TPG-Axon Sends Letter to SandRidge Energy’s Board of Directors

  TPG-Axon Sends Letter to SandRidge Energy’s Board of Directors

- Calls For Board Of Directors Realignment, CEO Resignation And Potential Sale
                                of the Company

          - Estimates Fair Value of SandRidge at $12 - $14 Per Share

Business Wire

NEW YORK -- November 08, 2012

TPG-Axon, owners of more than 4.5% of the outstanding shares of SandRidge
Energy, Inc. (NYSE: SD), sent a letter today to SandRidge’s Board of

In the letter, TPG-Axon outlines the following:

  *SandRidge stock has been a disastrous performer. It has been the single
    worst performing energy stock in the US market, and in the bottom 1% of
    the broader market, since its IPO in 2007. SandRidge stock has declined
    76% since its 2007 IPO, and over 91% from its peak in 2008.
  *The market has lost confidence in management, which is reflected in the
    greatest discount to current Net Asset Value of any US energy company.
  *The dramatic decline in the stock, and massive discount to Net Asset
    Value, has been caused by three factors:

       *Management strategy has been incoherent, unpredictable, and volatile,
         amplifying uncertainty regarding the future course of the company;
       *Poor strategic planning and reckless spending have resulted in
         repeated ‘financial emergencies’, and caused massive dilution,
         soaring cost of capital, and unnecessary risks for shareholders; and,
       *Corporate governance has been appalling, which has drained massive
         value from shareholders and completely misaligned management and
         shareholder interests.

  *Despite management missteps, SandRidge shares offer extraordinary value.
    On a standalone basis, fair value for SandRidge stock is $12 to 14, with
    significantly greater upside possible through a strategic sale or sensible
    development of assets in coming years.
  *As a result, in order to unlock the value of the company in the best
    interests of shareholders, TPG-Axon calls for:

       *The Board of Directors must be significantly reconfigured, with
         certain directors replaced by credible, independent directors, chosen
         after extensive consultation with large shareholders. In addition,
         large shareholders should be invited to join the board, if they so
       *The Board must then reconfigure management and leadership of the
         company. TPG-Axon believes CEO Tom Ward’s credibility is too damaged
         to continue in his role. The company must bring in new management
         that is viewed as credible, experienced, and highly competent.
       *The Board should hire an advisor to explore all strategic
         alternatives. Given the difficult challenge of restoring confidence,
         the Board must also consider whether the value of the company’s
         assets will instead be maximized through a sale to another company.

  *TPG-Axon hopes management will work constructively with shareholders to
    achieve change, but their relentless focus will be on ensuring that
    necessary steps are taken to build and maximize shareholder value

The full text of the letter can be found attached.
Photos/Multimedia Gallery Available:

About TPG-Axon Capital

TPG-Axon Capital is a leading global investment firm. Through offices in New
York, London, Hong Kong and Tokyo, TPG-Axon invests across global markets and
asset classes. The firm was founded by Dinakar Singh in late 2004 in
partnership with TPG Capital.



for TPG-Axon Capital
Anton Nicholas, 203-682-8200
Phil Denning, 203-682-8200
Jason Chudoba, 203-682-8200
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