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SandRidge investor still wants leadership change

SandRidge Energy Inc. investor Mount Kellett Capital Management LP has not wavered from its position that the company needs new leadership.
BY JAY F. MARKS Business Writer Modified: December 20, 2012 at 10:35 pm •  Published: December 21, 2012

SandRidge's stock dipped nearly 5 percent Thursday, a day after the company announced it had struck a $2.6 billion deal to sell most of its holdings in west Texas' Permian Basin. It closed at $6.19, down 31 cents.

“Management is doing what we said we would do — staying true to our brand, doing things strategically and efficiently and once again making a move that creates tremendous value for the company and its shareholders,” SandRidge spokesman Greg Dewey said.

Mount Kellet had urged SandRidge to hold off on the sale of its Permian assets, which it estimated were worth up to $4 billion.

Jonathan Fiorello, Mount Kellett's chief operating officer, wrote last month that SandRidge should let a reconstituted board and management team decide its future direction.

“SandRidge has great assets and should be a great company,” he wrote, “but it is clear that it will not be without changes at the top.”