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sandridge energy inc (SD) Key Developments

Pomerantz LLP Announces the Filing of a Class Action against Sandridge Energy, Inc and Certain of its Officers

Pomerantz LLP has filed a class action lawsuit against SandRidge Energy, Inc. and certain of its officers. The class action, filed in United States District Court, Western District of Oklahoma, and docketed under 14-cv-01256, is on behalf of a class consisting of all persons or entities who purchased SandRidge securities between February 28, 2013 and November 3, 2014, inclusive. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934. The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: SandRidge was improperly accounting for penalties owed to Occidental Petroleum Corp. under a Treatment Agreement on an annual basis when it was required to do so on a quarterly basis; SandRidge's quarterly and annual financial and operating results for the periods ending December 31, 2012 through June 30, 2014 were overstated and required restatement; defendant Ward engaged in improper related party transactions; SandRidge lacked proper internal controls over financial reporting; and as a result of the foregoing, the company's financial statements were materially false and misleading at all relevant times.

SandRidge Energy, Inc. Declares Semi-Annual Preferred Stock Dividend, Payable on February 16, 2015

SandRidge Energy, Inc. announced that its Board of Directors has declared a $4.25 per share semi-annual dividend on its shares of 8.5% Convertible Perpetual Preferred Stock that will be paid in cash on February 16, 2015 to holders of record on February 1, 2015.

SandRidge Energy, Inc. announced delayed 10-Q filing

On 11/12/2014, SandRidge Energy, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

The Rosen Law Firm Files Securities Fraud Class Action against SandRidge Energy, Inc

The Rosen Law Firm announced that it has filed a class action lawsuit on behalf of purchasers of SandRidge Energy, Inc. securities from March 1, 2013 through November 4, 2014. The lawsuit seeks to recover damages for SandRidge Energy investors under the federal securities laws. On November 4, 2014, SandRidge Energy announced that the U.S. Securities and Exchange Commission has asked the company to reassess its accounting for penalties paid under a contract with Occidental Petroleum Corp. The suit claims that when this adverse information entered the market, the price of SandRidge Energy securities dropped, damaging investors.

SandRidge Energy, Inc. Reports Production and Capital Expenditure Results for the Third Quarter and Nine Months Ended September 30, 2014; Revises Production and Earnings Guidance for the Year 2014; Provides Capex Guidance for the Year 2015

SandRidge Energy, Inc. reported production and capital expenditure results for the third quarter and nine months ended September 30, 2014. For the quarter, oil production was 2,644 MBbl against 3,372 MBbl a year ago. NGL production was 1,109 MBbl against 577 MBbl a year ago. Natural gas production was 21,501 MMcf against 25,788 MMcf a year ago. Oil equivalent production was 7,337 MBoe against 8,247 MBoe a year ago. Daily production was 79.7 MBoed against 89.6 MBoed a year ago. Pro forma oil production was 2,644 MBbl against 2,278 MBbl a year ago. Pro forma NGL production was 1,109 MBbl against 453 MBbl a year ago. Pro forma natural gas production was 21,501 MMcf against 18,525 MMcf a year ago. Pro forma oil equivalent production was 7,337 MBoe against 5,819 MBoe a year ago. Pro forma daily production was 79.7 MBoed against 63.3 MBoed a year ago. For the nine monrths, oil production was 7,927 MBbl 10,902 MBbl a year ago. NGL production was 2,500 MBbl against 1,608 MBbl a year ago. Natural gas production was 62,335 MMcf against 78,342 MMcf a year ago. Oil equivalent production was 20,816 MBoe against 25,567 MBoe a year ago. Daily production was 76.2 MBoed against 93.7 MBoed a year ago. Pro forma oil production was 7,254 MBbl against 6,629 MBbl a year ago. Pro forma NGL production was 2,447 MBbl against 1,009 MBbl a year ago. Pro forma natural gas production was 58,760 MMcf against 52,921 MMcf a year ago. Pro forma oil equivalent production was 19,495 MBoe against 16,458 MBoe a year ago. Pro forma daily production was 71.4 MBoed against 60.3 MBoed a year ago. For the quarter, the company reported total capital expenditure was $468,196,000 against $329,507,000 a year ago. For the nine months, the company reported total capital expenditure was $1,137,457,000 against $1,113,979,000 a year ago. The company increased its CapEx slightly by $75 million to account for additional back half of the year seismic and land spending in areas where the company seeing its best results and final Permian Trust drilling cost inflation and some closing costs related to its early 2014 Gulf of Mexico sale. Importantly, the company’s core Midcontinent drilling and completion CapEx remains unchanged at $1 billion. Production of Oil expected to be 10.8 MMBbls to 11.2 MMBbls, Natural Gas Liquids expected to 3.6 MMBbls to 3.7 MMBbls, total production expected to be 28.3 MMBoe to 29.0 MMBoe. EBITDA from oilfield services and other expected to be $30 million, adjusted net income attributable to noncontrolling interest expected to be $110 million, adjusted ebitda attributable to noncontrolling interest expected to be $145 million. For the year 2015, the company will be lowering its 2015 CapEx from the previously indicated $1.55 billion level.

 

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