U.S. oil and gas explorer SandRidge Energy Inc. (NYSE: SD) said on May 11 that it would not be able to file its financial results for the quarter ended March 31 on time.
The company, which disclosed the delay in a filing with the U.S. Securities and Exchange Commission, has been in talks with its creditors on a restructuring deal ahead of a potential bankruptcy.
A spokesman for SandRidge did not immediately return requests for comment.
If the company files for bankruptcy, it would join dozens of others that have sought court protection from their creditors since the beginning of last year as commodity prices crashed. Oil prices have sunk to below $50 from above $100 almost two years ago.
Most recently, Linn Energy LLC filed for bankruptcy May 11.
Oklahoma City-based SandRidge was once an investor darling, started in 2006 by a former co-founder of natural gas company Chesapeake Energy Corp. (NYSE: CHK).
In the filing, SandRidge said that it expects revenue and income from operations for quarter ended March 31 would be significantly lower than the same time last year because of the fall in commodity prices and lower production.
SandRidge said that management's attention has been diverted from the normal review of financial statements to negotiations on the restructuring transaction, leading to the delay.
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