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SandRidge's Production Down -20% YOY; Adds Four Mississippian Wells to Plan

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SandRidge reported its Q1 2018 results.

Highlights:

- Reallocated Capital to Drill Four Mississippian Wells in the Third Quarter

- The Company averaged one rig in the NW STACK targeting the Meramec and one rig targeting multiple benches of the Niobrara in the North Park Basin

- Capex of $37MM in Q1 2018

Ops Update

In the first quarter, production in the Mid-Continent totaled 2.9 MMBoe (32 MBoepd, 22% oil). The Company averaged one rig in the NW STACK targeting the Meramec and drilled six SRLs. Of the six wells drilled, five were under the previously announced Drilling Participation Agreement. The Company brought four SRLs online with a combined 30-Day IP averaging 675 Boepd (76% oil). At current commodity prices, these wells have a projected average rate of return in excess of 30%. In addition, four more wells were brought online near or subsequent to quarter end, all with strong preliminary results (less than 30 days). Estimated drilling and completion costs for SRL and XRL wells are currently $4.4 million and $6.5 million, respectively.

Niobrara Asset in North Park Basin, Jackson County, Colorado

Oil production in the North Park Basin totaled 213 MBo (2.4 MBopd) for the first quarter. The Company averaged one rig targeting multiple benches in the Niobrara and drilled four XRLs and one SRL. The four XRLs conclude the drilling of an eight well wine rack spacing test. Five new wells and two remaining DUCs are currently beginning completion operations and are expected to come online late in the second quarter or early in the third quarter. Additionally, one XRL and one SRL were brought online during the first quarter.