EXHIBIT 1
GLASS, LEWIS & CO. RECOMMENDS SANDRIDGE
ENERGY STOCKHOLDERS REPLACE A MAJORITY OF THE BOARD
- Highlights Poor Financial Performance, Excessive
Compensation and Dismal Governance -
- Echoes ISS’s Recommendation that SandRidge
Stockholders Vote the GREEN Consent Card in Support of TPG-Axon’s Proposals -
- TPG-Axon Requests Stockholders Return Their
GREEN Consent Cards to
Elect Its Full Slate of Nominees -
NEW YORK, NY (February 21, 2013) – TPG-Axon, beneficial
owner of seven percent of the outstanding shares of SandRidge Energy, Inc. (NYSE: SD) (the “Company”), today announced
that Glass, Lewis & Co. (Glass Lewis), a leading independent proxy voting and corporate governance advisory firm, has recommended
SandRidge stockholders vote the GREEN consent card in support of TPG-Axon’s proposals.
Specifically, Glass Lewis recommends SandRidge’s bylaws be
amended to destagger the Board, that six incumbent directors be removed, including SandRidge Chief Executive Officer Tom Ward,
and that independent director nominees Stephen C. Beasley, Edward W. Moneypenny, Dinakar Singh, Alan J. Weber, Dan A. Westbrook
and Peter H. Rothschild be elected to the Board. Glass Lewis also recommends stockholders NOT VOTE the white consent
card provided by SandRidge.
TPG-Axon recommends stockholders vote its full slate of independent
directors including Mr. Beasley, Mr. Moneypenny, Mr. Singh, Mr. Weber, Mr. Westbrook, Mr. Rothschild and Fredric G. Reynolds. TPG-Axon
requests that stockholders return their signed and dated GREEN consent cards promptly, to ensure that their consent
cards are received by SandRidge prior to March 15, 2013, the deadline for submitting consents.
In its recommendation, Glass Lewis noted the following:
| · | “We agree with TPG-Axon that independent shareholders would strongly benefit from fresh, external perspectives and
a substantial overhaul of board level oversight.” |
| · | “…we find an equally dismal corporate governance landscape marred by regressive practices, poorly-implemented
compensation policies and a general lack of substantive oversight.” |
| · | “As a rule, we are reticent to recommend the removal of incumbent board members, or in favor of dissident nominees,
unless one of the following two things has occurred: (i) there are serious problems at the company and the newly proposed nominees
have a clear and realistic plan to solve these problems; or (ii) the current board has undertaken an action |
| | clearly contrary to the interests of shareholders (or failed to undertake an action clearly to the benefit of shareholders).” |
| · | “We agree with the Dissident that there is sufficient cause to doubt the board's assessment of certain related party
transactions, particularly those related to CEO Tom Ward…We believe it is entirely reasonable for independent shareholders
to question how the continued involvement of a conflicted CEO could possibly benefit SandRidge over any term…” |
In reaching its conclusion, Glass Lewis stated:
| · | “Taken collectively, we find the foregoing issues strongly indicative of a board sorely unprepared to create or protect
shareholder value, or, indeed, effectively oversee a CEO that has, by virtually any meaningful standard, steered SandRidge toward
peer-worst performance since the Company's initial public offering. In lieu of offering owners any value-additive rebuttal to these
concerns, it appears the board has opted to double down on its poor pattern of practice by adopting a shareholder rights plan and
clumsily wielding the threat of violated debt covenants and potential executive severance payments as a cudgel to maintain the
status quo.” |
“We are pleased that a second highly-respected, independent
proxy advisory firm has agreed with our view that SandRidge is in critical need of change, and that the current Board must be removed
for this change to take place,” said TPG-Axon. “We strongly believe the incumbent directors’ lack of strategic
oversight and financial discipline, combined with their poor governance practices has caused the market to lose faith in the Company,
causing massive leakage of value for stockholders. Because of this we believe it is imperative that stockholders follow Glass Lewis
and ISS’s, two of the largest proxy advisory firms, recommendations and vote the GREEN consent card in favor
of our proposals to facilitate meaningful change.”
For information on TPG-Axon’s proposals and on the process
for voting shares in favor of those proposals, go to www.Shareholdersforsandridge.com.
About TPG-Axon Capital
TPG-Axon Capital is a leading global investment firm. Through offices
in New York, London, Hong Kong and Tokyo, TPG-Axon invests across global markets and asset classes.
Contacts:
MacKenzie Partners, Inc.
Dan Burch or Larry Dennedy
(212) 929-5500
TPG-Axon:
Anton Nicholas
203-682-8245
Anton.Nicholas@icrinc.com
Phil Denning
203-682-8246
Phil.Denning@icrinc.com
Jason Chudoba
646-277-1249
Jason.Chudoba@icrinc.com
TPG-AXON MANAGEMENT LP, TPG-AXON PARTNERS GP, L.P., TPG-AXON GP,
LLC, TPG-AXON PARTNERS, LP, TPG-AXON INTERNATIONAL, L.P., TPG-AXON INTERNATIONAL GP, LLC, DINAKAR SINGH LLC AND DINAKAR SINGH
(COLLECTIVELY, “TPG-AXON”) HAS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) A DEFINITIVE
CONSENT STATEMENT AND ACCOMPANYING CONSENT CARD TO BE USED TO SOLICIT WRITTEN CONSENTS FROM THE STOCKHOLDERS OF SANDRIDGE ENERGY,
INC. IN CONNECTION WITH TPG-AXON'S INTENT TO TAKE CORPORATE ACTION BY WRITTEN CONSENT. ALL STOCKHOLDERS OF SANDRIDGE ENERGY, INC.
ARE ADVISED TO READ THE DEFINITIVE CONSENT STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF WRITTEN CONSENTS BY TPG-AXON,
STEPHEN C. BEASLEY, EDWARD W. MONEYPENNY, FREDRIC G. REYNOLDS, PETER H. ROTHSCHILD, ALAN J. WEBER AND DAN A. WESTBROOK (COLLECTIVELY,
THE "PARTICIPANTS") FROM THE STOCKHOLDERS OF SANDRIDGE ENERGY, INC. BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING
ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. THE DEFINITIVE CONSENT STATEMENT AND FORM OF WRITTEN CONSENT HAVE BEEN FURNISHED
TO SOME OR ALL OF THE STOCKHOLDERS OF SANDRIDGE ENERGY, INC. AND ARE, ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE
ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, TPG-AXON WILL PROVIDE COPIES OF THE DEFINITIVE CONSENT STATEMENT
AND ACCOMPANYING CONSENT CARD WITHOUT CHARGE UPON REQUEST.
INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT
OR INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN THE DEFINITIVE CONSENT STATEMENT ON SCHEDULE 14A FILED BY TPG-AXON WITH
THE SEC ON JANUARY 18, 2013. THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.
