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Shell exit from 600,000-acre stake in southern Kansas

Screen Shot 2013-12-22 at 19.09.52Extracts from an article by Dan Voorhis published on 21 March 2014 by The Wichita Eagle under the headline: SandRidge to let its oil leases expire on much of its acreage in Kansas

Land lease prices jumped in 2010 and 2011 from the $15 to $75 per acre range to $250 to $1,500 per acre, depending on location, when SandRidge, Shell Oil and other large out-of-state oil exploration companies rushed to accumulate large leaseholds. But the geology of the Mississippian layer proved more complex and less consistently profitable than expected. The mixed results led most of them to leave. SandRidge investors deposed company founder Tom Ward in 2013 because of low profits and low stock prices. Ward has since returned to Kansas with a new company, Tapstone Energy, which purchased Shell’s approximately 600,000-acre stake in southern Kansas.

FULL ARTICLE

Read more here: http://www.kansas.com/2014/03/21/3359045/sandridge-to-let-its-oil-leases.html#storylink=cpy
Read more here: http://www.kansas.com/2014/03/21/3359045/sandridge-to-let-its-oil-leases.html#storylink=cpy
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