SandRidge Energy, Inc. (the
"Company" or "SandRidge") SD announced that one of the nation's
leading independent proxy advisory firms, Egan-Jones Proxy Services
("Egan-Jones"), recommends that SandRidge stockholders support the Company's
current Board in connection with TPG-Axon's consent solicitation. Egan-Jones
supplies proxy voting advisory services to institutions and other professional
investors.
The Company stated, "We are pleased with Egan-Jones' recommendation. Our
highly qualified and independent board has taken decisive steps over the last
few years to transition SandRidge to an oil focused producer with a leading
position in the Mississippian play. We firmly believe that the current Board
has the right combination of skills, experience and expertise to oversee the
continued execution of our strategic plan and deliver long-term value for our
stockholders.
"In contrast to the SandRidge Board, TPG-Axon's nominees are not familiar with
the Company's operations, and we do not believe they have the necessary
qualifications to serve on the SandRidge Board. We continue to encourage
SandRidge stockholders to protect the value of their investment and sign, date
and return the white consent revocation card."
In making its recommendation, Egan-Jones notes the following:
"We believe that voting to revoke consents to the TPG-Axon's consent
solicitation is merited and is in the best interest of the Company and its
shareholders. In arriving at the conclusion, we have considered the following
factors:
o Our belief that the dissidents have provided no specific plans and no
substantive new ideas or valid reasons to change the Company's strategic
direction that will enhance the Company's stockholder value.
o We are not convinced that election of the dissidents' slate to the board
of directors would work to the benefit of shareholders.
o Our belief that the Company has made strides in addressing financial
difficulties, primarily by taking a number of initiatives to improve
liquidity and the overall financial strength of the Company. In
particular, the announced sale of the mature Permian assets for $2.6
billion will generate cash proceeds of over $1.4 billion in excess of the
Company's net investment, dramatically reducing the net debt balances and
give the resources needed to fund growth in the Mississippian."
SandRidge urges stockholders to disregard any mailings sent by the TPG-Axon
Group and sign, date and return SandRidge's WHITE consent revocation card. If
stockholders have any questions or need assistance, please contact the firm
assisting SandRidge in the solicitation of consent revocations, INNISFREE M&A
INCORPORATED. Stockholders can call toll-free (877) 717-3929 and banks and
brokers can call collect (212) 750-5833.
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