Business Context and Reporting Period
Company: SandRidge Energy, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: November 6, 2008
Purpose: This filing updates the Company's Annual Report on Form 10-K for the year ended December 31, 2007, to include Condensed Consolidating Financial Information (Note 24) regarding Guarantor Subsidiaries. This disclosure is required under Rule 3-10 of Regulation S-X in connection with the registration of Senior Notes issued in May 2008.
Key Financial Metrics
This filing does not contain standalone revenue, profit, cash flow, or margin data for the current period. It serves as a regulatory update to incorporate financial statements for guarantor subsidiaries related to specific debt instruments.
| Debt Instrument | Principal Amount | Interest Rate | Maturity |
|---|---|---|---|
| Fixed Rate Notes | $650 million | 8.625% | 2015 |
| Floating Rate Notes | $350 million | Floating | 2014 |
Total Senior Notes Issued: $1.0 billion (May 1, 2008)
Guarantors: Certain directly or indirectly wholly-owned subsidiaries guarantee obligations on a joint and several basis.
Material Changes
The filing updates Item 8 of the Form 10-K for the year ended December 31, 2007, to include Exhibit 99.1, which contains the Condensed Consolidating Financial Information. No other material changes to the Company's financial position or operations are reported in this specific document.
Guidance, Outlook, and Risks
Management Commentary: The filing states that this report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2007, and the quarterly report on Form 10-Q filed on the same date.
Risks and Contingencies: The filing does not disclose new risks or contingencies beyond the obligation to disclose guarantor financial information as required by SEC regulations.
Investor Verification Checklist
- Verify the full text of Exhibit 99.1 (Item 8 of the 2007 Form 10-K) to review the specific Condensed Consolidating Financial Information for Guarantor Subsidiaries.
- Review the Form 10-Q filed on November 6, 2008, for the most recent operational and financial performance data.
- Confirm the terms of the Indenture dated May 1, 2008, regarding the $1.0 billion Senior Notes issuance.
- Check for any subsequent filings regarding the liquidity or solvency of the Guarantor Subsidiaries.