Oil and gas exploration and production company SandRidge Energy has announced that its natural gas and crude oil production increased by 478% to 16.1 billion cubic feet equivalent in the third quarter of 2007, compared to 2.8 billion cubic feet equivalent in the same period of 2006.
For the third quarter of 2007, the company reported income of $11.6 million, or $0.11 per share. This represents a 137% increase from $4.9 million, or $0.07 per share, for the third quarter of 2006.
The main contributors towards growth in 2007 were the acquisition of National Energy Group and the company’s drilling program in west Texas. The company also successfully completed its initial public offering, which raised $795 million.
Tom Ward, chairman and CEO, said: We continue to see improvement in our drilling of west Texas overthrust wells, the production expansion is meeting our goals and we are no longer experiencing curtailments of our sweet gas due to bottlenecks in our midstream operations.