Sandridge Energy (NYSE: SD) reported Q3 EPS of $0.31, versus $0.00 reported last year. Revenue for the quarter came in at $97.66 million versus the consensus estimate of $79.46 million.

Bill Griffin, President and CEO commented, "The Company\'s evolution and commitment to change is yielding positive results, as demonstrated with our tangible improvements in third quarter production and earnings, along with positive changes to full year guidance. Additionally, following the culmination of our extended review of strategic alternatives, I am pleased with the organization\'s ability to put those efforts behind us and shift our full focus on moving forward with execution of development and growth plans. The Company generated $48 million of EBITDA during the quarter, as well as quarter to quarter production growth, driven largely by the results of our drilling program. This accomplishment marks a very positive milestone after an extended period of quarterly production declines. We expect to provide a more detailed picture of longer term earnings growth with the finalization of our 2019 development program and budget.

"The recently announced exit from the Central Basin Platform and the Permian Trust simplifies the Company's core business, improves profitability and significantly reduces our obligations for future abandonment costs. The immediate redeployment of these proceeds into a very complimentary acquisition of low risk Mid-Continent production and reserves at a compelling price further supports our belief that strategic, attractively priced acquisition opportunities exist and should be an important component of additional growth and optionality for SandRidge as we move forward.

"North Park Basin results continue to be very positive and record production rates are driving the meaningful realization of increased oil production and operating income. Growth in the relative contribution of higher margin oil volumes to the Company's total revenuestream remains a key component of our profitability improvement strategy. We continue to advance the learning curve with our Meramec drilling program in the Northwest STACK. Not only have we built confidence in our ability to identify commercially viable areas of future development in the Northwest STACK, we have driven down cycle times and continue to reduce associated development costs.

"SandRidge remains committed to the creation of shareholder value and continuous improvement. We are confident in our ability to deliver profitable growth within our existing asset base. The strategy remains focused on leveraging our strong cash flow and balance sheet to drive development and selectively target appropriately sized acquisitions that fit our core competencies and provide immediate, high-return growth optionality to our inventory."

For earnings history and earnings-related data on Sandridge Energy (SD) click here.