SandRidge Energy Inc. Files for Bankruptcy Becoming the Latest Victim


Although the share prices of companies in the energy sector are rising, many companies are still reeling under the stress of the two-year downturn. As per the West Texas Intermediate, the US benchmark, crude was trading above $48 per barrel in response to major supply disturbances in Canada and Nigeria. Several companies have filed for bankruptcy protection recently with SandRidge Energy Inc., the US-based driller and hydraulic fracturing one-time leader, becoming the latest victim. It has become the fifth energy company in five days to do so. SandRidge holds 1.85 million acres of leasehold rights in southern Kansas and northern Oklahoma. It has entered into an agreement with creditors to swap $3.7 billion in debt for control of the company. This will help the company to come out of the bankruptcy quickly and continue in the business of oil and gas. The company is also facing a public relations challenge after its founder and former CEO Tom Ward was linked to a corruption scandal involving McClendon, the former CEO of Chesapeake Energy Corp.

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