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SandRidge Trims 2016 Budget by ~15%; Two Rig Program
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On the heels of its emergence from bankruptcy, SandRidge Energy updated its Mid-Continent and Colorado operations as well as full year 2016 capital expenditure/operational guidance and hedging.
Key Points: One rig running in MidContinent for rest of 2016 - In the Mid-Continent, encouraging development and testing of additional zones, notably the Chester overlying the Mississippian One rig running in North Park for rest of 2016 - Extended laterals and multilaterals are also envisioned as part of the North Park Niobrara development. SandRidge plans to invest $225 to $255 million of capital expenditures in 2016, with $56 million spent during the second quarter and $110 million during the first half of 2016 - this is a slight decrease from its original plan to spend $285 million (a…- ✓ Full news archive — U.S., Canada & international coverage
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