SandRidge +2.3% as Q4 beats estimates, discloses DoJ subpoena


SandRidge Energy (SD +2.23%) is higher after Q4 results beat expectations, despite a 65% Y/Y drop in revenue and disclosing a subpoena from the Department of Justice.

COO David Lawler says in the earnings call that SD is the "first mover" of horizontal Chester development targeting oil, with plans to rapidly accelerate the program in 2014 with 12 additional wells online by the end of Q2; also, he says the second tranche of Woodford test wells shows a marked improvement over the first tranche.

FY 2013 production totaled 33.8M boe with 119M boe added to proved reserves from from discoveries and extensions; continues to forecast 2014 output of 29.3M boe.

SD says it does not know the topic of the subpoena; a Global Hunter analysts says the subpoena probably is related to prior management rather than current operations.

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Comments (1)
  • papayamon
    , contributor
    Comments (1391) | Send Message
     
    Tom Ward, I personally hope you get jail time - though I doubt that will happen.
    28 Feb 2014, 12:54 PM Reply Like
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