SandRidge Energy Inc., the U.S. explorer that pumps oil from aged fields while competitors drill in younger shale plays, has become the most-leveraged independent producer as it ramps up crude production.
SandRidge Energy Inc. Chairman and Chief Executive Officer Tom Ward was fired from the energy producer he founded and replaced by Chief Financial Officer James Bennett, days before an activist shareholder was poised to gain control of the board.
SandRidge Energy Inc., the energy company that has declined 77 percent since it began trading in 2007, should replace Chairman and Chief Executive Officer Tom Ward and consider selling itself after a “disastrous” performance, hedge fund TPG-Axon Capital Management LP said.
SandRidge Energy Inc. will add four directors named by TPG-Axon Capital Management LP and agreed to give the activist shareholder control of the board if Tom Ward is still running the company in four months.
Tapstone Energy LLC, the closely held oil and natural gas company founded by former SandRidge Energy Inc. Chief Executive Officer Tom Ward, agreed to buy all of Royal Dutch Shell Plc’s assets in Kansas.
SandRidge Energy Inc., an oil and natural gas producer, said it found no wrongdoing in its review of business transactions with companies controlled by Chairman and Chief Executive Officer Tom Ward and his family.