SandRidge shareholder lists payments to Ward family firms
BY Wire Reports
Thursday, January 24, 2013
1/24/13 at 2:31 AM
SandRidge Energy Inc. has paid $9.5 million since 2008 to companies controlled by CEO Tom Ward and his family, according to shareholder TPG-Axon Capital Management LP.
Oklahoma City-based SandRidge has paid $3.9 million to TLW Land & Cattle LP, a Ward business, and $5.6 million to WCT Resources LLC, run by Ward's son Trent, for royalties and leases, according to a slide presentation posted online Wednesday by TPG-Axon.
The figures include data from SandRidge's public filings since 2008.
New York-based TPG-Axon, which owns 6.7 percent of SandRidge, has accused the Wards of improperly profiting by buying oil and natural gas leases and selling them weeks or months later to SandRidge.
TPG-Axon, run by former Goldman Sachs Group Inc. partner Dinakar Singh, is asking SandRidge shareholders to remove Ward and replace the company's board.
SandRidge has said TPG's nominees lack industry experience and electing them may trigger costly change-in-control provisions linked to its debt. The company said last week that TPG-Axon "has repeatedly made inflammatory and false statements" with the goal of taking control of the company and restructuring or selling it.
SandRidge CEO Tom Ward: TPG-Axon "has repeatedly made inflammatory and false statements," his company says.