Shareholder Calls For Overhaul Of SandRidge Energy Management

Thursday, November 8th 2012, 10:02 am
By: News 9

Reports surfaced Thursday morning that one of SandRidge Energy's top shareholders is calling for the Oklahoma City-based oil and gas company to consider selling itself.

Investor TPG-Axon, which said it owns more than 4.5 percent of SandRidge, sent a letter to the company. In addition to calling for a sale of the company, the investor said Chief Executive Tom Ward should step down, and the company's board should be significantly reconfigured. 

TPG-Axon blasted SandRidge's management strategy, calling it "incoherent, unpredictable, and volatile."

Read the full letter from TPG-Axon Capital

TPG-Axon said in the letter it believes SandRidge could be worth $12 to $14 a share, compared with its $6 a share value, as of closing on Wednesday, November 7.

After the opening bell on Wall Street Thursday morning, SandRidge stock was up about 9 percent.

SandRidge Energy, Inc. Reports Financial and Operational Results for Third Quarter

News 9 called Sandridge Thursday to get reaction of this news. We left a message with their media relations department, but have not yet heard back.

More on this story from CBS Marketwatch