TPG-Axon Releases Presentation Detailing SandRidge Energy’s Related-Party Land Transactions
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 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”) 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.
