SandRidge Energy

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SandRidge Energy
Type Public
Industry Petroleum
Founded 1984
Headquarters Oklahoma City, Oklahoma, USA
Key people

James Bennett, CEO and President

Jeffrey Serota, non-executive chairman
Products Oil and Natural Gas
Revenue Increase1.415 billion USD (01/10-12/10)
Employees 2,205
Website SandRidgeEnergy.com

SandRidge Energy (NYSESD) is an oil and natural gas exploration company headquartered in Oklahoma City, Oklahoma.

SandRidge was founded in 1984 as Riata Energy, Inc.[1] In 2006, the company changed its name to SandRidge Energy.[2] SandRidge’s drilling activities are focused on its oil properties in the Mid-Continent and Permian Basin. The Company also maintains production in West Texas, the Gulf Coast and the Gulf of Mexico.[3] The company owns and operates drilling rigs under the brand name Lariat Services, Inc.[4]

The company made its initial public offering on November 5, 2007, offering over 28 million common stocks at roughly $26.00 US a share.[5] SandRidge is traded on the New York Stock Exchange under the symbol SD. However, the stock price began to drop when natural gas prices decreased in 2008. Today, SandRidge Energy has 490 million common stocks at approximately $6.00 US a share.

Tom L. Ward joined the company in June 2006 when he purchased a significant interest in the company, becoming the CEO and chairman.[6] Ward previously co-founded Chesapeake Energy and was the chief operating officer of that company from 1989 until 1996.

On June 19, 2013, Tom L. Ward, who founded the company in 2006 and has served as chief executive officer and chairman of the company since it was founded, left the company, leaving James Bennett as CEO who retains his title as president. Former lead independent director Jeffrey Serota serves as interim non-executive chairman effective the same date.[7]

Bennett has served as chief financial officer of SandRidge since January 2011 and was promoted to president in March 2013. Prior to joining SandRidge he was managing director for White Deer Energy, a private equity fund focused on the oil and gas industry. From 2006 to December 2009, Bennett was employed by GSO Capital Partners, where he served in various capacities in its energy group, including as a managing director. His prior experience also includes serving as chief financial officer of Aquilex Services Corp., a First Reserve portfolio company, and as an investment banker in the energy group of Donaldson, Lufkin & Jenrette (now Credit Suisse). He started his career at NationsBank. Bennett graduated with a Bachelor of Business Administration degree with a major in finance from Texas Tech University. He has served on the board of directors of the general partner of Cheniere Energy Partners L.P. and PostRock Energy Corporation.

Sandridge Permian Trust[edit]

In May 2011, SandRidge formed a royalty trust called Sandridge Permian Trust (NYSEPER), consisting of oil and gas wells, existing and yet to be developed, in Andrews County, Texas. At the IPO it sold 34,500,000 units for a net of approximately $580.6 million.[8]

Headquarters[edit]

The company is headquartered in downtown Oklahoma City.

References[edit]

  1. ^ [1]
  2. ^ [2]
  3. ^ [3]
  4. ^ [4]
  5. ^ [5]
  6. ^ {D0D81178-1130-45B9-9998-9DB6811E6704}
  7. ^ http://phx.corporate-ir.net/phoenix.zhtml?c=196066&p=irol-newsArticle&ID=1831421&highlight=
  8. ^ Form 10-Q: Quarterly Report for period ending June 30, 2011

External links[edit]