US shale player SandRidge Energy has struck a cash-and-stock deal valued at $746 million to merge with Bonanza Creek, a fellow unconventionals player active in the Denver Julesberg and other basins.
But stock of Oklahoma City-based SandRidge, which has just exited a bankruptcy proceeding, plummeted more than 16% on Wednesday morning following the news.
Bonanza Creek also recently emerged from its own Chapter 11 reorganisation process.
