OKLAHOMA CITY, April 9, 2018 /PRNewswire/ — SandRidge Energy, Inc. (“SandRidge” or the “Company”) (NYSE: SD) today issued the following statement in response to Icahn Capital’s intention to nominate directors to the SandRidge Board of Directors at the 2018 Annual Meeting of Shareholders.
The governing documents of SandRidge Energy are structured to give shareholders significant input over matters such as board composition and to implement desired changes through a vote of all shareholders. For example, shareholders may demand special meetings at any time at the request of only 25% of the outstanding shares. Additionally, every SandRidge director stands for reelection on an annual basis. Any shareholder has the ability to make proposals or nominate directors for consideration at the Company’s annual meeting by following the procedures outlined in our bylaws.
Consistent with this philosophy, SandRidge welcomes shareholder input and will review all qualified candidates for nomination to the Board of Directors. SandRidge has specifically offered Icahn Capital, on more than one occasion, the opportunity to submit qualified, independent candidates for the Board’s consideration. None have been put forth. To the extent Icahn Capital nominates any candidates for election at the Annual Meeting, the Nominating and Corporate Governance Committee will thoroughly review those candidates and make a recommendation to the shareholders.
The SandRidge Board is committed to maximizing long-term shareholder value and to acting in a manner that is in the best interests of all shareholders. Since our extensive, in person discussions with many large shareholders last December and January, the SandRidge Board has made changes to the Company’s leadership team, modified and clarified our strategic objectives, implemented a focused capital program with moderate outspend and committed to reducing general and administrative cash expenses by one-third.
In addition, as previously disclosed, SandRidge is undertaking a formal process to evaluate strategic alternatives, which may include divestment or joint venture opportunities associated with our North Park Basin assets and potential corporate and asset combination options with other companies. SandRidge will also evaluate credible offers to acquire the Company, including offers from Icahn Capital, and will pursue options that maximize shareholder value. To date, Icahn Capital has rejected SandRidge’s offer to participate in this process on the same fair basis as other interested parties. SandRidge remains committed to conducting a thorough and impartial strategic review process that is in the best interest of all shareholders.
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth-oriented projects in Oklahoma and Colorado. As of December 31, 2017 our proved reserves totaled 178 MMBoe, with a SEC PV-10 value of $749 Million ($835 Million using year end strip pricing). The majority of the Company’s production is generated from the Mississippi Lime formation across 360,000 net acres in Oklahoma and Kansas. Development activity is currently focused on the Meramec formation in the Northwest STACK Play in Oklahoma and multiple oil rich Niobrara benches across our 125,000 net acres in the North Park Basin in Colorado.