Since mid-2014 and the 60% slide in oil price, SandRidge has battled with financial stability. Company officials announced this week that have "engaged advisors to assist with a private restructuring or reorganization under Title 11 of the U.S. Bankruptcy Code in the foreseeable future." Founded in 2006 to exploit shale oil and gas resources in Oklahoma and Kansas, the company has battled internal reorganizations and fluctuating share prices since 2013. Cancellation of drilling plans in late 2015 led to and 18% drop in output, and in December 2015 Capital One Securities ranked SandRidge as the most indebted of 50 U.S. shale oil producers. After a peak in 2008 over $60, share prices have fallen to a current $0.10 each.