OKLAHOMA CITY, April 8, 2013 /PRNewswire/ -- SandRidge Energy, Inc. (NYSE: SD) today announced that David C. Lawler has been appointed Chief Operating Officer of the Company.
James D. Bennett, the Company's President and Chief Financial Officer, commented, "Dave has been an invaluable member of the executive team over the last two years. His leadership and rigorous focus on returns have been critical to our success in the Mississippian play. His teams have secured multiple competitive advantages in the region and positioned us as the lowest cost developer and most efficient operator there. We look forward to his continued leadership and contribution as our Chief Operating Officer."
Since the announcement on March 13 of the Company's settlement with TPG-Axon, the Board and its committees have been actively engaged in a strategic review of the Company, its operations and its governance practices. Those actions include:
- Stephen C. Beasley, Edward W. Moneypenny, Alan J. Weber and Dan A. Westbrook were appointed to the Board on March 14, 2013. Simultaneously, the Board appointed Mr. Beasley as chair of the Compensation Committee, Mr. Moneypenny to the Audit Committee and the newly formed Strategy and Planning Committee, Mr. Weber as chair of the Nominating and Governance Committee, and Mr. Westbrook to the Nominating and Governance Committee and as chair of the Strategy and Planning Committee.
- The Strategy and Planning Committee, consisting of Messrs. Westbrook, Moneypenny, Serota and Brewer, has met several times to review potential adjustments to the Company's planned capital and operating expenditures, including reductions in rig count and general and administrative expenses. Certain actions to reduce expenditures have already been taken, including the sale of Company planes and significantly reducing advertising and sponsorship expenditures. The committee expects its initial review to be concluded, and to make recommendations to the full Board, soon. The Strategy and Planning Committee is also evaluating a variety of options for addressing the Company's future capital needs and lessening any funding shortfall, including potential asset monetizations.
- The Audit Committee has engaged Mayer Brown LLP, an internationally recognized, independent law firm to review the shareholder allegations relating to transactions in oil and gas properties in the Mississippian play by Tom L. Ward, the Company's Chief Executive Officer, and entities affiliated with members of his family. The Audit Committee is targeting completion of that review by June 15, 2013.
- The Compensation Committee is currently assessing all aspects of SandRidge's compensation program with the Company's management and its new independent compensation consultant, Frederick W. Cook & Co., Inc. Among other things being considered by the Compensation Committee is a transition toward an objective performance based compensation plan. The Compensation Committee expects this review to be completed in the coming months.