Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the SandRidge Energy Second Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. It is now my pleasure to turn today's call over to Scott Prestridge, Vice President of Finance and Treasury. Sir, please go ahead.

Thank you, and welcome everyone. With me today are Grayson Pranin, our CEO and COO; Salah Gamoudi, our CFO and CAO; as well as Dean Parrish, our SVP of Operations. We would like to remind you that today's call contains forward-looking statements and assumptions, which are subject to risks and uncertainties, and actual results, may differ materially from those projected in these forward-looking statements. We may also refer to adjusted EBITDA and adjusted G&A and other non-GAAP financial measures. Reconciliations of these measures can be found on our website. With that I'll turn the call over to Grayson.

Thank you, and good morning. I'm pleased to report on a good quarter of results that the company's efficient activity continues to translate to meaningful free cash flow from our producing assets year-to-date and the announcement of a regular quarterly cash dividend of $0.10 per share, first payable in August 2023, subject to quarterly approval by the Board of Directors and a $2 per share onetime cash dividend that was paid on June 7 2023. Before expanding on this, Salah will touch on a few highlights.

Thank you, Grayson. Before jumping into operational and financial results, I would like to highlight the recent closing of an acquisition which increased the company's working interest in 26 operated wells within our Northwest Stack area, adding approximately 500 net Boe per day of approximately 30% oil or $11.3 million. These types of small ball bolt-ons will add value-accretive production, with low decline profiles that will further strengthen the company's commodity price realizations, operating margins and cash flow. Production for the quarter averaged 17.5 MBoe per day, up from 16.7 MBoe per day in the previous quarter and an increase of approximately 39% in oil production from the second quarter of 2022, driven by the higher oil content of new wells from our recent development program in the Northwest Stack play, but before the benefit of our recently closed acquisition. Over the quarter, the company generated adjusted EBITDA of approximately $20 million. As we have pointed out in the past, our adjusted EBITDA is a unique metric for SandRidge due to us having no I and very little T, given that we have no debt and a substantial NOL position that shields our cash flows from federal income taxes. On the I portion, we in fact generated approximately $2.9 million of interest income during the quarter from cash held in the diversity of high-yield deposit accounts. Net cash including restricted cash was approximately $224 million, which represents approximately $6 per share of our common stock issued and outstanding as of June 30, 2023 and net of the onetime dividend of $2 per share paid on June 7, 2023. The company has no term debt or revolving debt obligations as of June 30, 2023 and continues to live within cash flow, funding all of its capital expenditures with cash flow from…

Thank you, Salah. So I thought it would be helpful to walk through some of the company's highlights, management strategy and other business details. As I mentioned previously, this past quarter was good results, adding relatively oilier production from new wells in the Northwest Stack, while converting over 77% of adjusted EBITDA to free cash flow during the first six months of the year. Production from our Mid-Con assets averaged 17.5 MBoe per day for the quarter with Boe volumes increasing by 6% from the previous quarter and oil volumes increasing nearly 40% compared to the second quarter of 2022 aided by the oilier production content of our new Northwest Stack wells. The company's largest natural gas purchaser remain in ethane rejection during the quarter with more ethane staying in the natural gas stream which had more favorable market pricing at the time of sales. The decrease of ethane in the NGL stream resulted in richer quality residue gas and increased natural gas volumes on a BTU basis but decreased NGL volumes and subsequently total production on a barrel of equivalent basis relative to prior periods when more ethane was being recovered. We anticipate that a majority of our natural gas stream could remain in ethane rejection for the remainder of the year. Again, while this could impact the total volume of NGLs, the remaining volume will be composed of more profitable C3+ components like propane, butane and gasoline on a percentage basis. Likewise, the ethane remaining in the natural gas stream will improve its BTU quality. During the first half of 2023, we completed 10 artificial lift conversions as the company continues to focus on high return and value-adding projects that provide benefits such as lowering forward-looking costs, enhancing or reactivating production on existing wells and further moderating its…