The Sandridge story is that of an energy producer that as of 2009 was 100% weighted to natural gas. Sandridge's CEO foresaw that natural gas prices were not going to recover in the near future and made a daring transition to oil through acquisitions and identification of a very large new resource play called the Mississippi Lime.
Despite that move to oil, Sandridge is still fighting a heavy debt load and a constant need for external financing through creative strategies as it drills up its Mississippi Lime and Permian properties to increase cash flow to suitable levels.
The debt overhang has created a stock price that discounts the value of the company's assets. Here is an interview with hedge fund TPG-Axon that is now pushing to have that value realized through a sale.