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SandRidge's Multi-Lateral Ops Ramp Up MidCont IPs; Permian Update
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SandRidge Energy, Inc. announced financial and operational results for the quarter ended March 31, 2015.
SandRidge produced 7.9 MMBoe in the first quarter of 2015, 50% crude oil/natural gas liquids. First quarter production averaged 87.7 MBoepd. This represents a 1% decrease in average daily production versus the full fourth quarter of 2014.
Cost improvement initiatives including vendor cost reductions, durable process efficiencies, and increased use of multilateral well designs, resulted in an estimated $2.7 million per lateral cost in the first quarter of 2015. The Company is on track to achieve the $2.4 million per lateral target in the second half of 2015. These well costs preserve attractive economics exceeding those experienced with higher oil prices and costs during 2014.
James Benn…
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