Oklahoman Business cover briefs for Jan. 4, 2020
Oklahoma rig count declines
The number of rigs drilling for oil and natural gas declined by one in Oklahoma as the national count also declined. Oklahoma's count this week is 51, down 89 from 140 one year ago.
Nationwide, the active rig count slipped by nine to 796, down 279 from 1,075 one year ago. The count for rigs drilling for oil declined by seven, to 670. The number of rigs searching for natural gas declined to 123, off two, while three rigs were classified as "miscellaneous."
The number of rigs working in the Cana Woodford declined by one week-over-week, to 20. The most active basins this week, Baker Hughes said, are the Permian in west Texas and southeast New Mexico at 403, the south Texas Eagle Ford at 67, the Williston at 52, the Haynesville at 49 and the Marcellus at 40.
SandRidge Permian Trust receives delisting notice
SandRidge Permian Trust announced Friday it received a delisting notice from the New York Stock Exchange after seeing 30 consecutive trading days of a per-unit value below $1 as the funding program nears completion.
Under exchange rules, the trust can avoid a delisting of its stock if it’s per-unit value achieves a 30-day average of $1 and closes at that value on the last trading day of any calendar month during a six month period after receiving the notification. But the trust said it has no control over the trading price of the unit and does not intend to take action to affect its trading price.
SandRidge created the trust and two others in 2011 as a fundraising mechanism. The company raised about $600 million through the Permian trust's initial public offering and nearly $1 billion through two similar trusts for the company's production in the Mississippian formation of northwest Oklahoma and southern Kansas.
SandRidge Mississippian Trust I and SandRidge Mississippian Trust II both were delisted in November.
Staff and wire reports