting debt while adding potential dilution.

capital raising announcement

SandRidge issued $158.4 million of new 8.125% convertible notes due 2022 and $116.6 million of new 7.5% convertible notes due 2023, swapped for $15.9 million of 2020 notes, $40.7 million of 2021 notes, $101.8 million of 2022 notes and $116.6 million of 2023 notes. If fully converted they would become about 100 million shares at an initial $2.75 per share. This continues the debt-for-equity swaps begun in May 2015 and creates potential future dilution. The company also agreed with its bank lenders to amend the credit agreement to allow up to $200 million of cash note purchases; the rest of that amendment was cut off in the text provided.

capital raising announcement

SandRidge closed its $1.25 billion senior secured notes offering and simultaneously activated a new $500 million first-lien revolving credit facility, completing its refinancing.

debt financing

SandRidge priced an upsized $1.25 billion offering of 8.75% senior secured notes due 2020 to repay its revolving credit facility as oil prices weakened.

material agreement

SandRidge agreed to swap $29 million of its 2021 notes and $21 million of its 2022 notes with one noteholder for new common shares: 16,046,666 shares plus 257,778 for accrued interest on the 2021 notes, and 11,620,000 shares plus 107,431 for accrued interest on the 2022 notes. Closing was expected May 19, 2015. This cuts $50 million of debt but adds roughly 28 million shares, diluting existing shareholders.

capital raising announcement

SandRidge disclosed that penalty fees owed to Occidental Petroleum under a 30-year CO2 delivery agreement may have been accrued in the wrong accounting periods, warning that prior financial statements might need to be restated.

financial restatement

SandRidge closed the sale of its Gulf of Mexico business to Fieldwood Energy, completing a run of divestitures and debt paydowns - alongside the earlier Permian Basin sale and a senior notes redemption - that left the company purely focused on the Mid-Continent.

asset acquisition disposition

SandRidge agreed to sell its entire Gulf of Mexico oil and gas business to Fieldwood Energy for $750 million cash plus assumption of $370 million in abandonment liabilities, refocusing the company entirely on its Mid-Continent Oklahoma assets.

material agreement

SANDRIDGE ENERGY INC's exchange filed to remove a class of its securities from listing.

listing compliance notice

SandRidge sold its Permian Basin assets, apart from those tied to SandRidge Permian Trust, to Sheridan Holding Company II for $2.6 billion in cash.

asset acquisition disposition