OKLAHOMA CITY, May 7, 2018 /PRNewswire/ — SandRidge Energy, Inc. (“SandRidge” or the “Company”) (NYSE: SD) today announced that its Board of Directors will increase the number of directors from five to seven, effective immediately prior to the 2018 Annual Meeting of Shareholders.
SandRidge recommends shareholders support its current directors – Sylvia K. Barnes, Kenneth H. Beer, Michael L. Bennett, William M. Griffin and David J. Kornder – at the upcoming Annual Meeting. In addition, the SandRidge Board encourages shareholders to support two independent nominees put forth by Icahn Capital. SandRidge also noted that its Board interviewed and carefully evaluated all of the Icahn Capital nominees and offered to appoint John J. “Jack” Lipinski and Randolph C. Read as directors in connection with a settlement proposal that Icahn Capital refused.
SandRidge also announced it will use a “universal proxy card” at the upcoming annual meeting. The use of a universal proxy card provides shareholders with flexibility and clarity regarding their votes in a contested election and enables shareholders to cast votes for any director nominee on a single card, regardless of who nominated them, without attending the shareholder meeting in person. In this way, each shareholder will be able to vote for those individuals they believe will serve in their best interests as directors. In Icahn Capital’s nomination materials dated April 13, 2018, its nominees consented in writing to be named as nominees for directors in SandRidge’s proxy statement.
“The changes announced today reflect SandRidge’s ongoing commitment to good governance and ensuring the Board consists of highly qualified individuals, focused on the best interest of all shareholders,” said Chairman Michael L. Bennett. “We recognize the benefit of independent shareholder representation on the Board and fully support shareholders’ ability to elect those candidates they believe will best represent their interests.”
Mr. Bennett continued, “We continue to believe that turning control of the Board fully over to the slate of directors proposed by Icahn Capital, including its non-independent employees, presents numerous potential conflicts, and would be detrimental to the Board’s ongoing formal evaluation of strategic alternatives. Expanding the Board and enabling shareholders to elect the directors they desire ensures the Board will continue to act in shareholders’ best interest.”
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. The majority of the Company’s production is generated from the Mississippi Lime formation in Oklahoma and Kansas. Development activity is currently focused on the Meramec formation in the NW STACK Play in Oklahoma and multiple oil rich Niobrara benches in the North Park Basin in Colorado.