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March 29, 2016 - SandRidge Energy, Inc. (OTC PINK: SDOC) today Announced financial and operational results for the quarter and fiscal year ended December 31, 2015.
James Bennett, SandRidge President and CEO noted, "In 2016 we will be reducing capital spending by around 60% compared to 2015, ensuring liquidity while advancing our operations with one rig in each of our plays. Combining high-graded development of our Mid-Continent assets with our emerging Niobrara play is resulting in a more diversified company with improved capital efficiencies. We've also reduced our G&A expense in order to match our ongoing activity as we preserve and extend capabilities while managing optionality in this challenging environment."
Previously Announced Fourth Quarter Highlights
Completed Acquisition of North Park Basin Niobrara Shale Oil Assets for $190 Million Adds 1.0 MBoepd of Production and 28 MMBoe of Proved Reserves (81% Oil) and Materially Expands Drilling Inventory
Acquisition of Piñon Gathering System Eliminates ~$40 Million of Annual Expenses
Bond Repurchases and Exchanges Address $400 Million of Debt
The Company currently has two rigs running in the Mississippian and one rig running in the Niobrara, and expects to run one rig in each area starting in May, consistent with a $285 million capital program guidance introduced today. Capital expenditures for 2016 and for future periods are highly dependent on numerous factors including changes in commodity prices and available liquidity and may differ materially from guidance.
BRIEF-Sandridge Energy Q4 adj loss per share $0.09
March 29 - Sandridge Energy Inc
* Q4 adjusted loss per share $0.09
* Sandridge energy, inc. Updates shareholders on operations and reports financial results for fourth quarter and fiscal year 2015
* Q4 earnings per share view $-0.12 --
* Sandridge energy inc says introducing 2016 capital spend guidance of $285 million, about 60% below 2015 levels
* Sandridge energy inc says q4 production of 6.7 mmboe Source text for Eikon
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