SandRidge Energy, Inc., an oil and natural gas company, focuses on exploration and production activities in the Mid-Continent region of the United States. The company owns and operates additional interests in west Texas and the Rockies in Colorado. The company also operates businesses and infrastructure systems that are complementary to its primary exploration and production activities, including gas gathering and processing facilities, marketing operations, a saltwater gathering and disposal system, an electrical transmission system and a drilling and related oilfield services business. As of December 31, 2015, the company had 4,411 gross (3,371.7 net) producing wells, a substantial portion of which it operates, and approximately 2,063,000 gross (1,476,000 net) total acres under lease. As of December 31, 2015, the company had four rigs drilling in the Mid-Continent. Total estimated proved reserves as of December 31, 2015 were 324.6 million barrels of oil equivalent (MMBoe). Segments The company’s segments include Exploration and Production, Drilling and Oil Field Services, and Midstream Services. Exploration and Production This segment explores for, develops and produces oil, natural gas, and natural gas liquids. This segment includes the activities of the Royalty Trusts (SandRidge Mississippian Trust I (the Mississippian Trust I), SandRidge Permian Trust (the Permian Trust), and SandRidge Mississippian Trust II (the Mississippian Trust II) (collectively, the Royalty Trusts)). Drilling and Oilfield Services This segment engages in the contract drilling of oil and natural gas wells and provides various oilfield services. Midstream Services This segment engages in the purchasing, gathering, treating and selling of natural gas and coordinates the delivery of electricity to its exploration and production operations in the Mid-Continent. Properties The company operates substantially all of its wells. As of December 31, 2015, the company had 6 gross (3.8 net) operated wells drilling, completing or awaiting completion. Mid-Continent As of December 31, 2015, the company held interests in approximately 1,826,000 gross (1,273,000 net) leasehold acres primarily in Oklahoma and Kansas. Associated proved reserves at December 31, 2015 totaled 259.1 MMBoe, 85% of which were proved developed reserves. The company’s interests in the Mid-Continent as of December 31, 2015 included 2,386 gross (1,392.2 net) producing wells with an average working interest of 59%. The company had four rigs operating in the Mid-Continent as of December 31, 2015, all of which were drilling horizontal wells. The company drilled a total of 165 wells in this area during 2015, of which 161 were horizontal wells and four were saltwater disposal wells. Mississippian Formation A key target for exploration and development within the Mid-Continent area is the Mississippian formation, which is an expansive carbonate hydrocarbon system located on the Anadarko Shelf in northern Oklahoma and southern Kansas. The top of this formation is encountered between approximately 4,000 and 7,000 feet and lies stratigraphically between various formations of Pennsylvanian age and the Devonian-aged Woodford Shale formation. The Mississippian formation could reach 1,000 feet in gross thickness and have targeted porosity zone(s) ranging between 20 and 150 feet in thickness. As of December 31, 2015, the company had approximately 1,732,000 gross (1,218,000 net) acres under lease in the Mississippian formation. The company has drilled approximately 1,675 wells in this formation as of December 31, 2015. From December 31, 2014 to December 31, 2015, the number of the company’s producing horizontal wells in the Mississippian formation increased from 1,555 to 1,726. Of the wells the company drilled in the Mississippian formation during 2015, three wells are subject to the royalty interests of the Mississippian Trust II.
sandridge energy inc (SA2B:Berlin)
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
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