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SandRidge cuts 2016 CapEx guidance, focuses on Niobrara and Mid-Continent operations

cut itsfull-year 2016 CapEx guidance to $225 million to $255 million, from $285million, with the bulk of it going to North Park Niobrara operations.

The companyplans to spend $125 million to $140 million in drilling and completingoperations, with $55 million to $60 million allocated for the North Park Basin,$45 million to $50 million for the Mid-Continent and $25 million to $30 millionfor other drilling and completing expenses, according to a Sept. 28 SEC filing.

The companyplans to spud 37 horizontal laterals in 2016, 26 of which would be in theMid-Continent and 11 in North Park. Multilateraland extended lateral drilling is planned for both areas.

The remainingbudget would be used for other E&P expenses, such as infrastructure andworkover, as well as general corporate purposes, SandRidge said.

Of thetotal guidance, $56 million has been spent in the second quarter and $110million in the first half of 2016, leaving $115 million to $145 million for therest of the year.

Totalproduction guidance for the year was declared at 18.9 MMboe to 19.3 MMboe. Inthe second quarter, 5.0 MMboe was produced, and 10.5 MMboe was produced in thefirst half of 2016.

SandRidgeexpects to emerge from Chapter 11restructuring and resume trading on the NYSE on the week of Oct. 3,according to the release.