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.