February 24, 2011 / 11:10 PM / 8 years ago

UPDATE 1-SandRidge posts narrower Q4 loss; ups output outlook

* Q4 adj shr loss $0.07 vs est loss $0.08/shr

* Revenue almost doubles

* Sells properties in New Mexico for $200 mln

* Shares up 2 pct in extended trade (Follows alerts)

Feb 24 (Reuters) - Oil and gas firm SandRidge Energy Inc reported a narrower-than-expected quarterly loss as it focused more on drilling for oil and benefited from higher oil prices, and the company raised its production outlook for 2011.

U.S. benchmark crude oil prices averaged $85.16 per barrel in the fourth quarter, up 12 percent from a year earlier.

The Oklahoma City-based company said oil production in the fourth quarter rose to 28,400 barrels per day (bpd) from 7,900 bpd last year.

SandRidge said it expects 2011 total production of 23.3 million barrels of oil equivalent (boe), up from its prior view of 21.6 boe. It also raised its 2011 capital expenditures outlook by 18 percent to $1.3 billion.

October-December net loss was $208 million, or 53 cents a share, compared with a net loss of $434.2 million, or $2.36 a share, in the year-ago quarter.

Excluding items, it lost 7 cents a share. Analysts were looking for loss of 8 cents a share, according to Thomson Reuters I/B/E/S.

Higher oil production and prices pushed total revenue up 94 percent to $245.2 million.

Separately, SandRidge agreed to sell properties in Lea and Eddy counties in New Mexico for $200 million to an unnamed buyer, and said it will use those proceeds to repay debt.

SandRidge’s shares, which have gained half their value since the company sold some non-core oil assets in December, were up nearly 2 percent at $9.35 in extended trade. They closed at $9.18 on Thursday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Anne Pallivathuckal)

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