Bonanza Creek Energy (BCEI) announced that it has agreed to terminate its previously announced agreement to merge with SandRidge Energy (SD).

After consultation with SandRidge’s largest shareholders, SandRidge’s board concluded that it would not receive approval for the transaction at its planned special meeting.

An agreement between Bonanza Creek and SandRidge was then reached to mutually terminate the merger agreement. As part of the mutual termination agreement, SandRidge will reimburse Bonanza Creek for transaction-related expenses up to $3.7M.