Le Lézard
Classified in: Oil industry, Business
Subjects: ERN, ERP

SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2022; UPDATES FULL YEAR 2022 OPERATIONAL AND CAPITAL EXPENDITURE GUIDANCE


OKLAHOMA CITY, Aug. 3, 2022 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the three and six-month periods ended June 30, 2022.

Recent Highlights

Financial Results & Update

Profitability & Realized Pricing

For the three-months ended June 30, 2022, the Company reported net income of $48.5 million, or $1.32 per basic share, and net cash provided by operating activities of $47.0 million. After adjusting for certain items, the Company's adjusted net income(1) amounted to $48.9 million, or $1.33 per basic share, adjusted operating cash flow(1) totaled $53.3 million and adjusted EBITDA(1) was $53.7 million for the quarter. The Company defines and reconciles adjusted net income, adjusted operating cash flow, adjusted EBITDA, and other non-GAAP financial measures to the most directly comparable Generally Accepted Accounting Principles in the United States ("GAAP") measure in supporting tables at the conclusion of this press release.

Second quarter realized oil, natural gas, and natural gas liquids prices, before the impact of derivatives,(2) were $109.06, $5.30 and $35.96, respectively, compared to $92.35, $3.84 and $33.73 in the prior quarter.

Operating Costs

During the second quarter of 2022, lease operating expense ("LOE") was $9.5 million or $5.87 per Boe compared to $10.9 million, or $6.76 per Boe in the prior quarter.

For the three months ended June 30, 2022, general and administrative expense ("G&A") was $2.2 million, or $1.34 per Boe compared to $2.5 million, or $1.57 per Boe for the three months ended March 31, 2022. Adjusted G&A(1) was  $1.8 million, or $1.09 per Boe during the second quarter of 2022 compared to $2.2 million, or $1.35 per Boe during the first quarter of 2022.

Operational Results & Update

Production

Production totaled 1,620 MBoe (17.8 MBoed, 12.8% oil, 33.4% NGLs and 53.8% natural gas) for the three-months ended June 30, 2022 compared to 1,606 MBoe (17.8 MBoed, 13.3% oil, 32.8% NGLs, and 53.9% natural gas) in the first quarter. This consistent quarter-over-quarter production profile was a result of the Company's ongoing well reactivation program. The first of the Company's planned 2022 completions are being turned to production during the third quarter.

2022 Development Program

During the second quarter, SandRidge successfully drilled the first two wells of its previously announced 2022 capital development program with completions and first production commencing during the third quarter. The third well is currently in the drilling phase. The Company announced an increase to its planned 2022 drilling and completion activity from nine wells to twelve wells.

Well Reactivation & Rod Pump Conversion Program

During the second quarter of 2022, the Company continued returning wells to production that were previously curtailed due to the commodity price downturn in the first half of 2020 and, in many cases, improving their production potential through capital improvements. Improved commodity pricing resulting in high rates of return, along with low execution risk, support the Company's belief that these projects represent a superior use of capital. During the second quarter of 2022, the Company brought 19 wells back online, bringing the total for the first half of 2022 to 29 and the total since the beginning of 2021 to 158. Throughout 2022, SandRidge currently expects to return approximately 54 wells to production and complete approximately 36 artificial lift conversions. The Company continues to evaluate its inventory of such projects.

Environmental, Social, and Governance ("ESG")

SandRidge maintains its Environmental, Social, and Governance ("ESG") commitment, to include no routine flaring of produced natural gas. The Company continues to explore the technical and commercial viability of Carbon Capture, Utilization, and Sequestration ("CCUS") across its owned and operated assets through its partnership with the University of Oklahoma.

Recently announced Operational and Capital Expenditure Guidance

As a result of current and expected commodity prices enhancing project returns, the Company now plans to spend $40-$50 million in drilling and completions ("D&C") capital and $16-$20 million in non-D&C capital for well reactivations and rod pump conversions. Total production for 2022 is projected to be 5.9-7.1 MMBoe, representing an approximately 5% increase at the midpoint vs. its prior production guidance. In addition to the benefit of added production this year, increased activity in the second half of 2022 is expected to contribute an approximately 13% uplift in 2023 volumes. The table below outlines changes to the Company's full year 2022 guidance in further detail.


Six Months Ended
June 30, 2022


Updated 2022E
Guidance(3)

Production




Oil (MMBbls)

0.4


0.9 - 1.1

Natural Gas Liquids (MMBbls)

1.1


1.9 - 2.3

Total Liquids (MMBbls)

1.5


2.8 - 3.4

Natural Gas (Bcf)

10.4


18.4 - 22.4

Total (MMBoe)

3.2


5.9 - 7.1





Capital Expenditures




Drilling & Completions ("D&C")

$16.2 million


$40 - $50 million

Non-D&C

$5.6 million


$16 - $20 million

Total Capital Expenditures

$21.8 million


$56 - $70 million





Expenses




Lease Operating Expenses ("LOE")

$20.4 million


$39 - $47 million





Price Differentials




Oil (% of WTI)

99 %


~97% - 99%

NGLs (% of WTI)

34 %


~33% - 37%

Natural Gas (% of Henry Hub)

75 %


~75% - 80%

Liquidity and Capital Structure

As of June 30, 2022, the Company had $205.2 million of cash and cash equivalents, including restricted cash. The Company has no outstanding term or revolving debt obligations.

Conference Call Information

The Company will host a conference call to discuss these results on Thursday, August 4, 2022 at 10:00 am CT. To join the live conference call, please dial 877-407-8293 (U.S. and Canada) or 201-689-8349 (international) ten to fifteen minutes prior to the scheduled call time. Participants can also click here for instant telephone access to the event. The link will become active approximately fifteen minutes prior to the start of the conference call.

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

Contact Information

Investor Relations
SandRidge Energy, Inc.
1 E. Sheridan Ave. Suite 500
Oklahoma City, OK 73104
investors@sandridgeenergy.com

About SandRidge Energy, Inc.

SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development, production, and acquisition of oil and gas properties. Its primary area of operations is the Mid-Continent region in Oklahoma and Kansas. Further information can be found at sandridgeenergy.com.

-Tables to Follow-





(1)

See "Non-GAAP Financial Measures" section at the end of this press release for non-GAAP financial measures definitions.

(2)

See "Operational and Financial Statistics" section at the end of this press release for impacts of derivatives on commodity price realizations.

(3)

No changes were made to Adjusted G&A or Severance and Ad Valorem tax guidance versus the original ranges published on March 9, 2022.

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,


2022


2021


2022


2021

Production - Total








Oil (MBbl)

207


227


421


515

NGL (MBbl)

541


613


1,067


1,134

Natural Gas (MMcf)

5,231


5,356


10,426


10,349

Oil equivalent (MBoe)

1,620


1,733


3,226


3,374

Daily production (MBoed)

17.8


19.0


17.8


18.6









Average price per unit








Realized oil price per barrel - as reported

$              109.06


$                64.73


$              100.57


$                58.70

Realized impact of derivatives per barrel

?


?


?


?

Net realized price per barrel

$              109.06


$                64.73


$              100.57


$                58.70









Realized NGL price per barrel - as reported

$                35.96


$                17.33


$                34.86


$                17.18

Realized impact of derivatives per barrel(1)

?


?


(0.29)


?

Net realized price per barrel

$                35.96


$                17.33


$                34.57


$                17.18









Realized natural gas price per Mcf - as reported

$                  5.30


$                  1.66


$                  4.57


$                  1.75

Realized impact of derivatives per Mcf (1)

?


?


(0.07)


?

Net realized price per Mcf

$                  5.30


$                  1.66


$                  4.50


$                  1.75









Realized price per Boe - as reported

$                43.07


$                19.74


$                39.45


$                20.10

Net realized price per Boe - including impact of derivatives

$                43.07


$                19.74


$                39.11


$                20.10









Average cost per Boe








Lease operating

$                  5.87


$                  5.33


$                  6.32


$                  5.09

Production, ad valorem, and other taxes

$                  2.96


$                  1.46


$                  2.76


$                  1.40

Depletion (2)

$                  1.74


$                  1.27


$                  1.62


$                  1.39









Earnings per share (3)








Earnings per share applicable to common stockholders








Basic

$                  1.32


$                  0.45


$                  2.27


$                  1.42

Diluted

$                  1.30


$                  0.44


$                  2.24


$                  1.38









Adjusted net income per share available to common stockholders








Basic

$                  1.33


$                  0.45


$                  2.29


$                  0.94

Diluted

$                  1.32


$                  0.45


$                  2.26


$                  0.91









Weighted average number of shares outstanding (in thousands)








Basic

36,699


36,416


36,667


36,187

Diluted 

37,185


37,345


37,107


37,283









(1) There were no open commodity derivative contracts as of June 30, 2022.


(2) Includes accretion of asset retirement obligation.








(3) Earnings per share amounts for the six months ended June 30, 2021 was impacted by the $19.7 million gain recognized on the sale of our North Park Basin
assets in Colorado. See below for the section of this release that reconciles Net Income (Loss) Available to Common Stockholders to Adjusted Net Income (Loss)
Available to Common Stockholders.

Capital Expenditures   

The table below presents actual results of the Company's capital expenditures for the three and six months ended June 30, 2022.


Three Months Ended


Six Months Ended


June 30, 2022


June 30, 2022


(In thousands)


(In thousands)





Drilling, completion and capital workovers(1)

$                           15,468


$                           21,159

Other capital expenditures

342


629

Total Capital Expenditures

$                           15,810


$                           21,788

(excluding acquisitions and plugging and abandonment)








(1) The Company capitalized $4.5 million in inventory purchases, net of inventory utilized during 2022 on drilling, completion, capital workover and well reactivation activities.

Capitalization

The Company's capital structure as of June 30, 2022 and December 31, 2021 is presented below:


June 30, 2022


December 31, 2021






(In thousands)

Cash, cash equivalents and restricted cash

$                              205,185


$                            139,524





Stockholders' equity




Common stock

$                                       37


$                                     37

Warrants

88,520


88,520

Additional paid-in capital

1,063,326


1,062,737

Accumulated deficit

(822,756)


(905,972)

Total SandRidge Energy, Inc. stockholders' equity

329,127


245,322





Total capitalization

$                              329,127


$                            245,322

 

SandRidge Energy, Inc. and Subsidiaries

Condensed Consolidated Income Statements (Unaudited)

(In thousands, except per share amounts)



Three Months Ended June 30,


Six Months Ended June 30,


2022


2021


2022


2021

Revenues








Oil, natural gas and NGL

$           69,760


$           34,196


$          127,247


$            67,819

Total revenues

69,760


34,196


127,247


67,819

Expenses








Lease operating expenses

9,512


9,232


20,374


17,186

Production, ad valorem, and other taxes

4,799


2,534


8,909


4,710

Depreciation and depletion?oil and natural gas

2,826


2,193


5,227


4,698

Depreciation and amortization?other

1,563


1,475


3,138


2,969

General and administrative

2,171


2,522


4,701


4,612

Restructuring expenses

433


256


642


2,310

Employee termination benefits

?


?


?


49

Loss on derivative contracts

?


?


1,064


?

Gain on sale of assets

?


?


?


(19,713)

Other operating income, net

(51)


(65)


(115)


(113)

Total expenses

21,253


18,147


43,940


16,708

Income from operations

48,507


16,049


83,307


51,111

Other income (expense)








Interest expense, net

(27)


(84)


(179)


(131)

Other income, net

12


287


88


315

Total other income (expense)

(15)


203


(91)


184

Income before income taxes

48,492


16,252


83,216


51,295

Income tax expense (benefit)

?


?


?


?

Net income

$           48,492


$           16,252


$            83,216


$            51,295

Net income per share








Basic

$               1.32


$               0.45


$                2.27


$                1.42

Diluted

$               1.30


$               0.44


$                2.24


$                1.38

Weighted average number of common shares outstanding








Basic

36,699


36,416


36,667


36,187

Diluted

37,185


37,345


37,107


37,283

 

SandRidge Energy, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)



June 30, 2022


December 31, 2021

ASSETS




Current assets




Cash and cash equivalents

$                 203,442


$                 137,260

Restricted cash - other

1,743


2,264

Accounts receivable, net

32,187


21,505

Prepaid expenses

3,198


626

Other current assets

80


80

Total current assets

240,650


161,735

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




Proved

1,477,699


1,454,016

Unproved

11,487


12,255

Less: accumulated depreciation, depletion and impairment

(1,376,147)


(1,373,217)


113,039


93,054

Other property, plant and equipment, net

94,851


97,791

Other assets

268


332

Total assets

$                 448,808


$                 352,912





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




Accounts payable and accrued expenses

$                   56,635


$                   45,779

Asset retirement obligation

17,256


17,606

Derivative contracts

?


21

Other current liabilities

702


627

Total current liabilities

74,593


64,033

Asset retirement obligation

43,482


41,762

Other long-term obligations

1,606


1,795

Total liabilities

119,681


107,590

Stockholders' Equity




C  Common stock, $0.001 par value; 250,000 shares authorized; 36,742 issued and
outstanding at June 30, 2022 and 36,675 issued and outstanding at December 31, 2021

37


37

Warrants

88,520


88,520

Additional paid-in capital

1,063,326


1,062,737

Accumulated deficit

(822,756)


(905,972)

Total stockholders' equity

329,127


245,322

Total liabilities and stockholders' equity

$                 448,808


$                 352,912

 

SandRidge Energy, Inc. and Subsidiaries

Condensed Consolidated Cash Flows (Unaudited)

 (In thousands)



Six Months Ended June 30,



2022


2021

CASH FLOWS FROM OPERATING ACTIVITIES





Net Income


$               83,216


$               51,295

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





Provision for doubtful accounts


?


21

Depreciation, depletion, and amortization


8,365


7,667

Debt issuance costs amortization


?


36

Loss on derivative contracts


1,064


?

Cash paid on settlement of derivative contracts


(1,085)


?

Gain on sale of assets


?


(19,713)

Stock-based compensation


754


799

Other


76


71

Changes in operating assets and liabilities


(13,234)


(6,945)

Net cash provided by operating activities


79,156


33,231

CASH FLOWS FROM INVESTING ACTIVITIES





Capital expenditures for property, plant and equipment


(11,959)


(4,389)

Acquisition of assets


(1,431)


(3,545)

Purchase of other property and equipment


(49)


(59)

Proceeds from sale of assets


306


37,900

Net cash provided by (used in) investing activities


(13,133)


29,907

CASH FLOWS FROM FINANCING ACTIVITIES





Reduction of financing lease liability


(197)


(122)

Debt issuance costs


?


(81)

Proceeds from exercise of stock options


70


21

Cash paid for tax obligations on vested stock awards


(235)


(613)

Net cash used in financing activities


(362)


(795)

NET INCREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH


65,661


62,343

CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year


139,524


28,266

CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period


$             205,185


$               90,609

Supplemental Disclosure of Cash Flow Information





Cash paid for interest, net of amounts capitalized


$                   (167)


$                   (106)

Supplemental Disclosure of Noncash Investing and Financing Activities





Purchase of PP&E in accounts payable


$               10,858


$                 1,260

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


$                    117


$                    363

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 Adjusted Operating Cash Flow

The Company defines Adjusted operating cash flow as net cash provided by operating activities before changes in operating assets and liabilities as shown in the following table. Adjusted 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, Adjusted 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,


2022


2021


2022


2021










(In thousands)

Net cash provided by operating activities

$                46,963


$                18,900


$                79,156


$               33,231

Changes in operating assets and liabilities

6,355


1,640


13,234


6,945

Adjusted operating cash flow

$                53,318


$                20,540


$                92,390


$               40,176

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

The Company defines EBITDA as net income (loss) before income tax (benefit) 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 management 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 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,


2022


2021


2022


2021










(In thousands)

Net Income

$                48,492


$                16,252


$                83,216


$               51,295

Adjusted for








Interest expense

28


86


180


134

Depreciation and amortization - other

1,563


1,475


3,138


2,969

Depreciation and depletion - oil and natural gas

2,826


2,193


5,227


4,698

EBITDA

52,909


20,006


91,761


59,096









Stock-based compensation (1)

398


564


754


783

Loss on derivative contracts

?


?


1,064


?

Gain on sale of assets

?


?


?


(19,713)

Cash paid upon settlement of derivative contracts

?


?


(1,085)


?

Employee termination benefits

?


?


?


49

Restructuring expenses

433


256


642


2,310

Other

(2)


(2)


(2)


(3)

Adjusted EBITDA

$                53,738


$                20,824


$                93,134


$               42,522

(1)

Excludes non-cash stock-based compensation included in employee termination benefits.

Reconciliation of Cash Provided by Operating Activities to Adjusted EBITDA


Three Months Ended June 30,


Six Months Ended June 30,


2022


2021


2022


2021










(In thousands)

Net cash provided by operating activities

$                46,963


$                18,900


$                79,156


$               33,231

Changes in operating assets and liabilities

6,355


1,640


13,234


6,945

Interest expense

28


86


180


134

Employee termination benefits (1)

?


?


?


49

Other

392


198


564


2,163

Adjusted EBITDA

$                53,738


$                20,824


$                93,134


$               42,522

(1)

Excludes associated stock-based compensation.

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

The Company defines adjusted net income (loss) as net income (loss) excluding items that management 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 income (loss) 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 income (loss) is not a measure of financial performance under GAAP and should not be considered a substitute for net income (loss) available to common stockholders.


Three Months Ended June 30, 2022


Three Months Ended June 30, 2021


$


$/Diluted Share


$


$/Diluted Share


(In thousands, except per share amounts)

Net income available to common stockholders

$               48,492


$                     1.30


$               16,252


$                     0.44

Restructuring expenses

433


0.02


256


0.01

Other

(2)


?


(2)


?

Adjusted net income available to common stockholders

$               48,923


$                     1.32


$               16,506


$                     0.45










Basic


Diluted 


Basic


Diluted

Weighted average number of common shares
outstanding

36,699


37,185


36,416


37,345

Total adjusted net income per share

$                   1.33


$                     1.32


$                   0.45


$                     0.45

 










Six Months Ended June 30, 2022


Six Months Ended June 30, 2021


$


$/Diluted Share


$


$/Diluted Share


(In thousands, except per share amounts)

Net income available to common stockholders

$               83,216


$                     2.24


$               51,295


$                     1.38

Loss on derivative contracts

1,064


0.03


?


?

Gain on sale of assets

?


?


(19,713)


(0.53)

Cash paid upon settlement of derivative contracts

(1,085)


(0.03)


?


?

Employee termination benefits

?


?


49


?

Restructuring expenses

642


0.02


2,310


0.06

Other

(2)


?


(3)


?

Adjusted net income available to common stockholders

$               83,835


$                     2.26


$               33,938


$                     0.91










Basic


Diluted 


Basic


Diluted

Weighted average number of common shares
outstanding

36,667


37,107


36,187


37,283

Total adjusted net income per share

$                   2.29


$                     2.26


$                   0.94


$                     0.91

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, 2022


Three Months Ended June 30, 2021


$


$/Boe


$


$/Boe


(In thousands, except per Boe amounts)

General and administrative 

$                   2,171


$                     1.34


$                   2,522


$                     1.46

Stock-based compensation

(398)


(0.25)


(564)


(0.33)

Adjusted G&A

$                   1,773


$                     1.09


$                   1,958


$                     1.13

 


Six Months Ended June 30, 2022


Six Months Ended June 30, 2021


$


$/Boe


$


$/Boe


(In thousands, except per Boe amounts)

General and administrative(1)

$                   4,701


$                     1.46


$                   4,612


$                     1.37

Stock-based compensation(2)

(754)


(0.23)


(783)


(0.23)

Adjusted G&A

$                   3,947


$                     1.23


$                   3,829


$                     1.14

(1)

General and administrative was impacted by a $0.4 million legal retainer refund that was recorded as a credit, reducing general and administrative expense for six months ended June 30, 2021.

(2)

Excludes non-cash stock-based compensation included in employee termination benefits.

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. 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, development plans and appraisal programs, drilling inventory and locations,  estimated oil, natural gas and natural gas liquids production, price realizations and differentials, hedging program, projected operating, general and administrative and other costs, projected capital expenditures, tax rates,  efficiency and cost reduction initiative outcomes, liquidity and capital structure and the Company's unaudited proved developed PV-10 reserve value of its Mid-Continent assets. 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 10-K/A 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. (NYSE: SD) is an independent oil and gas company engaged in the development, production, and acquisition of oil and gas properties. Its primary areas of operation are the Mid-Continent in Oklahoma and Kansas. Further information can be found at www.sandridgeenergy.com.

SOURCE SandRidge Energy, Inc.


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