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SandRidge Energy, Inc. Reports Financial and Operational Results for Second Quarter 2019

OKLAHOMA CITY, Aug. 7, 2019 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (SD) today announced financial and operational results for the quarter ended June 30, 2019.

SandRidge Energy, Inc. logo. (PRNewsFoto/SandRidge Energy, Inc.)

Highlights during the second quarter:

  • Oil production increased 16% quarter over quarter to 984 MBbls
  • Total production increased 2% quarter over quarter to 3.2 MMBoe
  • Reduced annual cash G&A run rate by $6 million
  • Net loss of $13 million, or $0.38 per share, driven by changes in commodity prices and a reduction in force, and adjusted net loss of $9 million, or $0.25 per share
  • EBITDA of $30 million and Adjusted EBITDA of $35 million

Paul McKinney, President and CEO commented, "During the second quarter, our teams demonstrated their commitment to delivering on what we said we would do. Oil production is up 16% quarter over quarter, total forecasted production is near the high end of guidance, and we continue to make progress reducing cash costs. As we head into the final months of summer, we will finish completing the six wells of our 15-wells-per-section test drilled in North Park earlier this year and continue the planning process for our future drilling and development programs."

Mr. McKinney continued, "As planned, the majority of our budgeted drilling and completion capital was spent during the first half of 2019. We expect the remaining drilling projects for 2019 to fall within our capital spending guidance range as we remain focused on financial discipline."

Financial Results

For the second quarter, the Company reported a net loss of $13 million, or $0.38 per share, and net cash provided by operating activities of $31 million. After adjusting for certain items, the Company's adjusted net loss amounted to $9 million, or $0.25 per share, operating cash flow totaled $31 million and adjusted EBITDA was $35 million for the quarter. The Company defines and reconciles adjusted net income, adjusted EBITDA and other non-GAAP financial measures to the most directly comparable GAAP measure in supporting tables at the conclusion of this press release beginning on page 10.

Operational Results and Activity

Production totaled 3.2 MMBoe (30% oil, 26% NGLs and 44% natural gas) for the second quarter. The Company averaged one rig in the Mid-Continent region targeting the Northwest STACK Meramec and one rig in the North Park Basin targeting the Niobrara.

North Park Basin Asset in Jackson County, Colorado

Net production from the North Park Basin totaled 450 MBoe (4.9 MBoepd) for the quarter. During the quarter, the Company drilled six wells that will be completed during the third quarter and brought two wells to sales. The two wells brought to sales during the quarter produced a 30-Day IP per well average of 472 Bopd, which is 18% above type curve.   

Mid-Continent Assets in Oklahoma and Kansas

In the second quarter, production in the Mississippian totaled 2.5 MMBoe (27.1 MBoepd, 16% oil) and Northwest STACK production totaled 309 MBoe (3.4 MBoepd, 48% oil).

During the quarter, the Company drilled the final three wells under the Drilling Participation Agreement in the Northwest STACK. The Company brought a total of seven Meramec wells to sales with a 30-Day IP per well average of 511 Boepd (70% oil), which is in line with type curve.

Liquidity and Capital Structure

During the quarter, the Company amended and restated its existing credit facility with improved terms. As of August 2, 2019, the Company's total liquidity was $225 million, based on $20 million of cash and $205 million of available elected commitments under its credit facility, net of outstanding letters of credit. The Company currently has $57 million drawn on the facility.  

Conference Call Information

The Company will host a conference call to discuss these results on Thursday, August 8, 2019 at 8:00 am CT. The telephone number to access the conference call from within the U.S. is (833) 245-9650 and from outside the U.S. is (647) 689-4222. The passcode for the call is 9891594. An audio replay of the call will be available from August 8, 2019 until 11:59 pm CT on August 22, 2019. The number to access the conference call replay from within the U.S. is (800) 585-8367 and from outside the U.S. is (416) 621-4642. The passcode for the replay is 9891594.

A live audio webcast of the conference call will also be available via SandRidge's website, www.sandridgeenergy.com, under Investor Relations/Presentation & Events. The webcast will be archived for replay on the Company's website for 30 days.

2019 Operational and Capital Expenditure Guidance

Presented below is the Company's operational and capital expenditure guidance for 2019 with updated measures italicized and bold





 Guidance



Projection as of



August 7, 2019


Production



  Oil (MMBbls)

3.7 - 3.9


  Natural Gas Liquids (MMBbls)

2.5 - 2.6


Total Liquids (MMBbls)

6.2 - 6.5


  Natural Gas (Bcf)

31.0 - 33.0


Total (MMBoe)

11.4 - 12.0





Price Differentials to NYMEX



  Oil (per Bbl)

($4.30)


  Natural Gas Liquids (realized % of NYMEX WTI)

25%


  Natural Gas (per MMBtu)

($1.30)





Expenses



  LOE

$89 - $94 million


  Adjusted G&A Expense (1)

$31 - $35 million





% of Revenue



  Severance and Ad Valorem Taxes

6.5% - 7.0%








Capital Expenditures ($ in millions)




   Drilling and Completion

$115 - $125


   Other Exploration and Production

$45 - $55


Total Capital Expenditures

$160 - $180


(excluding acquisitions and plugging and abandonment)








1.

Adjusted G&A expense is a non-GAAP financial measure. The Company has defined this measure at the conclusion of this press release under "Non-GAAP Financial Measures" beginning on page 10. Information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to forecast the excluded items for future periods.

Operational and Financial Statistics 

Information regarding the Company's production, pricing, costs and earnings is presented below:


Three Months Ended June 30,


Six Months Ended June 30,


2019


2018


2019


2018

Production - Total








Oil (MBbl)

984


755


1,833


1,681

NGL (MBbl)

830


700


1,706


1,400

Natural Gas (MMcf)

8,476


8,977


17,096


18,464

Oil equivalent (MBoe)

3,227


2,951


6,388


6,158

Daily production (MBoed)

35.5


32.4


35.3


34.0









Average price per unit








Realized oil price per barrel - as reported

$

56.52


$

65.19


$

53.89


$

61.01

Realized impact of derivatives per barrel


(16.44)



(12.01)

Net realized price per barrel

$

56.52


$

48.75


$

53.89


$

49.00









Realized NGL price per barrel - as reported

$

11.34


$

24.21


$

13.20


$

23.81

Realized impact of derivatives per barrel




Net realized price per barrel

$

11.34


$

24.21


$

13.20


$

23.81









Realized natural gas price per Mcf - as reported

$

1.20


$

1.46


$

1.58


$

1.65

Realized impact of derivatives per Mcf


0.13


0.29


0.15

Net realized price per Mcf

$

1.20


$

1.59


$

1.87


$

1.80









Realized price per Boe - as reported

$

23.30


$

26.87


$

23.21


$

27.00

Net realized price per Boe - including impact of derivatives

$

23.30


$

23.05


$

24.00


$

24.18









Average cost per Boe








Lease operating

$

7.77


$

6.70


$

7.49


$

7.03

Production, ad valorem, and other taxes

$

1.82


$

1.93


$

1.72


$

1.94

Depletion (1)

$

12.22


$

10.49


$

11.88


$

9.57









Loss per share








Loss per share applicable to common stockholders








Basic

$

(0.38)


$

(0.97)


$

(0.53)


$

(2.15)

Diluted

$

(0.38)


$

(0.97)


$

(0.53)


$

(2.15)









Adjusted net (loss) income per share available to common stockholders








Basic

$

(0.25)


$

(0.05)


$

(0.25)


$

0.11

Diluted

$

(0.25)


$

(0.05)


$

(0.25)


$

0.11









Weighted average number of shares outstanding (in thousands)








Basic

35,356


35,017


35,339


34,800

Diluted (2)

35,356


35,017


35,339


34,884




(1)

Includes accretion of asset retirement obligation.

(2)

Includes shares considered antidilutive for calculating loss per share in accordance with GAAP.

Capital Expenditures  

The table below presents actual results of the Company's capital expenditures for the three months and six months ended June 30, 2019.


Three Months Ended


Six Months Ended


June 30, 2019


June 30, 2019


(In thousands)


(In thousands)





  Drilling and Completion

22,898


76,647

  Other Exploration and Production

12,324


30,019

Total Capital Expenditures

$

35,222


$

106,666

(excluding acquisitions and plugging and abandonment)




Derivative Contracts

The table below sets forth the Company's hedge position for 2019 as of August 7, 2019:



Quarter Ending
















3/31/2019


6/30/2019


9/30/2019


12/31/2019


FY 2019

WTI Swaps:











Total Volume (MBbls)


-


-


163.0


184.0


347.0

Swap Price ($/Bbl)


-


-


$60.04


$60.04


$60.04












Capitalization

The Company's capital structure as of June 30, 2019 and December 31, 2018 is presented below:


June 30, 2019


December 31, 2018






(In thousands)





Cash, cash equivalents and restricted cash

$

9,789


$

19,645





Credit facility

$

52,000


$

Total debt

52,000






Stockholders' equity




Common stock

36


36

Warrants

88,518


88,516

Additional paid-in capital

1,058,200


1,055,164

Accumulated deficit

(314,613)


(295,995)

Total SandRidge Energy, Inc. stockholders' equity

832,141


847,721





Total capitalization

$

884,141


$

847,721

 

SandRidge Energy, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)



Three Months Ended June 30,


Six Months Ended June 30,


2019


2018


2019


2018

Revenues








Oil, natural gas and NGL

$

75,196


$

79,304


$

148,244


$

166,270

Other

192


158


380


320

  Total revenues

75,388


79,462


148,624


166,590

Expenses








Lease operating expenses

25,076


19,757


47,855


43,276

Production, ad valorem, and other taxes

5,877


5,683


10,957


11,917

Depreciation and depletion—oil and natural gas

39,419


30,961


75,884


58,958

Depreciation and amortization—other

2,986


3,040


5,929


6,193

Impairment




4,170

General and administrative

10,084


10,077


20,023


23,759

Accelerated vesting of employment compensation


6,545



6,545

Proxy contest


7,191



7,598

Employee termination benefits

4,465


1,043


4,465


32,630

Loss on derivative contracts


30,104


209


48,434

Other operating expense (income)

37


(1,254)


119


(1,238)

  Total expenses

87,944


113,147


165,441


242,242

  Loss from operations

(12,556)


(33,685)


(16,817)


(75,652)

Other (expense) income








Interest expense, net

(702)


(651)


(1,287)


(1,599)

Gain on extinguishment of debt




1,151

Other (expense) income, net

(26)


217


(457)


1,090

  Total other (expense) income

(728)


(434)


(1,744)


642

Loss before income taxes

(13,284)


(34,119)


(18,561)


(75,010)

Income tax benefit


(45)



(42)

Net loss

$

(13,284)


$

(34,074)


$

(18,561)


$

(74,968)

Loss per share








Basic

$

(0.38)


$

(0.97)


$

(0.53)


$

(2.15)

Diluted

$

(0.38)


$

(0.97)


$

(0.53)


$

(2.15)

Weighted average number of common shares outstanding








Basic

35,356


35,017


35,339


34,800

Diluted

35,356


35,017


35,339


34,800

 

SandRidge Energy, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)



June 30, 2019


December 31, 2018

ASSETS




Current assets




Cash and cash equivalents

$

7,808


$

17,660

Restricted cash - other

1,981


1,985

Accounts receivable, net

51,025


45,503

Derivative contracts


5,286

Prepaid expenses

2,927


2,628

Other current assets

247


265

  Total current assets

63,988


73,327

Oil and natural gas properties, using full cost method of accounting




Proved

1,390,054


1,269,091

Unproved

46,274


60,152

Less: accumulated depreciation, depletion and impairment

(652,709)


(580,132)


783,619


749,111

Other property, plant and equipment, net

197,706


200,838

Other assets

1,500


1,062

  Total assets

$

1,046,813


$

1,024,338





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




Accounts payable and accrued expenses

$

95,734


$

111,797

Asset retirement obligation

14,820


25,393

Other current liabilities

1,355


  Total current liabilities

111,909


137,190

Long-term debt

52,000


Asset retirement obligation

46,176


34,671

Other long-term obligations

4,587


4,756

  Total liabilities

214,672


176,617

Stockholders' Equity




Common stock, $0.001 par value; 250,000 shares authorized; 35,762 issued and outstanding at June 30, 2019 and 35,687 issued and outstanding at December 31, 2018

36


36

Warrants

88,518


88,516

Additional paid-in capital

1,058,200


1,055,164

Accumulated deficit

(314,613)


(295,995)

  Total stockholders' equity

832,141


847,721

  Total liabilities and stockholders' equity

$

1,046,813


$

1,024,338

 

SandRidge Energy, Inc. and Subsidiaries

Condensed Consolidated Cash Flows (Unaudited)

(In thousands)



Six Months Ended June 30,


2019


2018

CASH FLOWS FROM OPERATING ACTIVITIES




Net loss

$

(18,561)


$

(74,968)

Adjustments to reconcile net loss to net cash provided by operating activities




Provision for doubtful accounts

(91)


(6)

Depreciation, depletion, and amortization

81,813


65,151

Impairment


4,170

Debt issuance costs amortization

238


235

Amortization of premiums and discounts on debt


(47)

Write off of debt issuance costs

142


Gain on extinguishment of debt


(1,151)

Loss on derivative contracts

209


48,434

Cash received (paid) on settlement of derivative contracts

5,078


(17,393)

Stock-based compensation

3,104


21,909

Other

(57)


(1,563)

Changes in operating assets and liabilities

(9,402)


11,346

Net cash provided by operating activities

62,473


56,117

CASH FLOWS FROM INVESTING ACTIVITIES




Capital expenditures for property, plant and equipment

(123,676)


(95,328)

Acquisition of assets

236


Proceeds from sale of assets

852


13,563

Net cash used in investing activities

(122,588)


(81,765)

CASH FLOWS FROM FINANCING ACTIVITIES




Proceeds from borrowings

112,596


Repayments of borrowings

(60,596)


(36,304)

Reduction of financing lease liability

(635)


Debt issuance costs

(901)


Cash paid for tax withholdings on vested stock awards

(205)


(7,376)

Net cash provided by (used in) financing activities

50,259


(43,680)

NET DECREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH

(9,856)


(69,328)

CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year

19,645


101,308

CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period

$

9,789


$

31,980





Supplemental Disclosure of Cash Flow Information




Cash paid for interest, net of amounts capitalized

$

(949)


$

Supplemental Disclosure of Noncash Investing and Financing Activities




Change in accrued capital expenditures

$

17,224


$

29,464

Right-of-use assets obtained in exchange for financing lease obligations

$

2,655


$

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in this press release, including reconciliations to their most directly comparable GAAP measure.

Reconciliation of Cash Provided by Operating Activities to Operating Cash Flow

The Company defines operating cash flow as net cash provided by operating activities before changes in operating assets and liabilities as shown in the following table. Operating cash flow is a supplemental financial measure used by the Company's management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the Company's ability to internally fund exploration and development activities and to service or incur additional debt. The Company also uses this measure because operating cash flow relates to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. Further, operating cash flow allows the Company to compare its operating performance and return on capital with those of other companies without regard to financing methods and capital structure. This measure should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP.


Three Months Ended June 30,


Six Months Ended June 30,


2019


2018


2019


2018










(In thousands)

Net cash provided by operating activities

$

30,903


$

25,710


$

62,473


$

56,117

Changes in operating assets and liabilities

404


(1,797)


9,402


(11,346)

Operating cash flow

$

31,307


$

23,913


$

71,875


$

44,771

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

The Company defines EBITDA as net loss before income tax expense, interest expense, depreciation and amortization - other and depreciation and depletion - oil and natural gas. Adjusted EBITDA, as presented herein, is EBITDA excluding items that the Company believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.

Adjusted EBITDA is presented because management believes it provides useful additional information used by the Company's management and by securities analysts, investors, lenders, ratings agencies and others who follow the industry for analysis of the Company's financial and operating performance on a recurring basis and the Company's ability to internally fund exploration and development and to service or incur additional debt. In addition, management believes that adjusted EBITDA is widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry. The Company's adjusted EBITDA may not be comparable to similarly titled measures used by other companies.


Three Months Ended June 30,


Six Months Ended June 30,


2019


2018


2019


2018










(In thousands)

Net loss

$

(13,284)


$

(34,074)


$

(18,561)


$

(74,968)









Adjusted for








Income tax benefit


(45)



(42)

Interest expense

737


699


1,349


1,806

Depreciation and amortization - other

2,986


3,040


5,929


6,193

Depreciation and depletion - oil and natural gas

39,419


30,961


75,884


58,958

EBITDA

29,858


581


64,601


(8,053)









Asset impairment




4,170

Stock-based compensation

1,149


5,856


2,145


8,778

 Loss on derivative contracts


30,104


209


48,434

 Cash (paid) received upon settlement of derivative contracts


(11,274)


5,078


(17,393)

Employee termination benefits

4,465


1,043


4,465


32,630

Proxy contest


7,191



7,598

Acceleration of performance units


1,232



1,232

Gain on extinguishment of debt




(1,151)

Other

(26)


(1,372)


(117)


(2,212)









Adjusted EBITDA

$

35,446


$

33,361


$

76,381


$

74,033

Reconciliation of Cash Provided by Operating Activities to Adjusted EBITDA


Three Months Ended June 30,


Six Months Ended June 30,


2019


2018


2019


2018










(In thousands)

Net cash provided by operating activities

$

30,903


$

25,710


$

62,473


$

56,117









Changes in operating assets and liabilities

404


(1,797)


9,402


(11,346)

Interest expense

737


699


1,349


1,806

Employee termination benefits (1)

3,486


862


3,486


19,499

Proxy contest


7,191



7,598

Acceleration of performance units


1,232



1,232

Income tax benefit


(45)



(42)

Other

(84)


(491)


(329)


(831)









Adjusted EBITDA

$

35,446


$

33,361


$

76,381


$

74,033











1.

Excludes associated stock-based compensation.

Reconciliation of Net Loss Available to Common Stockholders to Adjusted Net (Loss) Income Available to Common Stockholders

The Company defines adjusted net (loss) income as net (loss) income excluding items that the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.

Management uses the supplemental measure of adjusted net (loss) income as an indicator of the Company's operational trends and performance relative to other oil and natural gas companies and believes it is more comparable to earnings estimates provided by securities analysts. Adjusted net (loss) income is not a measure of financial performance under GAAP and should not be considered a substitute for net (loss) income available to common stockholders.


Three Months Ended June 30, 2019


Three Months Ended June 30, 2018


$


$/Diluted Share


$


$/Diluted Share










(In thousands, except per share amounts)

Net loss available to common stockholders

$

(13,284)


$

(0.38)


$

(34,074)


$

(0.97)









Loss on derivative contracts



30,104


0.86

Cash paid upon settlement of derivative contracts



(11,274)


(0.32)

Employee termination benefits

4,465


0.13


1,043


0.03

Proxy contest



7,191


0.21

Accelerated vesting of employment compensation



6,545


0.19

Other

10



(1,324)


(0.05)









Adjusted net loss available to common stockholders

$

(8,809)


$

(0.25)


$

(1,789)


$

(0.05)


















Basic


Diluted (1)


Basic


Diluted (1)

Weighted average number of common shares outstanding

35,356


35,356


35,017


35,017









Total adjusted net loss per share

$

(0.25)


$

(0.25)


$

(0.05)


$

(0.05)



Six Months Ended June 30, 2019


Six Months Ended June 30, 2018


$


$/Diluted Share


$


$/Diluted Share










(In thousands, except per share amounts)

Net loss available to common stockholders

$

(18,561)


$

(0.53)


$

(74,968)


$

(2.15)









Asset impairment



4,170


0.12

Loss on derivative contracts

209


0.01


48,434


1.39

Cash received (paid) upon settlement of derivative contracts

5,078


0.14


(17,393)


(0.50)

Employee termination benefits

4,465


0.13


32,630


0.94

Proxy contest



7,598


0.22

Accelerated vesting of employment compensation



6,545


0.19

Gain on extinguishment of debt



(1,151)


(0.03)

Other

(54)



(1,905)


(0.07)









Adjusted net (loss) income available to common stockholders

$

(8,863)


$

(0.25)


$

3,960


$

0.11










Basic


Diluted (1)


Basic


Diluted (1)

Weighted average number of common shares outstanding

35,339


35,339


34,800


34,884









Total adjusted net (loss) income per share

$

(0.25)


$

(0.25)


$

0.11


$

0.11











1.

Weighted average fully diluted common shares outstanding for certain periods presented includes shares that are considered antidilutive for calculating loss per share in accordance with GAAP.

Reconciliation of G&A to Adjusted G&A

The Company reports and provides guidance on Adjusted G&A per Boe because it believes this measure is commonly used by management, analysts and investors as an indicator of cost management and operating efficiency on a comparable basis from period to period and to compare and make investment recommendations of companies in the oil and gas industry. This non-GAAP measure allows for the analysis of general and administrative spend without regard to stock-based compensation programs and other non-recurring cash items, if any, which can vary significantly between companies. Adjusted G&A per Boe is not a measure of financial performance under GAAP and should not be considered a substitute for general and administrative expense per Boe. Therefore, the Company's Adjusted G&A per Boe may not be comparable to other companies' similarly titled measures.

The Company defines adjusted G&A as general and administrative expense adjusted for certain non-cash stock-based compensation and other non-recurring items, if any, as shown in the following tables.


Three Months Ended June 30, 2019


Three Months Ended June 30, 2018


$


$/Boe


$


$/Boe










(In thousands, except per Boe amounts)

General and administrative

$

10,084


$

3.13


$

10,077


$

3.41

Stock-based compensation  (1)

(1,149)


(0.36)


(543)


(0.18)

Adjusted G&A

$

8,935


$

2.77


$

9,534


$

3.23











Six Months Ended June 30, 2019


Six Months Ended June 30, 2018


$


$/Boe


$


$/Boe










(In thousands, except per Boe amounts)

General and administrative

$

20,023


$

3.13


$

23,759


$

3.86

Stock-based compensation (1)

(2,145)


(0.33)


(3,465)


(0.56)

Adjusted G&A

$

17,878


$

2.80


$

20,294


$

3.30











1.

Excludes non-cash stock-based compensation included in employee termination benefits and accelerated vesting of employment compensation in the consolidated statement of operations.

For further information, please contact:

Johna Robinson
Investor Relations
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102-6406
(405) 429-5515

Cautionary Note to Investors - This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, the information appearing under the heading "2019 Operational and Capital Expenditure Guidance." These forward-looking statements are neither historical facts nor assurances of future performance and reflect SandRidge's current beliefs and expectations regarding future events and operating performance. The forward-looking statements include projections and estimates of the Company's corporate strategies, future operations, and development plans and appraisal programs, estimated oil, natural gas and natural gas liquids production, projected operating, general and administrative and other costs, projected capital expenditures, efficiency and cost reduction initiative outcomes and liquidity and capital structure. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, actual decline curves and the actual effect of adding compression to natural gas wells, the availability and terms of capital, the ability of counterparties to transactions with us to meet their obligations, our timely execution of hedge transactions, credit conditions of global capital markets, changes in economic conditions, the amount and timing of future development costs, the availability and demand for alternative energy sources, regulatory changes, including those related to carbon dioxide and greenhouse gas emissions, and other factors, many of which are beyond our control. We refer you to the discussion of risk factors in Part I, Item 1A - "Risk Factors" of our Annual Report on Form 10-K and in comparable "Risk Factor" sections of our Quarterly Reports on Form 10-Q filed after such form 10-K. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our Company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements. 

SandRidge Energy, Inc. (SD) is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth oriented projects in Oklahoma and Colorado. The majority of the Company's production is generated from the Mississippian Lime formation in Oklahoma and Kansas. Development activity is currently focused on the Meramec formation in the Northwest STACK Play in Oklahoma and multiple oil rich Niobrara benches in the Colorado North Park Basin.

 

Cision

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