TPG-Axon Releases Presentation Detailing SandRidge Energy’s Related-Party
- Calls for Board of Directors to Conduct an Investigation of CEO Tom Ward -
- Presentation Available At www.Shareholdersforsandridge.com -
NEW YORK -- January 23, 2013
TPG-Axon, beneficial owner of 6.7% of the outstanding shares of SandRidge
Energy, Inc. (NYSE: SD) (the “Company”), today announced that a presentation
detailing the scope of SandRidge’s related-party land transactions can be
found by visiting www.Shareholdersforsandridge.com.
The presentation outlines numerous instances where entities affiliated with
Tom Ward’s family, such as TLW Land & Cattle, WCT Resources and 192
Investments, have been active in acquiring acreage and mineral rights ahead of
the Company, and in many instances ‘flipping’ the rights to SandRidge just
weeks or months later. More worryingly, it appears that those affiliated
entities have also acquired acreage in advance of purchases by SandRidge in
the same areas, and then either sold it to third parties or kept it.
TPG-Axon requests SandRidge’s Board of Directors:
*Conduct an investigation of Mr. Ward and his conduct related to said
related-party land transactions; and
*Provide stockholders with detailed information regarding the nature of the
interaction between the various entities associated with members of the
Ward family and SandRidge.
TPG-Axon believes the fact pattern surrounding the related-party land
transactions outlined in the presentation suggests SandRidge stockholders may
have been disadvantaged by the actions of entities related to Mr. Ward or his
immediate family members.
TPG-Axon urges stockholders of record as of December 13, 2012 to vote the
GREEN consent card in favor of its proposals to amend the Company’s bylaws and
replace SandRidge’s entire Board of Directors with its slate of highly
qualified director nominees.
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
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”) HAS FILED 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, STEPHEN C. BEASLEY, EDWARD W. MONEYPENNY, FREDRIC G. REYNOLDS, PETER
H. ROTHSCHILD, ALAN J. WEBER AND DAN A. WESTBROOK (COLLECTIVELY, THE
"PARTICIPANTS") FROM THE STOCKHOLDERS OF SANDRIDGE ENERGY, INC. BECAUSE THEY
CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE
PARTICIPANTS. THE DEFINITIVE CONSENT STATEMENT AND FORM OF WRITTEN CONSENT
HAVE BEEN FURNISHED TO SOME OR ALL OF THE STOCKHOLDERS OF SANDRIDGE ENERGY,
INC. AND ARE, ALONG WITH OTHER RELEVANT DOCUMENTS, 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
WITHOUT CHARGE UPON REQUEST.
INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR
INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN THE DEFINITIVE CONSENT
STATEMENT ON SCHEDULE 14A FILED BY TPG-AXON WITH THE SEC ON JANUARY 18, 2013.
THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.
MacKenzie Partners, Inc.
Dan Burch or Larry Dennedy, (212) 929-5500
Anton Nicholas, 203-682-8245
Phil Denning, 203-682-8246
Jason Chudoba, 646-277-1249
Press spacebar to pause and continue. Press esc to stop.