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.
Recommended Reading
Understanding the Impact of AI and Machine Learning on Operations
2024-12-24 - Advanced digital technologies are irrevocably changing the oil and gas industry.
Afterthought to Asset: How Data has Transformed Oil, Gas Decision-Making
2024-12-05 - Digital data points have transformed from a byproduct of operations to the main driver of innovation in the energy industry, says Fabricio Sousa, president of Worley Consulting.
As Permian Gas Pipelines Quickly Fill, More Buildout Likely—EDA
2024-10-28 - Natural gas volatility remains—typically with prices down, and then down further—but demand is developing rapidly for an expanded energy market, East Daley Analytics says.
2024 E&P Meritorious Engineering Awards for Innovation
2024-11-12 - Hart Energy’s MEA program highlights new products and technologies demonstrating innovations in concept, design and application.
Companies Hop on Digital Twins, AI Trends to Transform Day-to-day Processes
2024-10-23 - A big trend for oil and gas companies is applying AI and digital twin technology into everyday processes, said Kongsberg Digital's Yorinde Lokin-Knegtering at Gastech 2024.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.