SandRidge board cuts spending, has quarterly loss

Tue May 7, 2013 4:21pm EDT

May 7 (Reuters) - SandRidge Energy Inc said its board, which now includes directors chosen by activist investors, has cut spending and the U.S. oil and gas company will now focus on drilling its most productive acreage in the Mississippian formation.

SandRidge said it expects capital expenditures of $1.45 billion this year, down from its February forecast of $1.75 billion.

SandRidge reported a loss of $493 million, or $1.03 per share, compared with a loss of $232 million or 58 cents per share in the same period a year earlier.

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