NEW YORK Jan 25 SandRidge Energy Inc's
board said Friday it had reviewed land deals involving entities
controlled by Chief Executive Tom Ward and his family and found
no sign of wrongdoing.
The company said in a statement its independent directors
would consider requests from investors to hire outside
investigators to look into the charges.
Hedge fund TPG-Axon, one of SandRidge's top investors, had
alleged that WCT Resources, an Oklahoma company run by Ward's
son Trent, had run ahead of the company to acquire land, later
flipping that land to SandRidge or other oil and gas companies.
Another top shareholder, Mount Kellett Capital Management,
joined TPG-Axon in urging the board to further investigate the
Ward is already under fire from the two investors, who had
asked him to step down based on the company's performance before
making the charges relating to the land deals.
TPG-Axon has launched an effort to have the company's board