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TPG-Axon’s Continued Investigation Reveals Undeniable Pattern Of Conflicted Related-Party Transactions At SandRidge Energy

TPG-Axon, beneficial owner of seven percent of the outstanding shares of SandRidge Energy, Inc. (NYSE: SD) (the “Company”), today announced that a second presentation detailing the wide scope of SandRidge’s related-party land transactions can be found by visiting

In the presentation, TPG-Axon outlines what it believes to be an undeniable pattern of conflicted related-party transactions of large proportions with entities related to Tom Ward and his family. TPG-Axon’s ongoing and exhaustive investigation has identified that WCT Resources, a company owned and controlled by trusts established by Tom Ward for the benefit of his children, owns mineral rights adjacent to SandRidge in 22 counties in Oklahoma and Kansas which make up part of the Mississippian Lime formation, the Company’s primary oil and natural gas play.

Based on a thorough review of the aforementioned 22 counties, TPG-Axon has found that WCT Resources controls roughly 475,000 acres throughout the Mississippian. TPG-Axon believes this acreage count makes WCT Resources the fifth largest exploration and production (E&P) company in the Mississippian, behind only SandRidge, Chesapeake Energy, Shell and Devon Energy, and a direct competitor of SandRidge.

TPG-Axon is concerned not only by the scale of WCT Resources’ involvement in the Mississippian, but by the suspicious timing of the company’s purchases. TPG-Axon has discovered that in many instances, WCT Resources and SandRidge actively acquire acreage within weeks and months of each other. Contrary to SandRidge’s claims, based on the data TPG-Axon has reviewed, this pattern of activity is not rare; it is now clear that the degree of overlap and competition is truly massive.

TPG-Axon believes the adjacent land WCT Resources acquired could be worth billions of dollars if SandRidge’s efforts to build infrastructure and ‘prove out’ acreage in the Mississippian are successful. SandRidge projects it will spend roughly 80 percent of its entire remaining market capitalization this year to, among other things, increase the value of its Mississippian mineral rights, which could make the Ward family one of the biggest beneficiaries of this spending.

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