Omega initiated a stake in SandRidge Energy Inc. (NYSE:SD) during the fourth quarter of 2012, while the stock of the $494 million oil and natural gas company has depreciated by more than 83% since then. Although the shares are currently trading fairly cheaply with a twelve month trailing price to sales ratio of 0.37 as compared to the industry's average of 2.3, concerns about the company's debt burden loom over the investors. By the end of the first quarter SandRidge Energy Inc. (NYSE:SD)'s total debt to equity ratio stood at a whopping 376 while the industry averages around 60.