SandRidge Closes Cherokee Asset Deal, Declares $0.13 Dividend

SandRidge Energy, Inc. closed a Cherokee Play asset acquisition during the third quarter as average output rose 10% year over year and the company kept its regular quarterly dividend at $0.13 per share.

The purchase brought in about 7,000 net leasehold acres, interests in 21 wells and eight proven development locations. The properties contributed to production during part of the quarter, which ended Sept. 30. When it announced the deal in June, SandRidge described the purchase as complementary to its existing Mid-Continent drilling and leasing activity.

The June agreement set $65 million in cash consideration before customary purchase-price adjustments. SandRidge described the acquired assets as producing about 3,000 barrels of oil equivalent per day and planned to fund the purchase with cash on hand.

Average production in the third quarter came to 20,900 barrels of oil equivalent per day, 10% above the year-earlier level. By Sept. 30, seven gross operated wells had reached completion under the company’s one-rig Cherokee program. For the first nine months of 2026, SandRidge used $57.3 million for drilling, completions and capital workovers.

Third-quarter revenue reached $54.416 million, up 37% from the same period a year earlier. Net income was $30.615 million, or $0.83 per basic share. An earlier account of SandRidge’s third-quarter revenue growth covered the increase in sales.

SandRidge President and CEO Grayson Pranin said, “This provides a positive backdrop for integrating the new assets into our development plans.”

A Nov. 3 board decision set the distribution at $0.13 per common share. It is payable Nov. 30 to shareholders of record Nov. 19, who may elect cash or additional shares through the company’s dividend reinvestment plan. The $0.13 amount continues the regular quarterly rate SandRidge raised to that level in May.

As of Sept. 30, SandRidge had $70 million in cash and cash equivalents, of which $1.3 million was restricted. It had no outstanding term or revolving debt.