SandRidge Energy, Inc. is a petroleum and natural gas exploration company headquartered in Oklahoma City, United States.
SandRidge was founded in 2006 by Tom L. Ward by buying approximately 50% of Riata Energy of Amarillo, Texas. Ward previously co-founded Chesapeake Energy with Aubrey McClendon and was the chief operating officer of that company from 1989 until 1996.
On November 5, 2007, the company became a public company via an initial public offering
In April 2012, the company acquired Dynamic Offshore Resources, LLC for $680 million in cash and approximately 74 million shares of stock.
On June 19, 2013, after a series of missteps, CEO Tom L. Ward was ousted by the board of the directors and James Bennett became President and CEO. Bennett first joined the company in 2010 and previously worked at GSO Capital Partners.
In 2014, the company sold its assets in the Gulf of Mexico for $750 million.
In October 2015, the company acquired Pinon Gathering Company, owner of 370 miles of gathering lines.
In November 2015, the company acquired 136,000 net acres in the Niobara shale formation for $190 million in cash.
In 2016, the company went through a Chapter 11 bankruptcy reorganization.
The economies of Harper, Sumner and adjacent southern Kansas and northern Oklahoma counties suffered under the impact of fracking. Earthquakes, due to induced seismicity produced by injected wastes, had also substantially reduced in frequency and intensity, due to a Kansas Corporation Commission order mandating cutbacks in injection well volumes and pressures. SandRidge, which along with Chesapeake Energy was one of the two major producers in Southcentral Kansas, appealed the order.
In 2016, the company produced 47.7 thousand barrels of oil equivalent (292,000 GJ) per day.
SandRidge owns oil properties in the Mid-Continent, which accounts for 93% of production. It also owns properties in the Permian Basin, West Texas and in the Niobrara Formation of Colorado.
The company has formed 3 public royalty trusts: