SandRidge Acquisition Increases Producing Wells in Northwest Stack

Oklahoma City-based SandRidge Energy, Inc. announced the closing of an acquisition which increases its interest in 26 producing wells operated by the company within the Northwest Stack play for approximately $11.25 million, according to a company press release issued on Wednesday.

The average net production associated with the acquired interests for the first quarter of 2023 was approximately 500 boe/d equivalent per day (~30% oil). 

“The low decline profile and oilier content associated with these properties and interests will further strengthen the Company’s commodity price realizations, operating margins and cash flow,” SandRidge stated in the press release. 

SandRidge held interests in nearly 365,000 net leasehold acres in northern Oklahoma and southern Kansas as of December 2022, according to regulatory filings with the Securities and Exchange Commission.

SandRidge drilled and completed two wells during the first quarter and plans to drill and complete another two operated wells before concluding its 2023 drilling program.

The acquisition was effective as of April 1, 2023.