Will U.S. Shale Stage A Comeback As Oil Nears $50?
On Monday, unable to keep up with its mountain of debt, SandRidge Energy filed for Chapter 11 bankruptcy. The Oklahoma City-based shale driller announced a restructuring with creditors for two-thirds of its $4.1 billion in outstanding debt, which it hopes will allow it to continue operations. "The new capital structure will allow the Company to concentrate on oil and gas exploration and development in our active Oklahoma and Colorado project areas," James Bennett, SandRidge President and CEO, said in a statement. "We look forward to completing this next phase of the process quickly with minimal disruption to our business."
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