SandRidge Energy, Inc. (SD) 2011年年度报告「NYSE」.pdf

1、THE POWER OF USTHE POWER OF US1 Letter to Shareholders12 Board of Directors13 Management15 Financial SectionIBC Investor Information2Marking our fifth anniversary in 2011,SandRidge has shared in the economic highs and lows experienced throughout the U.S.and the world.Yet,as we look ahead into 2012 a

2、nd beyond,we do so with more energy,excitement and enthusiasm about the future than ever before.ENTHUSIASMSandRidge Energy,Inc.2011 Annual Report|3Believing oil prices would rebound more quickly than natural gas and ultimately provide a more stable revenue stream for the company over the long-term,w

3、e made the decision in late 2008 to change our focus to oil.Our decision to move quickly in this direction enabled us to acquire a tremendous base of oil assets at prices signifcantly lower than would be possible in todays market.Moreover,our focus on low-cost,shallow,carbonate formations enables us

4、 to achieve some of the highest rates of return in the industry.Wells drilled into shallow carbonates require lower horsepower equipment for drilling and low pressure pumping equipment during the completion processboth of which are plentiful and readily available.SandRidge also owns 31 drilling rigs

5、,which help keep our costs low and our rates of return high.We currently have more than 7,000 net potential horizontal drilling locations identifed on our Mississippian acreage,targeting vertical depths of 4,000 to 7,000 feet.An average horizontal well costs$3.2 million(3)to drill,produces 456 thous

6、and barrels of oil equivalent(Mboe)and provides an internal rate of return of approximately 98 percent(4).We drilled 167 horizontal wells in the Mississippian in 2011 and expect to drill 380 horizontal wells this year,using an average of 26 active rigs.Because of its exceptional economics,our Missis