Lehman Brothers High Yield Bond & Syndicated Loan...
Transcript of Lehman Brothers High Yield Bond & Syndicated Loan...
Lehman Brothers High Yield Bond & Syndicated Loan Conference
March 13, 2008
Lehman Brothers High Yield Bond & Syndicated Loan Conference
March 13, 2008
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This presentation, including the projections that are part of this presentation, includes forward-looking statements concerning SandRidge Energy, Inc.’s future operations, performance, financial condition and likelihood of success. Forward-looking statements are based on many assumptions and estimates, rather than on historical facts. Consequently, relying on forward-looking statements involves risk and uncertainty. Words such as "believes," "anticipates," "expects," "intends," "targeted," and similar expressions, generally identify forward-looking statements and should be read carefully. Various economic, regulatory, and technological developments, outside the Company’s control, may cause results of operations or performance to differ materially from those expressed in any forward-looking statements.
This presentation sets forth certain financial projections prepared by SandRidge Energy, Inc. The projections are based on a number of estimates and assumptions about circumstances and events that have not taken place and are subject to the uncertainties inherent in making projections, and particularly over a five year period, and for an entity without any prior operating history. Moreover, the projections were not prepared in accordance with published guidelines of the SEC or the American Institute of Certified Public Accountants.
No reliance should be placed on the summary financial projections contained herein. Under no circumstances should such information be construed as a representation or prediction that SandRidge Energy, Inc. will achieve or is likely to achieve any particular results.
DISCLAIMER
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KEY INVESTMENT HIGHLIGHTS
Dominant West Texas Overthrust (WTO) player controlling ~510,000 acres
Piñon Field (~60,000 acres, ~2,600 locations and ~260 wells to be drilled in 2008)
A multi-year 1,400 square mile 3-D seismic shoot
Have identified 7 exploration projects outside of Piñon to be drilled in 2008
Ramp up development of prolific high CO2 Caballos 1 reservoir
YE2007 Performance
Reserve growth: Increased total proved reserves to 1.516 Tcfe, up 51% from 1.002 Tcfe in 2006
Production growth: Increased production to 64.2 Bcfe, up 320% from 15.3 Bcfe in 2006
Finding costs: Drilling finding costs of $1.61/Mcfe and All-In finding costs of $1.99/Mcfe in 2007
Proven track record of growing production & developing long-life reserves
Own and operate major oilfield service business, including 44 drilling rigs
Employees are significant equity holders with 28% and, including Board of Directors, own 37% (see Finance section for detail)
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ACQUIRE, EXPAND, EXPLORE!
YE2006 production volumes increased 110% to 15.3 Bcfe from 7.3 Bcfe in 2005; and ~61% of the increase was attributable to the NEG production for the period from November 21, 2006 to December 31, 2006
As a result of the NEG acquisition and 12 other 2006 acquisitions, we increased our net acreage position in the WTO by ~100% during 2006
We have significantly increased our acreage position since YE2006. As of YE2007, we owned 1,303,107 gross (822,287 net) acres; as compared to 996,297 gross (508,676 net) as of YE2006
Increased 2007 proved reserves 51% to 1.516 Tcfe from 1.002 Tcfe in 2006
Increased 2007 production 320% to 64.2 Bcfe from 15.3 Bcfe in 2006
In 2007 we drilled ~316 gross (275 net) wells, of which ~190 gross (178 net) wells were in the WTO. This doubled the size of the Piñon field
7 WTO exploration projects to be drilled in 2008
Increase our 3-D Seismic coverage in WTO to ~1,000 square miles
2007
2006
2008
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WEST TEXASOVERTHRUST
1.3 Million Acres
A´
ALeading Edge
Thrust
US
A –
TEX
AS
MEX
ICO
TEXAS
30KM
30MI0
NNEW MEXICO
CDCV
TM
South American Plate
North American Plate
GEOLOGIC HISTORY AND UNIQUENESS OF THE WEST TEXAS OVERTHRUST
The West Texas Overthrust (WTO) was created by the collision of the ancestral North and South American continents
As a result of this collision, reservoir rock (potential hydrocarbon traps) became thrusted upon one another in multiple layers (imbricate thrusting) along the leading edge of the WTO
The collision and thrusting resulted in the rock becoming highly fractured, increasing the likelihood of conventional oil and gas accumulation in the reservoir rock
The primary reservoir rocks in the WTO range in depth from 2,000 to 10,000 feet and range in age from the Permian to the Devonian
The imbricate stacking of these conventional gas-prone reservoirs provides for multi-pay exploration and development opportunities
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A' ANORTH
STRATIGRAPHY AND CROSS-SECTION OF THE WTO
UpperWolfcamp
LowerWolfcamp
Gaptank
Haymond
Dimple
Upper Tesnus
Lower Tesnus
Lower Caballos(Novaculite-
Chert)
Ellenburger
Middle Tesnus
Fusselman
Period WTO
Pen
nsyl
vani
anM
issi
ssip
pian
Dev
onia
n/S
iluria
nO
rdov
icia
nP
erm
ian
Montoya
Upper Caballos(High CO2)
Note: All drilling, completed and producing well bores depicted are operated by SandRidge Energy, Inc.
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OTHER WTO POTENTIALCurrent Piñon Field Limits
≈ 4.1 Tcfe* (Net 3P)
Piñon Field Limits (2005)
300 Bcfe **
Original Piñon Field Limits (1987)
17 - 19 Bcfe ***
South Sabino Big
Canyon
LEADING EDGE OF THE OVERTHRUST
AllisonRanch
Thistle
McKay Creek
* Based on 2,594 locations** YE 2005 D&M Reserve Report*** Reed,T.A.and Strickler,D.L. 1990, Structural Geology and Petroleum Exploration of the Marathon Thrust Belt, West Texas: WTGS/PBS-SEPM Field, Seminar Handbook, p.51.
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PIÑON – GEOLOGICAL COMPLEXITYTesnus Limestone Marker
Depth Structure MapC.I. = 200 ft.
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PIÑON – GEOLOGICAL COMPLEXITY
A
A’
A A’- 1500
- 3000
- 4500
10101010101010
PIÑON SWEET TYPE CURVE
Type Curve Parameters (1)
Initial Rate (Mcfe/month) 46,000Hyperbolic (b factor) 1.0Initial decline 50%Final decline 10%Gross Well Costs $2,197 MGross Reserves (Mmcfe) 1,780 Drilling & Completions Cost ($/Mcfe) $1.65/McfeROR @ $8.00/Mmbtu NYMEX 100%
(1) PUD Weighted Average 12/31/2007
Year 3Year 1 Year 2 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
112007 389 Square Miles 2009 450 Square Miles2008 561 Square Miles
WEST TEXAS OVERTHRUST 3-D SEISMIC UPDATE1,400 SQUARE MILES OVER 3 YEARS THROUGH 12/31/2007
389 SQUARE MILES ACQUIRED
Piñon Field
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-
25,000
50,000
75,000
100,000
125,000
150,000
175,000
200,000
225,000
250,000
275,000
1/1/20
07
2/1/20
07
3/1/20
07
4/1/20
07
5/1/20
07
6/1/20
07
7/1/20
07
8/1/20
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9/1/20
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10/1/
2007
11/1/
2007
12/1/
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1/1/20
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MM
BTU
E/D
0
10
20
30
40
50
60
70
RIG
CO
UN
T
WTO RIG COUNT EAST TEXAS RIG COUNT OTHER RIG COUNT SANDRIDGE NET PRODUCTION
1212
SANDRIDGE DAILY NET PRODUCTION
Pipeline Shutdown
Snow Storm At Piñon
2007 Growth 72%
1313131313
EAST TEXAS DAILY NET PRODUCTION
EAST TEXAS REGION32,739 NET ACRES
32,739 net acres (Primarily Cotton Valley)
Active drilling program (5 rigs)
Significant drilling inventory: 540 locations (40 Acre Spacing)
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
1/1/20
07
2/1/20
073/1
/2007
4/1/20
075/1
/2007
6/1/20
077/1
/2007
8/1/20
07
9/1/20
0710
/1/200
711
/1/200
712
/1/200
71/1
/2008
2/1/20
08
MM
BTU
E/D
0
1
2
3
4
5
6
7
8
9
10
RIG
CO
UN
T
RIG COUNT NET PRODUCTION
141414
PERMIAN BASIN CO2 INFRASTRUCTURE
Current PetroSource CO2 EOR Projects
PetroSource Pipeline System
McElmo Dome Capacity ≈ 1.0 BCFD *
Bravo Dome Supply ≈ 0.4 BCFD *
McCamey CO2 Hub SandRidge Supply: 0.1 BCFD
WTOPinon
Denver City CO2 Hub
* Kinder Morgan CO2 website
Key Considerations:
Significant EOR projects left to implementCurrent CO2 deliverability ~1.5Bcfepd
: Potential CO2 fields
: Implemented CO2 fields
15151515
1.9 Tcf67 Wells29 Bcf/well28,700 Acres54% CO2
WEST TEXAS OVERTHRUST AREA DEEP CO2 RESERVOIRSEllenburger Fields
Average Depth ~ 15,000’
Total 6.8 Tcf Ultimate Wet Gas.8 Tcf16 Wells53 Bcf/well9,700 Acres65% CO2
3.9 Tcf61 Wells64 Bcf/well17,600 Acres40% CO2
.08 Tcf19 Wells4 Bcf/well9,900 Acres65% CO2
46 Bcf1 Well11,000’75% CO2
39 Bcf2 Wells17,000’75% CO2
11 Bcf1 Well12,800’67% CO2
Ellenburger Model4.1 Tcf90 Wells46 Bcf/well28,800 Acres (320 acre spacing)80% CO2
Key Considerations:Significant CO2 bearing reserves existCO2 percentage and depth of Ellenburger varies across the basinSandRidge CO2 3P reserves
• Ellenburger 3P reserves can be calculated within known boundaries of Piñon
• Ellenburger average wet gas EURs are consistent on bothsides of the leading thrust
Plan to drill and test Ellenburger in 2008
SandRidge Deep ProductionAverage Depth ~ 17,000’
110 Bcf2 Wells22,000’84% CO2
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SWEET AND UPPER CAB MAP SHOWING ACREAGE
Successfully Expanded Lower Cab
Area & Deepening Success
~20,000 acres to date
Successfully Expanded Upper Cab
Significant wells and better than expected CO2 %
~30,000 acres to date
Longfellow 8-31
10 Mmcfpd @ 2000 FTP ~60 days
NSAI ~20 Bcfe
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UPPER CABALLOS & ELLENBURGER (CO2) TYPE CURVES
Type Curve ParametersUpper Caballos Ellenburger
CO2 % 70% 80%Initial Rate (Mcfe/month) 89,600 750,000Hyperbolic decline (initial) 20%Exponential decline (final) 13.5% 13.5%Gross Well Costs $2,413m $15,000mGross Wet Reserves (Mmcfe) 7,000 46,000 Gross Methane Reserves (Mmcfe) 2,195 9,200Drilling & Completion Costs ($/Mcfe) $1.46/Mcfe $2.04/McfeROR @ $8.00/Mmbtu NYMEX 51% 33%
Upper Caballos Ellenburger
Note: Ellenburger ROR Sensitivity
with 75% CO2 = 55%: with 70% CO2 = 82%
with $.50/mcfe of CO2 revenue 80% CO2 = 56%
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 14 Year 15 Year 16 Year 17Year 13 Year 18 Year 19 Year 20
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OILFIELD SERVICES
We own and/or operate a total of 44 land drilling rigs
SandRidge directly owns and operates 32 land drilling rigs
Through Larclay L.P. (JV with Clayton Williams), we own or operate 12 drilling rigs
Our Oilfield Services business provides the equipment and labor necessary to facilitate the exploration and production activities of SandRidge
Objective is to increase efficiency, and therefore reduce finding costs
The Oilfield Services division also provides services that complement SandRidge’s exploration and production operations
Location and road construction, trucking, roustabout services, pulling units, coiled tubing units, rental tools and air drilling equipment
The Oilfield Services business employs ~2,000 people across all service segments
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Capital Spending: Focused on E & P – at least 80% of budget
Acquisitions: Major acquisitions are not central to Business Plan
Hedging: Opportunistically 30 – 85%
Financial Leverage: Total debt to book capital – range of 33% to 50%
Investor Relations: Bear Stearns Global Oil & Gas Conference 2008New York City, New York (March 19-20)
2008 Credit Suisse Global Leveraged Finance ConferencePhoenix, Arizona (March 25-27)
Howard Weil 36th Annual Energy ConferenceNew Orleans, Louisiana (April 6-10)
FINANCIAL POLICY
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UPSTREAM GROWTHAverage Daily Production (Mmcfe/d)
PV-10 ($ in millions)
CAGR: 50% CAGR: 22%
CAGR: 54%
201380 498
8001,002
1,516
0
300
600
900
1,200
1,500
1,800
2002 2003 2004 2005 2006 2007
78.794.9
126.3144.4
175.9
0.0
30.0
60.0
90.0
120.0
150.0
180.0
210.0
2003 2004 2005 2006 2007
411846 1,065
1,905 1,734
3,550
0
800
1,600
2,400
3,200
4,000
2002 2003 2004 2005 2006 2007
Reserves (Bcfe)
212121212121
Drilling ReserveReplacement
784%
Drilling Finding Cost$1.61/Mcfe
(503.2 Bcfe ¤ $808.7 MM capex)
RESERVE MOVEMENT
All in Finding Cost$1.99/Mcfe
(578.7 Bcfe ¤ $1,150.6 MM capex)
* 96.9% INDEPENDENTLY ENGINEERED
2222222222
PV10 CHANGE
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$5.64/Mcf
$57.75/Bbl
$6.795/Mcf
$92.50/Bbl
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HEDGING2007:
Production 64.2 Bcfe (53% or 34.2 Bcfe hedged at $7.90/Mcf)2008:
Approximately 76% of production hedged at $8.83/Mcfe
Note: As of February 26, 2008; See Appendix for additions since previous publication
2008 2009Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year
Natural Gas Swaps:Volume (Bcf) 15.45 17.90 16.88 15.64 65.87 5.40 0.91 0.00 0.00 6.31
Swap $8.65 $7.69 $8.10 $8.47 $8.21 $8.82 $8.10 NM NM $8.72
Crude Oil Hedges:Swap Volume (Mmbbls) 0.20 0.27 0.23 0.23 0.92 0.00 0.00 0.00 0.00 0.00
Swap $95.71 $95.04 $94.33 $93.17 $94.55 NM NM NM NM NMCollar Volume (Mmbbls) 0.02 0.02 0.03 0.03 0.10 0.00 0.00 0.00 0.00 0.00
Collar: High $83.35 $83.35 $82.60 $82.60 $82.93 NM NM NM NM NMCollar: Low $50.00 $50.00 $50.00 $50.00 $50.00 NM NM NM NM NM
Total CompanyVolume (Bcfe) 16.76 19.65 18.39 17.15 71.95 5.40 0.91 0.00 0.00 6.31Average Hedged Price $9.21 $8.41 $8.71 $9.07 $8.83 $8.82 $8.10 NM NM $8.72% Natural Gas 92% 91% 92% 91% 92% 100% 100% NM NM 100%
% of Total Production Hedged 76% 5%
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Other$504%
Exploration and Production
$81158%
Midstream$745%
Oil Field Services$1239%
Land and Seismic$33924%
PetroSourceE&P + L&S
$262%
Non-WTOE&P + L&S
$25322%
Piñon and WTO L&S$27824%
Piñon and WTO E&P$59352%
PetroSourceE&P + L&S
$333%
Non-WTOE&P + L&S
$28526%
Piñon and WTO L&S$15114%
Piñon and WTO E&P$62357%
Land and Seismic$19416%
Oil Field Services$524%
Midstream$1079%
Exploration and Production
$89772%
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2007A & 2008E CAPITAL EXPENDITURES OUTLOOK
Total: $1,250 million Total: $1,091 million
2007A Capital ExpendituresTotal: $1,397 million
2008E Capital Budget 2008E E&P (incl. L&S) Capital Budget
2007A E&P (incl. L&S) Capital ExpendituresTotal: $1,151 million
$1,091MM E&P and L&S Combined
$1,151MM E&P and L&S Combined
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FUNDING HISTORY & PROJECTIONS
4-Yr Total(in milllions) 2005A 2006A 2007A 2008E '05 thru '08E
Total Debt Raised ($54) $743 ($1) $631 $1,320
Total Equity Raised $173 $489 (a) $1,113 $0 $1,775Total Capital Raised $119 $1,232 $1,112 $631 $3,094
% Equity Raised 145% 40% 100% 0% 57%
Key Ratios:TD / EBITDA 0.7x 3.7x 2.7x 2.7xTD / Mcfe $0.14 $1.06 $0.70 $0.86TD / Total Capital 13% 49% 32% 43%
(a) Includes $459MM of preferred less $51MM of dividends through Q2 2008
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MANAGEMENT OWNERSHIP AS OF DECEMBER 31, 2007
Percentage Common Preferred Total of Fully
(in millions) Shares Shares Shares Diluted
Tom L. Ward (including shares held by family trust) 39.5 2.7 42.1 25.7%Other Board of Directors & Executive Officers (a) 16.9 0.0 16.9 10.3% Total Board of Directors & Executive Officers 56.3 2.7 59.0 36.0%
Other Employees Issued 0.4 0.0 0.4 0.2%Employees Restricted 1.6 0.0 1.6 1.0% Total Board, Executive Officers, and Employees 58.4 2.7 61.0 37.2%
Common Stock (b) (c) 83.5 0.0 83.5 50.9%Preferred Stock 0.0 19.6 19.6 11.9% Fully Diluted Shares 141.8 22.3 164.1 100.0%
(a) Includes shares held by affiliates of directors(b) Includes previous 144A shares; 16.2 million 144A shares issued; some owned by Tom L. Ward, Other Board of Directors, Executive Officers, and Other Employees(c) Includes IPO Shares; Tom L. Ward purchased 4.17 million IPO shares; Other Board of Directors & Executive Officers purchased approximately 0.4 milion IPO shares
Appendix
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APPENDIX: RESERVES AND PRODUCTION SUMMARY
(1) As of December 31, 2007
(2) December 2007 Average
Total Net Proved Reserves (1)
1.516 Tcfe (85.5% Gas)Total Net PV10 (1)
$3,550.5 million
Total Net Production (2)
234.5 Mmcfepd
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APPENDIX: ACREAGE BASE AND DRILLING LOCATIONSIdentified Drilling Locations
(4,594) Net Acreage
(822,287)
Net Wells Drilled in 2007(274.7)
Gross Wells Drilled in 2007(316)
Note: Pie-Chart does not include 828 Piceance locations. Note: Pie-Chart does not include 15,686 Piceance net acres.
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APPENDIX: TERM LOANBorrower: SandRidge Energy, Inc.
Facility: Senior Unsecured Term Loan
Amount: $1.0 billion aggregate
Fixed Rate Tranche Floating Rate Tranche Blended Rate
Maturity: 8 years (2015) 7 years (2014)
Interest Rate: 8.625% Libor + 362.5 bps 7.797%(fixed @ 6.26%) (a)
Optional redemption: Non-call 4 years Non-call 2 years
Toggle feature (Fixed Rate tranche only):
Exchange:
Exchange step-up:
Covenants: Customary incurrence based covenants similar to recent senior unsecured E&P debt offerings
Use of Proceeds:
(a) Fixed floating portion of Term Loan from April 1, 2008 through April 1, 2011 at 6.26%
During the first four years, prior to the start of each interest rate period, the Company may elect to pay interest: i) entirely in cash, or ii) entirely in additional Loans, with such election increasing the applicable interest rate by 75 bps for the period
By April 30, 2008, the Company will offer to exchange the Loans into 144A senior unsecured notes with registration rights
If the exchange offer is not made by April 30, 2008, the interest rate will increase by 25 bps every 90 days up to a maximum step-up of 50 bps
Together with new private placement of $320 million of common equity, repay Bridge Loan Facility and Senior Secured Credit Facility indebtedness, pre-fund 2007 capital spending and general corporate purposes
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APPENDIX: PREFERRED STOCKIssuer: SandRidge Energy, Inc.
Amount / Issue: $458.7 million of Convertible Preferred Stock
Security: None
Use of Proceeds: Partially fund the acquisition of NEG
Dividends:
Maturity: May 15, 2013 (if not converted)
Lock Up: Later of 60 days or January 1, 2008
Forced Conversion:
If stock trades at less than 1.5x the Conversion Price, then:
Time Period CostUntil May 15, 2011 $71.1 million*After May 15, 2011 [Months to maturity/12] x $71.1 million
* $71.1 million = $458.7 x 0.155 (2 years of dividend payments)
Initial Conversion Price: $21.00 per share of Preferred (each Preferred convertible into 10.0 common shares) (a)
(a) Ares transaction caused an adjustment of conversion price to approximately $20.5918 per Preferred Share (each Preferred convertible into approximately 10.2 common shares)
7.75% in quarterly cash payments, or at the company’s option, payment in kind at 9.25%. Also, preferred participates in any dividends declared on the common stock
Starting 180 days after an IPO, the company may force conversion of the Preferred into common stock if the common stock trades at or above the Conversion Price for at least 20 trading days for any 30 consecutive trading day period, subject to other requirements; provided, however, that a Conversion Option Payment be made. If the common stock trades at 150% of the Conversion Price for at least 20 trading days for any 30 consecutive trading day period, then no Conversion Option Payment is due upon forced conversion
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APPENDIX: PREFERRED STOCKShares Issued
November 2006
Shares Issued 2,136,668Price per Share $210Total Amount $448,700,280
Conversion Price: $21.00
March 2007 (Common to Preferred)
Shares Issued 47,619Price per Share $210Total Amount $9,999,990
New Total Amount $458,700,270
Current Conversion Price (following Ares transaction): $20.5918
Shares (issuable upon conversion) 22,275,871
Financial Statements December December2006 2007
Issued 2,136,668 shares at $210 par value $448.7 $448.7Offering Expense (9.3) (9.3)Conversion (47,619 shares) 0.0 9.7Accretion of Offering Expense 0.2 1.7
Total $439.6 $450.7
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APPENDIX: TOP 20 DRILLERS IN U.S. AND TEXAS
Top 20 Drillers in U.S. Top 20 Drillers in Texas
Source: Smith International (Week Ending Friday, February 29, 2008)
Rank CompanyTotal Rigs
1 Chesapeake 1382 Devon 683 XTO 674 EOG 595 Encana 466 SandRidge 407 Anadarko 398 Conoco Phillips 389 Williams 3010 Newfield 2811 Cimarex 26- Seeco 26
13 BP America 25- Samson 25
15 Apache 20- El Paso 20
17 Forest 1918 Pioneer 18- Range 18
20 Marathon 17
Rank CompanyTotal Rigs
1 Chesapeake 732 Devon 523 XTO 504 SandRidge 395 EOG 376 Anadarko 207 Encana 188 Pioneer 189 Samson 1810 Cimarex 1611 Forest 1612 Burlington 1113 Endeavor 1014 Quicksilver 1015 Apache 916 Newfield 917 Range 918 El Paso 819 Henry 820 Linn 8
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APPENDIX: RIG FLEET
Rig # Capacity (ft)
DrawworksSize - HP
LocationLocationDrawworksSize - HP
Capacity (ft)
Rig #
LocationDrawworksSize - HP
Capacity (ft)
Rig #
LARIAT LARCLAY
1 6,500 600 WTO 17 8,500 525 W.Texas 21 11,500 1,300 LA2 5,000 400 Stacked 18 8,500 525 WTO 23 11,500 1,300 LA3 9,000 600 Repairs 19 9,000 600 WTO 25 11,500 1,300 WTO4 15,000 1,500 WTO 20 8,500 600 Repairs 27 11,500 1,300 WTO5 10,000 550 WTO 22 11,500 1,300 WTO 29 20,000 2,000 WTO6 5,500 450 Stacked 24 11,500 1,300 WTO 31 11,500 1,300 W. Texas7 8,500 900 WTO 26 11,500 1,300 WTO 32 10,000 1,000 WTO8 10,000 850 WTO 28 11,500 1,300 WTO 33 20,000 2,000 Stacked9 10,000 950 WTO 30 10,000 1,000 WTO 34 10,000 1,000 WTO
10 8,500 525 WTO 38 13,500 1,000 WTO 35 10,000 1,000 WTO11 6,500 525 W. Texas 39 13,500 1,000 WTO 36 10,000 1,000 WTO12 8,500 650 WTO 40 13,500 1,000 WTO 37 10,000 1,000 WTO13 7,000 800 WTO 41 13,500 1,000 Yard - Rigging Up - - - -14 8,500 525 WTO 42 13,500 1,000 Yard - Rigging Up - - - -15 8,500 525 Repairs 43 12,000 1,000 W. Texas - - - -16 8,500 525 WTO 44 12,000 1,000 W. Texas - - - -
25 112 Rigs Under Evaluation 13 0
Yard - Rigging Up 2 0Waiting on Location 0 Waiting on Location 0
32 Total Rigs 12
Note: Schedule is current as of February 26, 2008
Total Rigs
Current Active RigsCurrent Active RigsRigs under EvaluationRigs Idle/ Being Repaired Rigs Idle/ Being Repaired
Yard - Rigging Up