<SEC-DOCUMENT>0001193125-22-193759.txt : 20220823
<SEC-HEADER>0001193125-22-193759.hdr.sgml : 20220823
<ACCEPTANCE-DATETIME>20220714160554
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-193759
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SANDRIDGE ENERGY INC
		CENTRAL INDEX KEY:			0001349436
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				208084793
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		123 ROBERT S. KERR AVENUE
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73102-6406
		BUSINESS PHONE:		405-429-5500

	MAIL ADDRESS:	
		STREET 1:		123 ROBERT S. KERR AVENUE
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73102-6406

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RIATA ENERGY INC
		DATE OF NAME CHANGE:	20060111
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<TYPE>CORRESP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sandridge Energy, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1 E. Sheridan Avenue, Suite 500 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oklahoma City, Oklahoma 73104 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;14, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Myra Moosariparambil </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Raj Rajan </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Energy&nbsp;&amp;
Transportation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Sandridge Energy, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed May&nbsp;4, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-33784</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms. Moosariparambil and Mr. Rajan: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
behalf of Sandridge Energy, Inc. (the &#147;<U>Company</U>&#148;), set forth below are the Company&#146;s responses to the comments of the Staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange
Commission (the &#147;<U>Commission</U>&#148;) delivered on June&nbsp;30, 2022. For convenience of reference, the Staff&#146;s comments are provided in italicized type herein. Capitalized terms used but not defined herein have the meanings ascribed
to them in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ending December&nbsp;31, 2021 (the &#147;<U><FONT STYLE="white-space:nowrap">10-K</FONT></U>&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comment No.</U><U></U><U>&nbsp;1</U>: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Please
expand the discussion of the internal controls used by the Company in its reserves estimation effort to provide the qualifications of the technical person primarily responsible for overseeing the preparation of the reserves estimates presented in
the filing, i.e., SandRidge&#146;s Reservoir Engineering Supervisor. Refer to Item 1202(a)(7) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT></I><B><I><U></U></I></B><I> </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U>: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company appreciates the Staff
calling this item to its attention and will ensure that in future filings its disclosures are filed pursuant to Item&nbsp;1202(a)(7) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> The enhanced disclosure shall be substantially in the
form as follows: &#147;Approximately 96&nbsp;percent of the proved reserves estimates shown in the Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> at December&nbsp;31, 2021, have been independently prepared by Cawley,
Gillespie&nbsp;&amp; Associates (&#147;CGA&#148;), a leader of petroleum property analysis for industry and financial institutions. CGA was founded in 1961 and performs consulting petroleum engineering services under Texas Board of Professional
Engineers Registration No. <FONT STYLE="white-space:nowrap">F-693.</FONT> Within CGA, the technical person primarily responsible for preparing the estimates set forth in the CGA letter dated January&nbsp;28, 2022, filed as an exhibit to this Annual
Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> was Mr.&nbsp;Zane Meekins. Mr.&nbsp;Meekins has been a practicing consulting petroleum engineer at CGA since 1989. Mr.&nbsp;Meekins is a Registered Professional Engineer in the State of
Texas (License No.&nbsp;71055) and has over 34 years of practical experience in petroleum engineering, with over 32 years of experience in the estimation and evaluation of reserves. He graduated from Texas A&amp;M University in 1987 with a Bachelor
of Science degree in Petroleum Engineering. Mr.&nbsp;Meekins meets or exceeds the education, training, and experience requirements set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated
by the Society of Petroleum Engineers; he is proficient in judiciously applying industry standard practices to engineering and geoscience evaluations as well as applying SEC and other industry reserve definitions and guidelines. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 14, 2022 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The primary technical person responsible for preparing the reserve estimates within the Company is
Mr.&nbsp;Eric Allen, the Reservoir Engineering Manager. Mr.&nbsp;Allen graduated from Oklahoma State University with a Bachelor of Science in Chemical Engineering in 2010 and has been practicing petroleum engineering since graduating. In 2016
Mr.&nbsp;Allen graduated from the University of Oklahoma with a Master&#146;s in Business Administration. Mr.&nbsp;Allen has over 12 years of practical experience in petroleum engineering with 7 of those years having been spent in the estimation and
evaluation of reserves. Since 2016, Mr.&nbsp;Allen has been a Registered Professional Engineer in the State of Oklahoma (License No.&nbsp;29209) and is an active member of the Society of Petroleum Engineers; he is proficient in judiciously applying
industry standard practices to engineering and geoscience evaluations as well as applying SEC and other industry reserve definitions and guidelines. In addition to Mr.&nbsp;Allen&#146;s preparation of the reserve estimates, those estimates are
further reviewed by the executive team and the Audit Committee.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comment No.</U><U></U><U>&nbsp;2</U>: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The disclosure relating to the drilling activities that occurred during the years ended December&nbsp;31, 2021 and 2020 appears to be limited to your
operated wells. Please expand your disclosure to also address the drilling activities relating to <FONT STYLE="white-space:nowrap">non-operated</FONT> wells in which you own an interest. Refer to Item 1205 of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U>: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and advises the Staff that the Company did not participate in any drilling activity related to <FONT
STYLE="white-space:nowrap">non-operated</FONT> wells in 2020 or 2021. The Company confirms that in future filings it will expand its disclosure related to drilling activities to address activities related to
<FONT STYLE="white-space:nowrap">non-operated</FONT> wells if such activities were to occur. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comment No.</U><U></U><U>&nbsp;3</U>: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Please expand your disclosure to provide the production, by final product sold, for each field that contains 15% or more of your total proved reserves or
tell us why you believe this additional disclosure is not required. Refer to Item 1204(a) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Rule <FONT STYLE="white-space:nowrap">4-10(a)(15)</FONT> of Regulation <FONT
STYLE="white-space:nowrap">S-X.</FONT> </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 14, 2022 </P>
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<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and as of <FONT STYLE="white-space:nowrap">year-end</FONT> December&nbsp;31, 2021, confirms it has one
significant field consolidated in the geographical area located within the <FONT STYLE="white-space:nowrap">Mid-Continent</FONT> of the U.S. (which comports with similar industry definition). The Company will update its disclosure in the future in
the event that any other fields or geographical areas represent 15% or more of the Company&#146;s total proved reserves. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comment
No.</U><U></U><U>&nbsp;4</U>: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Please expand the tabular presentation of proved developed and proved undeveloped reserves, by individual product
type, to additionally provide the net quantities at the beginning of the initial period shown in the reserves reconciliation, e.g. December&nbsp;31, 2018. Refer to FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">932-235-50-4.</FONT></FONT></FONT> </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U>: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully proposes to the Staff that we address the expanded tabular presentation of proved reserves in our upcoming 2022 Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> as we do not believe the proposed changes are material to the reader&#146;s understanding of the document and the Company&#146;s business. If so permitted, the Company will expand the table in our upcoming 2022
Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> to include the presentation of net quantities by product type of proved developed and proved undeveloped reserves, at the beginning and end of each period presented. Further we have
previously disclosed the proved developed and proved undeveloped reserve net quantities by product type as of December&nbsp;31, 2018 in the Company&#146;s 2019 Annual Report on Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comment No.</U><U></U><U>&nbsp;5</U>: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The consent
of Deloitte&nbsp;&amp; Touche LLP refers to the audit reports dated March&nbsp;10, 2022, however the consent date is March&nbsp;10, 2021. Please amend your filing to provide a consent that is appropriately dated. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U>: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment
and will file an updated consent of Deloitte&nbsp;&amp; Touche LLP with an amendment to the <FONT STYLE="white-space:nowrap">10-K.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 14, 2022 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comment No.</U><U></U><U>&nbsp;6</U>: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The disclosure in Exhibit 99.1 does not appear to address all of the requirements of the report pursuant to Item 1202(a)(8) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> Please obtain and file a revised reserves report to address the following points: </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>The reserves report should include a clear statement that the assumptions, data, methods, and procedures are
appropriate for the purpose served by the report. Refer to Item 1202(a)(8)(iv).</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>The reserves report states that the possible effects of changes in legislation or other Federal or State
restrictive actions have not been considered; however, the report should include a discussion of the possible effects of (current) regulation on the ability of the registrant to recover the estimated reserves. Refer to Item 1202(a)(8)(vi).</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U>: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company
acknowledges the Staff&#146;s comment regarding the need for a clear statement of appropriate procedures. Both the Company and CGA believe that the following statement on page 2 of CGA&#146;s letter in Exhibit 99.1 satisfies this requirement:
&#147;The reserves were estimated using a combination of the production performance, volumetric and analogy methods, in each case as we considered to be appropriate and necessary to establish the conclusions set forth herein&#148;. The Company, in
conjunction with CGA, has added the following statement to the second paragraph of CGA&#146;s letter in an amended report: &#147;In our opinion the assumptions, data, methods, and procedures used in the preparation of this report are appropriate for
such purpose.&#148; to directly state this comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In regards to the Staff&#146;s comments regarding the topic of legislation, the Company respectfully
directs the Staff&#146;s attention to the following statements on page 2 of the CGA&#146;s letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The reserves and economics are predicated on the
regulatory agency classifications, rules, policies, laws, taxes and royalties in effect on the date of this report as noted herein. In evaluating the information at our disposal concerning this report, we have excluded from our consideration all
matters as to which the controlling interpretation may be legal or accounting, rather than engineering and geoscience. Therefore, the possible effects of changes in legislation or other Federal or State restrictive actions have not been
considered.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;All reserve estimates represent our best judgment based on data available at the time of preparation and assumptions as to future
economic and regulatory conditions. It should be realized that the reserves actually recovered, the revenue derived therefrom and the actual cost incurred could be more or less than the estimated amounts.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is our opinion that that these statements fulfill this requirement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> Filed May&nbsp;4, 2022 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comment No.</U><U></U><U>&nbsp;7</U>: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>We note you
disclose the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure Operating Cash Flow. Please revise to use a title or description for your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure &#147;Operating Cash Flow&#148; that is not the
same, or confusingly similar to the title or descriptions used for GAAP financial measures, as required by Item 10(e)(1)(ii)&nbsp;(E) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 14, 2022 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U>: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment regarding the terminology of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures.
Accordingly, the Company respectfully advises the Staff that it will retire the term &#147;operating cash flow&#148; and retitle the measure &#147;Adjusted Operating Cash Flow.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*<B> * *</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any
questions regarding any of the responses in this letter, please call me at (405) 568-1813. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Respectfully submitted,</TD></TR>
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<TD VALIGN="top"><I>/s/ Grayson Pranin</I></TD></TR>
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<TD VALIGN="top">Grayson Pranin</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Michael J. Blankenship, Winston&nbsp;&amp; Strawn LLP </P></TD></TR></TABLE>
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