SandRidge Energy amends credit agreement, waives potential defaults

By Tali Rackner

Norfolk, Va., Nov. 19 – SandRidge Energy Inc. amended its 30-year credit agreement with Occidental Petroleum Corp. on Nov. 14 and waived any default that may have arisen under certain provisions of the credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

Bank of America, NA is the administrative agent, swing-line lender and letter-of-credit issuer.

Among other things, the amendment and waiver:

• Requires the company to deliver, as soon as available, financial statements for the fiscal quarter ending Sept. 30 prepared in accordance with GAAP that were to be delivered within 45 days after the end of the fiscal quarter;

• Requires SandRidge to deliver, on or prior to Dec. 1, or a date agreed upon by the company and the agent, financial statements for the fiscal quarter ending Sept. 30 that were to be delivered within 45 days after the end of the fiscal quarter and, to the extent of any adjustments that may be required as a result of SandRidge’s ongoing dialogue with the Staff of the Division of Corp. Finance of the U.S. Securities and Exchange Commission regarding previously accrued penalties, are not required to be prepared in accordance with GAAP; and

• Waives any default that may have arisen under Sections 5.05, 5.15, 5.16, 6.01(a), 6.01(b), 6.03 or 6.09 of the credit agreement as a result of shifting previously accrued penalties to one or more prior accounting periods.

SandRidge is an oil and natural gas company based in Oklahoma City.

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