SandRidge Energy Board Responds to TPG-Axon Group Allegations

SandRidge Energy SD today released the following statement on behalf of its Board of Directors. TPG-Axon Group has made allegations in public statements concerning certain activities of our Chairman and Chief Executive Officer, Tom Ward, and questioning the Board's oversight of those activities.  Specifically, TPG-Axon claims that Mr. Ward and WCT Resources, LLC, an independent oil and gas company, have engaged in "front running" and "flipping" leasehold interests to the Company.  TPG-Axon also notes that WCT Resources actively competes with the Company in its Mississippian Lime play.  Mount Kellett Capital Management LP has also voiced its concern regarding the allegations made by TPG-Axon.  The Board has reviewed issues related to these allegations several times over the Company's history and has found no wrongdoing to have taken place. WCT Resources was formed in 2002 by irrevocable trusts established in 1989 for the benefit of Mr. Ward's children, all of whom are adults.  The management of WCT Resources is vested entirely in managers, including Mr. Ward's son, who are independent from the Company and have no access to non-public information concerning the Company's land and mineral acquisition programs.   Mr. Ward has no See full press release