SandRidge Energy, Inc. (fka SDOCQ)

[Porgie Tirebiter]

All my SD is gone for $7. Since I started messing with it (for the second time) at the end of Feb. 2013 I had managed to work my "basis" down to $2.67 per share for those shares that got called this morning. This includes transaction costs which are not insignificant ($456.29).

So far as the money I had set aside to write puts with back then, I got a return of 55% over a 16 month period for an annualized return of 44% and that is a damn good return on investment.

But I'm not done yet. I'll be looking to write $7 puts, probably for August. One of two things will happen by August expiration:

1. SD will stay above $7 and I'll get to keep the cash (which I will apply to reduce my "basis" and then write another round, or

2. SD will crater and I'll own the shares again at $7, same price I just sold them for.