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Sandridge crests earnings wave



By Upstream staff 

High-flying Oklahoma City oil and gas player Sandridge Energy reported a 137% increase in third quarter net earnings, driven by new drilling and its acquisition of National Energy Group in November 2006.

Sandridge reported third quarter net income of $11.6 million, or 11 cents per diluted share, compared with $4.9 million, or seven cents per diluted share, in the same period in 2006.

Revenues climbed to $156.3 million from $89.7 million in the same period.

The company said its results had been boosted by its successful drilling campaign in the West Texas Overthrust area.

Sandridge raised $795 million in an initial public offering last month.

The company also owns and operates drilling rigs and offers a range of oilfield services through its Lariat Services business.

Over the nine-month period, Sandridge reported net income $5.4 million, or five cents per diluted share, compared with $18.9 million, or 26 cents per share, previously.

Revenue for the year to date hit $319.6 million from $46.4 million previously.


Monday, 03 December, 2007, 23:52 GMT  | last updated: Monday, 03 December, 2007, 23:52 GMT

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