Midcontinent E&P SandRidge Energy is growing its portfolio of oil and gas interests with the acquisition of 26 producing wells in the northwest STACK for $11.25 million. (Source: Shutterstock)
Midcontinent E&P SandRidge Energy Inc. is expanding its portfolio of operated interests in the northwest STACK play.
SandRidge closed an acquisition to increase its interest in 26 producing wells operated by the company in the northwest STACK for $11.25 million, the Oklahoma City-based E&P announced July 12.
The average production associated with the acquired interests was about 500 boe/d (~30% oil) during the first quarter.
“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 said in a news release.
SandRidge held interests in around 365,000 net leasehold acres in northern Oklahoma and southern Kansas as of the end of 2022, according to regulatory filings with the Securities and Exchange Commission.
The company reported proved developed reserves of 74.3 million boe as of the end of last year. SandRidge’s interests are largely located across the Mississippian Lime, Meramec and Osage formations.
Across the company’s Midcontinent footprint, SandRidge saw production of 16,700 boe/d (17% oil, 28% NGL and 55% natural gas) during the first quarter, SandRidge disclosed in its latest earnings report.
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.
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