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  "documentTitle": "SandRidge Energy (SD)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-05-24 00:00:00",
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  "notes": "Includes a pie chart breakdown of PV-10 value by asset.",
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      "text": "PV-10 ($'s millions) breakdown by asset: Mississippi Lime, NW STACK, North Park.",
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      "text": "SandRidge Energy (NYSE:SD) is a pure-play E&P focused on the Niobrara formation in Colorado, the Northwest STACK in Oklahoma, and the Mississippian Lime in Oklahoma and Kansas.",
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      "text": "The current board consists of three members appointed upon emergence and two members appointed by the three incumbent directors following the resignation of the Chairman and the termination of the CEO in February, 2018.",
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      "text": "The company emerged debt-free from Chapter 11 protection in October 2016, with a shareholder base consisting of many previous 2nd lien debt holders.",
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      "text": "Sandridge once ran over 35 rigs and had an Enterprise Value (EV) over $9 billion, while it currently runs 3 to 4 rigs and has an EV of ~$500 million.",
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      "text": "Enterprise Value: $477",
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      "text": "Company History: In 2006, Tom Ward, co-founder of Chesapeake Energy, purchased Riata Energy... Following the crude price crash in early 2016, the company filed for Bankruptcy until emerging debt-free in October of the same year.",
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