TPG-Axon Responds to SandRidge Energy Statement Pertaining to Related Party Transactions; SandRidge Down 1%

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TPG-Axon, beneficial owner of 6.7% of the outstanding shares of SandRidge Energy Inc. ( SD ) has issued the following statement and rebuttal to SandRidge's press release regarding related party transactions issued Friday, January 25, 2013. SD is down more than 1 at $6.98 but above a day low $6.83, in a 52-week range of $4.81 - $8.98.

"The Board's disappointing response on Friday shows disregard for both facts and stockholders. Nowhere in its press release did the company refute the accuracy of the facts we presented. Therefore, there can be no doubt that SandRidge's Board of Directors has failed stockholders by allowing its CEO's immediate family, using entities he created or funded, to compete with the company in one of the most crucial aspects of its primary business - acquiring the mineral rights to land in the Mississippian. Furthermore, since many of the directors have either long-standing business relationships with Mr. Ward or have had direct business relations with the company, we disagree with the very characterization of this board as independent. For the board to dismiss our concerns as 'entirely unremarkable' is in fact remarkable," said TPG-Axon.



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This article appears in: Investing , Commodities

Referenced Stocks: SD

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