TPG-Axon also has criticized Ward and SandRidge's directors for having a lack of strategic direction because the company recently bought and sold acreage in the Permian Basin and because of its purchase last year of Gulf of Mexico oil producer Dynamic Offshore.
SandRidge, however, said the company has “clearly articulated and successfully executed a shift from natural gas to oil.”
“SandRidge's thoughtful approach to managing its asset base has resulted in the leading position in the high-growth Mississippian with a balance sheet and financial strength to support growth and deliver stockholder value,” the company said.
The shareholder group also has accused WCT Resources — a trust run by Ward's adult children — of improperly competing with SandRidge for acreage in the Mississippi Lime in northern Oklahoma and western Kansas.
SandRidge reiterated Wednesday its stance that WCT Resources is an independent company not related to SandRidge, saying “no person affiliated with SandRidge has any control over WCT Resources' activities.”
SandRidge also said transactions between WCT Resources and SandRidge “have been thoroughly reviewed and approved in advance by disinterested board members in accordance with company policy.”
TPG-Axon has pointed out that until about a year ago, WCT Resources' address was listed at SandRidge's headquarters and that the company is the fifth-largest acreage-holder in the Mississippi Lime.