Shareholder sues SandRidge
A SandRidge Energy Inc. shareholder filed a securities lawsuit Friday against the company's leadership, accusing them of overstating SandRidge's transformation to a primarily oil-producing company. Louis Carbone is seeking class action status for the lawsuit filed in federal court in Oklahoma City on behalf of everyone who bought SandRidge stock between February 2011 and November 2012. It is at least the third such lawsuit filed against SandRidge in the past month.
PostRock sets capital budget
PostRock Energy Corp. has set this year's capital budget at $29.7 million, the company announced Friday. That is a 40 percent increase over last year's spending. PostRock expects to spend $25.6 million on drilling, $600,000 for acreage and $3.6 million for maintenance. “Our 2013 capital program should significantly increase our oil production. We expect oil to comprise 27 percent of production in 2013 and it should reach 32 percent by the end of the year,” CEO Terry W. Carter said. “While growing reserves and production, we will continue to focus on reducing expenses. Once natural gas prices recover, and we are confident they eventually will, we have a significant opportunity to exploit the company's sizable inventory of gas oriented development projects. As we look ahead, we are confident that PostRock is well positioned to generate very attractive shareholder returns.”
Earthquake insurance urged
Oklahoma Insurance Commissioner John Doak is urging homeowners and renters to consider purchasing earthquake insurance after a spate of tremors in the state over the past year. Although Oklahoma Emergency Management has reported an increase in earthquakes in the past two years, less than 1 percent of homeowners in the state carry earthquake insurance, the department said. Most homeowner insurance policies don't include earthquake coverage. “Not only can earthquakes generate a great deal of damage to your property, but they can also cause a great deal of damage to your personal finances if you're not sufficiently covered,” Doak said. A typical policy may cost about $100 to $150 a year, depending on the amount of coverage and other factors.
Restitution ordered in fraud
The former treasurer for an Oklahoma City garden supply wholesaler is facing up to 20 years in prison after pleading guilty to wire fraud and tax evasion. Oklahoma City resident Carolyn Dawson will be sentenced in a few months, according to federal prosecutors in Oklahoma City. Dawson was charged last month with using money belonging to her former employer, American Plant Products and Services Inc., to pay her personal credit card bills. She also was accused of failing to pay payroll taxes for the company's employees in 2010. She was fired in November 2011. Dawson pleaded guilty to the charges Thursday, agreeing to pay nearly $1.2 million in restitution. She also will pay at least $200,000 to the IRS.
From Staff Reports