TPG-Axon Sends Second Letter to SandRidge Board of Directors

  TPG-Axon Sends Second Letter to SandRidge Board of Directors

                    - Calls for Board to be Destaggered -

              - Announces Intent to Replace Current Directors -

                - Lays Out Path to Restore Shareholder Value -

Business Wire

NEW YORK -- November 30, 2012

TPG-Axon, beneficial owners of 6.5% of the outstanding shares of SandRidge
Energy, Inc. (NYSE: SD), sent a second letter today to SandRidge’s Board of
Directors.

In the letter, TPG-Axon reiterated its desire to run a process to restructure
or sell the Company, responds to SandRidge’s third quarter earnings
announcement and provides greater detail on the market’s loss of confidence in
management based on their poor strategy and structural challenges including
staggering overhead costs.

TPG-Axon also notified SandRidge of its intent to conduct a consent
solicitation of shareholders to amend the bylaws of SandRidge to:

  *de-stagger the board of directors;
  *provide that directors be removed with or without cause; and,
  *remove and replace the current board of directors.

“We would emphasize and re-iterate that the time has come for change, and for
a focus on delivering shareholder value,” said Dinakar Singh, founder and CEO
of TPG-Axon. “We continue to believe that SandRidge stock is dramatically
undervalued, and that a sensible restructuring or sale of the Company could
provide dramatic upside for shareholders.”

TPG-Axon is separately sending a formal request that SandRidge set a record
date for this consent solicitation, and a demand to exercise TPG-Axon’s rights
as shareholders to inspect the shareholder list.

TPG-Axon has retained Mackenzie Partners Inc. to act on its behalf in the
solicitation process.

The full text of the letter is attached.

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.

TPG-AXON MANAGEMENT LP, TPG-AXON PARTNERS GP, L.P., TPG-AXON GP, LLC, TPG-AXON
PARTNERS, LP, TPG-AXON INTERNATIONAL, L.P., TPG-AXON INTERNATIONAL GP, LLC,
DINAKAR SINGH LLC AND DINAKAR SINGH (COLLECTIVELY, “TPG-AXON”) INTEND TO FILE
WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) A DEFINITIVE CONSENT
STATEMENT AND ACCOMPANYING CONSENT CARD TO BE USED TO SOLICIT WRITTEN CONSENTS
FROM THE STOCKHOLDERS OF SANDRIDGE ENERGY, INC. IN CONNECTION WITH TPG-AXON'S
INTENT TO TAKE CORPORATE ACTION BY WRITTEN CONSENT. ALL STOCKHOLDERS OF
SANDRIDGE ENERGY, INC. ARE ADVISED TO READ THE DEFINITIVE CONSENT STATEMENT
AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF WRITTEN CONSENTS BY
TPG-AXON AND ANY OTHER PARTICIPANTS AT SUCH TIME (COLLECTIVELY, THE
"PARTICIPANTS") FROM THE STOCKHOLDERS OF SANDRIDGE ENERGY, INC., WHEN THEY
BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING
ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. WHEN COMPLETED, THE
DEFINITIVE CONSENT STATEMENT AND FORM OF WRITTEN CONSENT WILL BE FURNISHED TO
SOME OR ALL OF THE STOCKHOLDERS OF SANDRIDGE ENERGY, INC. AND WILL, ALONG WITH
OTHER RELEVANT DOCUMENTS, BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT
HTTP://WWW.SEC.GOV. IN ADDITION, TPG-AXON WILL PROVIDE COPIES OF THE
DEFINITIVE CONSENT STATEMENT AND ACCOMPANYING CONSENT CARD (WHEN AVAILABLE)
WITHOUT CHARGE UPON REQUEST.

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Contact:

For TPG-Axon Capital
Anton Nicholas, Phil Denning, Jason Chudoba
203-682-8200
Anton.Nicholas@icrinc.com
Phil.Denning@icrinc.com
Jason.Chudoba@icrinc.com
 
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