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TPG-Axon, beneficial owner of 7.3 percent of the outstanding shares of
SandRidge Energy, Inc.
(the “Company”), today urged SandRidge
Energy Stockholders to act immediately and return the GREEN consent card in
favor of its proposals and director slate in order to meet the March 15, 2013
deadline for submitting the consent.
In addition, TPG-Axon noted that the Company filed an 8K this morning, March,
12, 2013, announcing that the Board has, at long last, approved the
independent slate of director nominees.
TPG-Axon stated, “It is frankly embarrassing and unfortunate that it took the
Board two months, a lawsuit and a stern ruling by Judge Strine that they may
have breached their fiduciary duty, to finally do the right thing for
shareholders. This is yet another poor use of shareholder money, a stark
example of how the Board has attempted to entrench themselves, and a reason
why immediate change is necessary.”
TPG-Axon continued, “The time for change is now. Shareholders should vote
their GREEN consent cards immediately before it is too late, and send a
message to the Board that they have a duty of loyalty to shareholders.”
TPG-Axon also notes that Tom Ward and the current Board of Directors have
failed to adequately address the ongoing strategic and operational
deficiencies as well as the serious governance and related party transaction
issues that have plagued the Company under their tenure. Furthermore, TPG-Axon
cautions stockholders to consider the consequences of the current Board's plan
to spend an amount equal to almost 80 percent of the Company's entire
remaining market capitalization on compensation, overhead, financing costs,
and capital expenditures over the next year.
TPG-Axon reiterates its belief that SandRidge is at a critical point and
encourages stockholders to come together and vote the GREEN consent card today
in favor of its experienced independent director slated to put an end to an
era of value destruction at the Company.
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