After coming out of bankruptcy and unloading $3.7 billion in debt, SandRidge Energy reported third quarter earnings and activities this week,
James Bennett, SandRidge President and CEO said the company had only one drilling rig active in Oklahoma during the quarter and one for part of the quarter in the North Park Basin of Colorado.
Capital expenditures totaled $52 million and the company had a net loss of $404 million and net cash from the operating activities of $75 million for the third quarter 2016.
“2016 has been a watershed year for SandRidge. The company successfully restructured its balance sheet and currently has no cash interest burden and over $500 million of liquidity,” said Bennett. “We intend to conserve capital by reducing our 2016 capital expenditures from our original plan of $285 million to $220-240 million.”
The company had recent drilling activity of its first Niobrara two-mile extended lateral in Colorado. It also drilling and completion costs below $2 million per lateral in the Mid-Continent including completion of a dual two-mile extended lateral for $1.7 million per lateral.
Bennett said the company intends to resume Niobrara drilling in early 2017 with an inventory of 1,300 proved and probable Niobrara laterals.
The company also announced th retirement effective Dec. 31 of SandRidge Chief Operating Office Steve Turk. The 65-year Turk had been COO since March 2015. John Suter, 56, now Senior Vice President of Operations is being promoted to COO effective Dec. 1.