Sandridge stocks plunge with report of less oil production in Kan., Okla.
10/25/2013 6:24 PM
10/26/2013 7:27 AM
Investors hammered the stocks of two Sandridge Energy investment entities Friday after the company reported that oil production in northern Oklahoma and, to a lesser extent, southern Kansas was lower than expected in the second quarter.
Sandridge Mississippian II Trust consists of 67 producing wells and 13 wells near completion mainly in Woods, Alfalfa and Grant counties on the Oklahoma side of the Kansas border. About five of the wells are in Kansas, across Sumner, Harper, Barber and Comanche counties in southern Kansas. The Sandridge Mississippian I Trust is entirely in northern Oklahoma.
Several years ago Sandridge packaged some of its Mississippian horizontal wells into stand-alone entities to be publicly traded.
In the second quarter, the company reported less oil production and more gas production from existing wells for both entities. The Sandridge II trust also saw fewer new wells completed than expected.
Sandridge I stock fell 8 percent and Sandridge II fell 17 percent on Friday.
Sandridge Energy, which has 297 net wells in both states, will report earning results on Nov. 6.
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