Thursday’s Recap: SandRidge Energy Inc, Chesapeake Energy Corporation, Oracle Corporation
NEW YORK, March 14, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on SandRidge Energy Inc, Chesapeake Energy Corporation, Oracle Corporation.
SandRidge Energy Inc.(NYSE:SD) has inked an agreement with TPG-Axon Capital on Wednesday that may result in the removal of the CEO, Tom Ward, of the oil and gas company.
The company has been going through tough times since last year from TPG-Axon and another hedge fund over strategic missteps and governance lapses. TPG-Axon is the owner of 7.3% shares of SandRidge. It has introduced a campaign to oust Ward and the entire board of directors within the company.
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SandRidge mentioned that four directors, who are chosen by TPG-Axon, will be added to the board right away. This will engage an independent company to review land agreements struck by Ward and his family.
TPG-Axon has also accused Ward and the board of the company to have allowed WCT Resources in getting the rights to drill for oil and gas near the operations of SandRidge.
SandRidge has said that its board will decide whether to get rid of Ward by 30th of June. The company said that its board had given extensive liberty of profit from personal oil and gas agreements to Ward and his family in ways that could lead to potential conflicts of interest.
Edward Bass and other mineral owners of Barnett Shale have sued Chesapeake Energy Corporation(NYSE:CHK) Operating and Chesapeake Exploration LLC, accusing the energy company to be underpaid in terms of royalty compensations.
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According to a major partner of Susman Godfrey’s Dallas-based office, Daniel Charest, the mineral owners account for 4,000 acres and are seeking millions of dollars that are owed to them on their leases by Chesapeake.
Charest has said that the owners of land want Chesapeake to fulfill the conditions mentioned in the agreements. He said that Chesapeake cannot ignore the leases forever.
The litigation was filed on Wednesday and it takes into account the Trinity Valley School that is located on 74 acres of land donated by Anne and Robert Bass. The complaint says that Chesapeake has violated conditions of the lease by underpaying on royalty fees from gas generated on the land of the plaintiffs. The majority of the land is located in Tarrant County.
In other news, Oracle Corporation (NASDAQ:ORCL) has declared it is planning on purchasing a cloud infrastructure software provider, Nimbula with Chris Pinkham, a primary architect of Amazon Web Services and also Nimbula’s co-founder.
Nimbula generates a cloud operating system that organizes and manages the functions of a public cloud, taking into account monitoring, provisioning and chargeback of cloud workloads. A major implication of the move is to align Oracle with OpenStack, open source cloud software, considering that one of the most recent moves of Nimbula was to convert Director into a manager of parts of OpenStack.
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It is still unclear as to how Nimbula will be combined with the Oracle product line. At a glance, it is tough to know exactly in what form such combination may take place. Nimbula is designed to run a scale-out of typical x86 servers and allow self-provisioning by users and chargeback based on hourly utilization.
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