The Finch Formerly Known As Gold

7 November 2007

SandRidge turns a buck

Rather a lot of them, in fact: Monday's Initial Public Offering of 28.7 million shares at $26 brought in a quick $746 million to the Oklahoma City-based energy company, and by closing Tuesday the stock was trading around 32.

SandRidge is the former Riata Energy, acquired by Tom Ward after he left Chesapeake last year. Ward, who remains the largest single shareholder in SandRidge, is now technically a billionaire. The company expects to move from its current Northwest Expressway offices to the former Kerr-McGee Tower downtown within a year or so.

Posted at 10:01 AM to Soonerland