SandRidge Bank Group Reaffirms Borrowing Base

Independent oil and natural gas company SandRidge Energy Inc. said its bank group reaffirmed its $985 million borrowing base and $1.75 billion commitment amount as part of its regularly scheduled semiannual redetermination.

On Thursday after the market closed, the company said that its bank group — made up of 27 financial institution — determined that the company remains in compliance with all debt covenants.

"We are well positioned for 2010, which will be highlighted by the start up of the Century Plant as well as 80 billion cubic feet of natural gas hedged at $7.70 per 1,000 cubic feet," said Dirk Van Doren, SandRidge's CFO.

Shares of SandRidge fell 17 cents to $13.57 in Friday morning trading.

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