SandRidge Energy makes $50.1 million in interest payments

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SandRidge Energy Inc (SDOC.PK) said in a filing with the U.S. Securities and Exchange Commission on Wednesday that it has made $50.1 million in interest payments, as it continues to work with creditors on debt restructuring options.

The Oklahoma City-based oil and gas company, hurt by the commodities rout, last month chose to defer making $21.7 million in interest payments and enter into a 30-day grace period. The company said it made the $21.7 million payment on Tuesday within the grace period, and also made another $28.4 million due on other debt on Wednesday.

A SandRidge spokesperson did not immediately return a request for comment.

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.

One of the debt restructuring options SandRidge had been mulling was a pre-packaged bankruptcy.

In a separate filing made on Wednesday, SandRidge also said it would file its annual report for 2015 late, and that it expects its accounting firm will say there is substantial doubt about the company's ability to continue as a "going concern."

About 40 energy companies entered bankruptcy in 2015 and up to a third of all producers may end up seeking protection from creditors if commodity prices remain depressed, according to the Deloitte consulting firm. we

The company's employee count has shrunk to 717 from 1,878 at the end of 2014.

"Securities and Exchange Commission on Wednesday that it has made $50.1 million in interest payments, as it continues to work with creditors on debt restructuring options.The Oklahoma City-based oil and gas company, hurt by the commodities rout, last month chose to defer making $21.7 million in interest payments and enter into a 30-day grace period"The company had about $4.0 billion in total debt at Sept. 30, 2015.

SandRidge produces oil and gas from shale formations in Oklahoma and Kansas.

SandRidge was founded in 2006 by former CEO Tom Ward, a previous executive and co-founder of natural gas giant Chesapeake Energy Corp CHL.N. Ward was ousted in 2013 by SandRidge's board after a proxy fight with shareholders.

(Additional reporting by Tracy Rucinski; Editing by Diane Craft)

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