Egan-Jones Recommends SandRidge Stockholders Support Current Board
Company Urges Stockholders to Reject TPG-Axon's Nominees
OKLAHOMA CITY, Feb. 19, 2013
OKLAHOMA CITY, Feb. 19, 2013 /PRNewswire/ --SandRidge Energy, Inc. (the
"Company" or "SandRidge") (NYSE: SD) announced that one of the nation's
leading independent proxy advisory firms, Egan-Jones Proxy Services
("Egan-Jones"), recommends that SandRidge stockholders support the Company's
current Board in connection with TPG-Axon's consent solicitation. Egan-Jones
supplies proxy voting advisory services to institutions and other professional
The Company stated, "We are pleased with Egan-Jones' recommendation. Our
highly qualified and independent board has taken decisive steps over the last
few years to transition SandRidge to an oil focused producer with a leading
position in the Mississippian play. We firmly believe that the current Board
has the right combination of skills, experience and expertise to oversee the
continued execution of our strategic plan and deliver long-term value for our
"In contrast to the SandRidge Board, TPG-Axon's nominees are not familiar with
the Company's operations, and we do not believe they have the necessary
qualifications to serve on the SandRidge Board. We continue to encourage
SandRidge stockholders to protect the value of their investment and sign, date
and return the white consent revocation card."
In making its recommendation, Egan-Jones notes the following:
"We believe that voting to revoke consents to the TPG-Axon's consent
solicitation is merited and is in the best interest of the Company and its
shareholders. In arriving at the conclusion, we have considered the following
oOur belief that the dissidents have provided no specific plans and no
substantive new ideas or valid reasons to change the Company's strategic
direction that will enhance the Company's stockholder value.
oWe are not convinced that election of the dissidents' slate to the board
of directors would work to the benefit of shareholders.
oOur belief that the Company has made strides in addressing financial
difficulties, primarily by taking a number of initiatives to improve
liquidity and the overall financial strength of the Company. In
particular, the announced sale of the mature Permian assets for $2.6
billion will generate cash proceeds of over $1.4 billion in excess of the
Company's net investment, dramatically reducing the net debt balances and
give the resources needed to fund growth in the Mississippian."
SandRidge urges stockholders to disregard any mailings sent by the TPG-Axon
Group and sign, date and return SandRidge's WHITE consent revocation card. If
stockholders have any questions or need assistance, please contact the firm
assisting SandRidge in the solicitation of consent revocations, INNISFREE M&A
INCORPORATED. Stockholders can call toll-free (877) 717-3929 and banks and
brokers can call collect (212) 750-5833.
About SandRidge Energy:
SandRidge Energy, Inc. is an oil and natural gas company headquartered in
Oklahoma City, Oklahoma with its principal focus on exploration and
production. SandRidge and its subsidiaries also own and operate gas gathering
and processing facilities and CO2 treating and transportation facilities and
conduct marketing operations. In addition, Lariat Services, Inc., a
wholly-owned subsidiary of SandRidge, owns and operates a drilling rig and
related oil field services business. SandRidge focuses its exploration and
production activities in the Mid-Continent, Permian Basin, Gulf of Mexico,
West Texas Overthrust and Gulf Coast. SandRidge's internet address is
This communication may contain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve risks and uncertainties that may individually or mutually
impact the matters herein described for a variety of reasons that are outside
the control of the Company. Actual results could differ materially from those
discussed above. Important factors that could affect performance and cause
results to differ materially from management's expectations are described in
the sections entitled "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in the Annual Report on Form
10-K for the year ended December 31, 2011, which was filed with the Securities
and Exchange Commission (the "SEC") on February 27, 2012, as updated on its
Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2012,
filed on November 9, 2012, and as may be further updated from time to time in
the Company's SEC filings, which are available through the web site maintained
by the SEC at www.sec.gov. The Company's forward-looking statements in this
communication are based on management's current views and assumptions
regarding future events and speak only as of their dates. The Company
undertakes no obligation to publicly update or revise any forward looking
statements, whether as a result of new information, future events or
otherwise, except as required by the federal securities laws.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
On January 18, 2013 the Company filed with the SEC a definitive consent
revocation statement in connection with the consent solicitation by TPG-Axon
Partners, LP, TPG-Axon Management LP, TPG-Axon Partners GP, L.P., TPG-Axon GP,
LLC, TPG-Axon International, L.P., TPG-Axon International GP, LLC, Dinakar
Singh LLC, Dinakar Singh, Stephen C. Beasley, Edward W. Moneypenny, Fredric G.
Reynolds, Peter H. Rothschild, Alan J. Weber and Dan A. Westbrook (the
"TPG-Axon Consent Solicitation"), and has mailed the definitive consent
revocation statement and a form of WHITE consent revocation card to
stockholders of the Company entitled to execute, withhold or revoke consents
relating to the TPG-Axon Consent Solicitation. STOCKHOLDERS OF THE COMPANY
ARE URGED TO READ THE CONSENT REVOCATION STATEMENT, which is available now,
AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Stockholders may obtain a free copy of the consent revocation statement and
other documents (when available) filed with the SEC by the Company through the
website maintained by the SEC at www.sec.gov.
CERTAIN INFORMATION REGARDING PARTICIPANTS
The Company and certain of its directors and executive officers are
participants in the solicitation of consent revocations from the Company's
stockholders in connection with the TPG-Axon Consent Solicitation.
Stockholders may obtain information regarding the names, affiliations and
interests of the Company's directors and executive officers in the Company's
Annual Report on Form 10-K for the year ended December 31, 2011, which was
filed with the SEC on February 27, 2012, its Quarterly Reports on Form 10-Q
for the first three fiscal quarters of the fiscal year ending December 31,
2012, filed on May 7, 2012, August 6, 2012 and November 9, 2012, respectively,
and its definitive consent revocation statement, which was filed with the SEC
on January 18, 2013. These documents can be obtained free of charge through
the website maintained by the SEC at www.sec.gov.
SandRidge Energy Contact:
Kevin R. White
Senior Vice President
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
+1 (405) 429-5515
SOURCE SandRidge Energy, Inc.
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