SandRidge Reports on Reaffirmation of $985MM Borrowing Base
SandRidge Energy announced that its bank group recently reaffirmed its $985 million borrowing base and $1.75 billion commitment amount as part of the regularly scheduled semi-annual redetermination. The company remains in compliance with all debt covenants and there were no changes in covenant ratios. The company's bank group consists of 27 financial institutions with no single bank holding more than 6.3% of the total commitment. The next redetermination of the borrowing base is scheduled to be in the second quarter of 2010.
"We are pleased to have our current borrowing base reaffirmed," commented Dirk M. Van Doren, Chief Financial Officer. "This redetermination illustrates the company's strong financial flexibility. In addition, we are well positioned for 2010, which will be highlighted by the start up of the Century Plant as well as 80 Bcf of natural gas hedged at $7.70 per Mcf."
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