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Rio Rancho Driller Struggling

Rio Rancho Driller Struggling

The NYSE delisted the firm on Jan. 7 due to the low trading prices

BY DENNIS DOMRZALSKI

The Oklahoma City company that wants to drill for oil in Sandoval County is, like many other energy companies, struggling. SandRidge Energy lost $3.5 million through the first nine months of 2015, and the company was delisted by the New York Stock Exchange.

The company’s stock is now traded on the Over-the-Counter market. The NYSE delisted the firm on Jan. 7 due to the low trading prices, according to the company’s filing with the U.S. Securities and Exchange Commission. On Jan. 11, SandRidge’s stock was trading at $0.07 a share, down from its 52-week high of $2.53.

And SandRidge is also in a battle with regulators in Oklahoma where it has been told to shut down six wastewater wells in the northwest part of the state after a series of earthquakes in the area. But so far, SandRidge has refused to close the wells, despite being directed to do so by the Oklahoma Corporation Commission. The OCC’s directives are voluntary, and media outlets have reported that the OCC is considering legal action against SandRidge.

Despite the difficulties, though, SandRidge reported assets of $4.1 million as of Sept. 30, $800,000 of which was cash.

Through the first three quarters, the company produced nearly 3.9 million barrels of oil, up from 2.5 million for the same period in 2014. In November, SandRidge announced that it had agreed to acquire assets in the North Park Basin Niobrara Shale Oil play in north central Colorado for $190 million in cash.

SandRidge is looking to drill an exploratory well on two acres of private land in west Sandoval County. The firm’s application to drill was approved on Nov. 11 by the New Mexico Oil Conservation Division, and it is awaiting approval from the Sandoval County Planning and Zoning Commission. Some area residents don’t want the company to drill in the county.

The zoning commission is scheduled to hear more testimony on the issue on Jan. 28.

SandRidge’s web site says the firm has oil and gas leases on 1.85 million acres of land with 11,000 potential horizontal drilling sites.

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Dennis Domrzalski is managing editor of ABQ Free Press. Reach him at dennis@freeabq.com.

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