SandRidge shares slide after '09 expenditures cut

The stock fell $2.37, or 13.5 percent, to $15.20 in morning trading and touched an all-time low of $15.08 earlier in the session.

Prices for the fossil fuel have dropped sharply in the past few months, and during Thursday trading on the New York Mercantile Exchange, natural gas for November delivery fell 25.5 cents, or 3.3 percent, to $7.475 per 1,000 cubic feet.

SandRidge still expects to produce 100 billion cubic feet equivalent per day in 2008, but cut its 2009 outlook to 120 cubic feet equivalent per day from 135 cubic feet equivalent per day.

Additionally, the Oklahoma City-based company said it may sell its East Texas and North Louisiana Cotton Valley and Haynesville assets.

A decision on any sale will come in the fourth quarter, and if a sale does not take place 2009 capital expenditures will be funded with internally generated cash flows and an existing $1.1 billion revolving credit facility, the company said.