Sandridge Energy, 7.00% Convertible Perpetual Preferred Stock (SDRXQ)

[Renee]

SDRXN changed to SDRXQ, bankruptcy:

http://otce.finra.org/DLSymbolNameChanges

[56Chevy]

Oil boom fueled by junk debt faces US$19 billion wave of defaults

Mar 11, 20163:00 PM

[NEW YORK] Investors are facing US$19 billion in energy defaults as the worst oil crash in a generation leaves drillers struggling to stay afloat.

The wave could begin within days if Energy XXI Ltd, SandRidge Energy Inc. and Goodrich Petroleum Corp. fail to reach agreements with creditors and shareholders. Those are three of at least eight oil and gas producers that have announced missed debt payments, triggering a countdown to default.

"Shale was a hot growth area and companies made the mistake of borrowing too much," said George Schultze, founder and chief investment officer of Schultze Asset Management in New York, which has been betting against several distressed energy companies.

"It's amazing that so many people were willing to lend them money. Many are going to file for bankruptcy, and bondholders and equity are going to get wiped out en masse."

Bondholders are paying dearly for backing a shale boom that was built on high-yield credit. Since the start of 2015, 48 oil and gas producers have gone bankrupt owing more than US$17 billion, according to law firm Haynes and Boone. Fitch Ratings Ltd predicts US$70 billion of energy, metal and mining defaults this year, and notes that US$77 billion of energy bonds are bid below 50 cents, according to a note Thursday.

A representative at Energy XXI declined to comment. Representatives for SandRidge and Goodrich didn't respond to requests seeking comment.

"Absent a material improvement in oil and gas prices or a refinancing or some restructuring of our debt obligations or other improvement in liquidity, we may seek bankruptcy protection," Energy XXI said in a March 7 public filing.

Goodrich Petroleum is asking shareholders and bond investors to approve a restructuring deal that would convert its unsecured debt and preferred shares into common stock. For the plan to work, shareholders must approve it at a March 14 meeting and enough bondholders need to participate by the March 16 exchange deadline.

"Absent a successful completion of the recapitalisation plan, the company will have no alternatives other than to seek protection through the bankruptcy courts," Walter Goodrich, chairman and chief executive officer, said on a March 9 conference call.

http://www.businesstimes.com.sg/energy-commodities/oil-boom-fuelled-by-junk-debt-faces-us19-billion-wave-of-defaults

*This news comes as no surprise but it [a BK filing] will catch a ton of guys on the equity side flat-footed.

** I do not own the Preferred or SD common equity at this time.

Marker:
Sandridge Energy, In (SDRXN)
$1.05 0.0 (0.00%)
Volume: 0

[56Chevy]

Marker:
Sandridge Energy, In (SDRXN)
$1.05 down -0.15 (-12.50%)
Volume: 3,500

SDOC common equity at 8:20am pst @ $0.11

EUR/USD
1.104295

[56Chevy]

Sandridge Energy, In (SDRXN)
$18.00 down -2.0 (-10.00%)
Volume: 550

CL\N15 Light Sweet Crude at this moment; $51.91

SD common equity 10am pps @ $0.70

EUR/USD
1.09421

*This was "Greek" week.

**China is waning...and far more serious.

[56Chevy]

Saudi Arabia Turns Down Chinese Requests For More Crude Oil

Posted by: : Paul Ebeling Posted on: May 20, 2015

Research found Saudi Arabia’s share of Chinese Crude Oil imports dropped to just over 30% in May from 36.5% in April

Saudi Arabia and its main Middle East OPEC partners are turning down Chinese requests for more Crude Oil as they hold back fuel for their own refineries just as demand from the world’s biggest Crude importer hits new records.

While the Saudi and other refusals for additional Crude Oil supplies may not be part of a new pricing strategy, the rejections to their biggest client help explain a 40% rise in prices this year as Chinese importers have had to seek more Crude Oil from other suppliers in what analysts say is still an oversupplied market.

Senior Chinese Oil traders say the Saudis have turned down requests from Chinaoil and Unipec, the respective trading arms of PetroChina (NYSE:PTR) and Sinopec (NYSE:SHI), for extra cargoes of crude for May and June loadings, forcing them to seek supplies from producers in West Africa, Oman and Russia.

Saudi Arabia “used to provide us and if we asked for extra cargoes on top of contract during the 1st 4 months of the year, but not for May and June,” said a trader with 1 of China’s biggest Crude Oil importers.

Another source with a Chinese refinery that takes Saudi Oil said Saudi heavy Crude was “a bit tight” in May and June.

Recent pricing and trade flow data show a 40% rise in Brent Crude Oil since January has coincided with a more than 10% fall in overall Middle East supplies to China, although in historical terms they remain high.

Saudi Aramco, not available for comment, has reduced contractual supplies to some Japanese and South Korean customers in April.

The trader with 1 of China’s big importers said requests for more Crude Oil to Kuwait and the United Arab Emirates (UAE) were also turned down.

PetroChina and Sinopec officials seldom comment on trading activity.

http://www.livetradingnews.com/saudi-arabia-turns-down-chinese-requests-for-more-crude-oil-105438.htm#.VV4yqk1FCUk

Marker:
Sandridge Energy, In (SDRXN)
$21.80 0.0 (0.00%)
Volume: 50

*are these the ever so small beginning signs the Saudi's have reversed policy? I think the answer has to be a yes...

[56Chevy]

Marker:

Sandridge Energy, In (SDRXN)
$21.80 up -0.2 (-0.91%)
Volume: 300