SandRidge cites improved efficiencies in lifting production guidance

|About: SandRidge Energy, Inc. (SD)|By:, SA News Editor

SandRidge Energy (SD) +0.9% AH after Q3 earnings beat estimates and the company raises its full-year production guidance thanks to improved efficiencies in the Mississippi Lime.

The core Mississippian in Oklahoma and Kansas was a key to SD's improved quarter; production averaged 47.9K boe/day, up 59% Y/Y, while reducing the rig count by 15%.

SD ran an average of 22 rigs in the play during Q3, drilling 53 Middle Mississippian wells with average 30-day initial production rates of 363 boe/day.

SD now expects to produce 33.6M boe in 2013, an increase of 300K boe.