Boston, MA 04\/24\/2014 (wallstreetpr) –\u00a0SandRidge Energy Inc. <\/b>(NYSE:SD) <\/b>has received a subpoena as part of an investigation to possible antitrust violations during lease or purchase of oil, land or natural gas rights.<\/p>\n
\u00a0Key business developments<\/b><\/p>\n
\u00a0<\/b>The company has <\/b>started taking measures toward monetizing its fracking water disposal unit which is the largest in the U.S. in a bid to tighten its main focus on natural gas oil and development. They are also trying to check whether its possible for their water disposal business to qualify for tax-free inclusion in a possible master limited partnership (MLP).<\/p>\n
\u00a0SandRidge Energy Inc. (NYSE:SD) drilled more than 25 disposal wells in the last year and exited thereafter disposing of nearly 935,000 gross barrels of water per day.<\/p>\n
\u00a0It had a target of reaching 200 wells for SandRidge Permian Trust (PER) and 22 wells for another project, SandRidge Mississippian Trust II (SDR). The company plans to rapidly accelerate this program in 2014.<\/p>\n
It expects to complete the drilling for SDR by June this year while, for PER, it expects to finish drilling operations in the last quarter of this year. 117,000 acres of new development areas have been explored where the company plans to drill 45 additional wells this year.<\/p>\n
The company is also getting 80 wells online for a remarkably low cost of $2.9 million each which implies that costs are getting significantly reduced thereby increasing the margins. The company has been able to\u00a0\u00a0 achieve operating cost of $6.91 per Boe that is its lowest so far. The reduction in capital expenditure is attributed to synchronized pad drilling and redesigned well site facilities. Beyond these leading metrics, the company’s appraisal program has expanded its focus to Kansas.<\/p>\n
Strategic moves<\/b><\/p>\n
SandRidge Energy Inc. (NYSE:SD) has sold its assets of Mexico operations to an affiliate of Riverstone LLC, Fieldwood Energy for consideration of $750 million in cash and the assumption of $370 million of abandonment liabilities to concentrate on onshore drilling.<\/p>\n
They will also retain a 2.0% overriding royalty interest in certain exploration prospect. The benefits from this deal are slated to be reinvested in the company’s Mid-Continent drilling projects over time.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 04\/24\/2014 (wallstreetpr) –\u00a0SandRidge Energy Inc. (NYSE:SD) has received a subpoena as part of an investigation to possible antitrust violations during lease or purchase […]<\/p>\n","protected":false},"author":2,"featured_media":16427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3348,3347],"stock_ticker":[],"class_list":["post-20151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nysesd","tag-sandridge-energy-inc-nysesd","entry"],"acf":[],"yoast_head":"\n