SandRidge Energy
Encyclopedia
SandRidge Energy is an oil
and natural gas
exploration company headquartered in Oklahoma City
, Oklahoma
.
SandRidge was founded in 1984 as Riata Energy, Inc. In 2006, the company changed its name to SandRidge Energy. The company concentrates its exploration efforts in the West Texas
Permian Basin and Mid-Continent region of Northern Oklahoma and Southern Kansas. The company owns and operates drilling rigs under the brand name Lariat Services, Inc.
The company made its initial public offering
on November 5, 2007, offering over 28 million common stocks at roughly $26.00 US a share. SandRidge is traded on the New York Stock Exchange
under the symbol SD.
The chief executive officer
and chairman of SandRidge is Tom L. Ward
. Ward previously co-founded Chesapeake Energy
and was the chief operating officer
of that company from 1989 until 1996. Sandridge is also a minority owner of the Oklahoma City Thunder
NBA
franchise. Ward joined the company in June 2006 when he purchased a significant interest in the company, becoming the CEO and chairman.
called Sandridge Permian Trust , 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.
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
and natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
exploration company headquartered in Oklahoma City
Oklahoma City, Oklahoma
Oklahoma City is the capital and the largest city in the state of Oklahoma. The county seat of Oklahoma County, the city ranks 31st among United States cities in population. The city's population, from the 2010 census, was 579,999, with a metro-area population of 1,252,987 . In 2010, the Oklahoma...
, Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
.
SandRidge was founded in 1984 as Riata Energy, Inc. In 2006, the company changed its name to SandRidge Energy. The company concentrates its exploration efforts in the West Texas
West Texas
West Texas is a vernacular term applied to a region in the southwestern quadrant of the United States that primarily encompasses the arid and semi-arid lands in the western portion of the state of Texas....
Permian Basin and Mid-Continent region of Northern Oklahoma and Southern Kansas. The company owns and operates drilling rigs under the brand name Lariat Services, Inc.
The company made its initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
on November 5, 2007, offering over 28 million common stocks at roughly $26.00 US a share. SandRidge is traded on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
under the symbol SD.
The chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
and chairman of SandRidge is Tom L. Ward
Tom L. Ward
Tom L. Ward is a prominent Oklahoma City businessman. He is the chairman and CEO at SandRidge Energy and is the former President, COO and co-founder of Chesapeake Energy...
. Ward previously co-founded Chesapeake Energy
Chesapeake Energy
Chesapeake Energy is the second largest producer of natural gas in the United States, a top 15 producer of U.S. liquids and the most active driller of new wells, according to an November 2011 investor presentation. It recorded 3Q 2011 natural gas production of an average of approximately of...
and was the chief operating officer
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
of that company from 1989 until 1996. Sandridge is also a minority owner of the Oklahoma City Thunder
Oklahoma City Thunder
The Oklahoma City Thunder are a professional basketball franchise based in Oklahoma City, Oklahoma. They play in the Northwest Division of the Western Conference in the National Basketball Association ; their home court is at Chesapeake Energy Arena....
NBA
National Basketball Association
The National Basketball Association is the pre-eminent men's professional basketball league in North America. It consists of thirty franchised member clubs, of which twenty-nine are located in the United States and one in Canada...
franchise. Ward joined the company in June 2006 when he purchased a significant interest in the company, becoming the CEO and chairman.
Sandridge Permian Trust
In May 2011, SandRidge formed a royalty trustRoyalty trust
A royalty trust is a type of corporation, mostly in the United States or Canada, usually involved in oil and gas production or mining. However, unlike most corporations, its profits are not taxed at the corporate level provided a certain high percentage of profits are distributed to shareholders...
called Sandridge Permian Trust , consisting of oil and gas wells, existing and yet to be developed, in Andrews County, Texas. At the IPO
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
it sold 34,500,000 units for a net of approximately $580.6 million.