SandRidge Energy Promotes David Lawler to COO Position and Provides Update on Initiatives
OKLAHOMA CITY, April 8, 2013 /PRNewswire/ -- SandRidge Energy, Inc. (NYSE: SD) today announced that David C. Lawler has been appointed Chief Operating Officer of the Company.
James D. Bennett, the Company's President and Chief Financial Officer, commented, "Dave has been an invaluable member of the executive team over the last two years. His leadership and rigorous focus on returns have been critical to our success in the Mississippian play. His teams have secured multiple competitive advantages in the region and positioned us as the lowest cost developer and most efficient operator there. We look forward to his continued leadership and contribution as our Chief Operating Officer."
Since the announcement on March 13 of the Company's settlement with TPG-Axon, the Board and its committees have been actively engaged in a strategic review of the Company, its operations and its governance practices. Those actions include:
- Stephen C. Beasley, Edward W. Moneypenny, Alan J. Weber and Dan A. Westbrook were appointed to the Board on March 14, 2013. Simultaneously, the Board appointed Mr. Beasley as chair of the Compensation Committee, Mr. Moneypenny to the Audit Committee and the newly formed Strategy and Planning Committee, Mr. Weber as chair of the Nominating and Governance Committee, and Mr. Westbrook to the Nominating and Governance Committee and as chair of the Strategy and Planning Committee.
- The Strategy and Planning Committee, consisting of Messrs. Westbrook, Moneypenny, Serota and Brewer, has met several times to review potential adjustments to the Company's planned capital and operating expenditures, including reductions in rig count and general and administrative expenses. Certain actions to reduce expenditures have already been taken, including the sale of Company planes and significantly reducing advertising and sponsorship expenditures. The committee expects its initial review to be concluded, and to make recommendations to the full Board, soon. The Strategy and Planning Committee is also evaluating a variety of options for addressing the Company's future capital needs and lessening any funding shortfall, including potential asset monetizations.
- The Audit Committee has engaged Mayer Brown LLP, an internationally recognized, independent law firm to review the shareholder allegations relating to transactions in oil and gas properties in the Mississippian play by Tom L. Ward, the Company's Chief Executive Officer, and entities affiliated with members of his family. The Audit Committee is targeting completion of that review by June 15, 2013.
- The Compensation Committee is currently assessing all aspects of SandRidge's compensation program with the Company's management and its new independent compensation consultant, Frederick W. Cook & Co., Inc. Among other things being considered by the Compensation Committee is a transition toward an objective performance based compensation plan. The Compensation Committee expects this review to be completed in the coming months.
The Board of Directors is committed to pursuing these efforts in a thorough and diligent manner.
SandRidge Energy, Inc. is an oil and natural gas company headquartered in Oklahoma City, Oklahoma with its principal focus on exploration and production. SandRidge and its subsidiaries also own and operate gas gathering and processing facilities and conduct marketing operations. In addition, Lariat Services, Inc., a wholly-owned subsidiary of SandRidge, owns and operates a drilling rig and related oil field services business. SandRidge focuses its exploration and production activities in the Mid-Continent, Gulf of Mexico, West Texas and Gulf Coast regions. SandRidge's internet address is www.sandridgeenergy.com.
This communication may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company. Actual results could differ materially from those discussed above. Important factors that could affect performance and cause results to differ materially from management's expectations are described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Annual Report on Form 10-K for the year ended December 31, 2012, which was filed with the Securities and Exchange Commission (the "SEC") on March 1, 2013, as may be updated from time to time in the Company's SEC filings, which are available through the web site maintained by the SEC at www.sec.gov. The Company's forward-looking statements in this communication are based on management's current views and assumptions regarding future events and speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.
Kevin R. White
Senior Vice President
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
+1 (405) 429-5515
SOURCE SandRidge Energy, Inc.