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"It's going to be a more focused, streamlined SandRidge" without Tom Ward, a Morningstar analyst...

"It's going to be a more focused, streamlined SandRidge" without Tom Ward, a Morningstar analyst says in approving new CEO James Bennett, whose background in investment banking and private equity could help with a sale of the company. Ward's fall is cushioned by a $90M severance, since SD's probe into allegations of improper related party transactions did not merit a "termination for cause." SD +1.9% premarket.
Comments (9)
  • I'll run a company into the ground for $2 million.
    20 Jun 2013, 08:35 AM Reply Like
  • PLEASE. You insult yourself. Do not, I repeat, Do not think of the stockholders, be selfish. You may only get one or two shots. A typical "out the door" package for running a company into the ground is $15 million+. The side bar of course is TPG looking to make a boat load on their investment, thus goodbye TW was a given.
    20 Jun 2013, 09:09 AM Reply Like
  • I saw this coming. These guys always walk away with the big parachute. It sucks but that's the way it goes.
    20 Jun 2013, 09:08 AM Reply Like
  • The saga is over.! Time to get on with business, all legit and proper. This company is worth far more than $5.00/share. Hopefully, the new management and an "involved" board of directors will prove this out.
    20 Jun 2013, 09:13 AM Reply Like
  • Henry Hub is Up. TW is out. And SD is scraping along near new lows! Good luck to TPG, Cooperman, and all the other pro's. A lot of the Miss Lime rocks are marginal. APA is continuing to spend 0 in Kansas for the remainder of 2013. ECA is pulling back on their Kansas acres. I think you will find a lot of lease expiries with SD going forward, and a smaller and tighter company does not necessarily equate to a rising SP. I assume they can drill their way out of the Miss Lime acres that they retain, and pay down debt going forward, and maybe in 1-3 years get TPG back to breakeven. I own Austex in the Miss Lime. OTC: ATXDY. Trades in Australia and Canada too. Much better rocks, much more easily solved problems. Too much G&A verses production and operating cash flow. Sale of the company solves all for ATXDY.
    20 Jun 2013, 09:20 AM Reply Like
  • I think the severance deal killed the stock price. When the news of Wards departure came out the stock rallied. Once the full story about the severance came out it pulled back big time. Ward continues his negative effect even when he's gone.
    20 Jun 2013, 02:00 PM Reply Like
  • Face the positive fact that TW is gone, at a cost set by the previous BOD. If you own SD stock you need to give TPG and the new management some time to get this company going in the right direction. Please realize that you now have a thoughtful management team and BOD that is working for the stockholders, for the first time, I might add!! Now we wait and see what progress they make over the next two quarters which will start to drive the SP higher.
    21 Jun 2013, 12:44 PM Reply Like
  • Makes you wonder where the SEC has been while all this has been going much for protecting the shareholders and the integrity of the "system".
    If "bankstocks" is correct about Kansas, then Mr Ward will be laughing all the way to the bank......and we shareholders who believed in the company, the CEO, and the Board of Directors will be writing down our losses in next year's income taxes........
    22 Jun 2013, 04:09 AM Reply Like
  • SD claims their Kansas results are decent. "More of the same" as they call it. Meaning it is like Northern Oklahoma. They also they that they have the water issues solved that EnCana says was trouble for them. I believe SD is a very good technical team and is going to do the best with the rocks they have. They have scale in the play, and will have lower DC&T costs and lower operating costs than the competition. That said........The oil cuts are generally lower than expected/predicted/for... over the play, and they are saying as the wells mature the oil cuts drop off and the water cuts increase at rates faster than predicted/expected. This of course reduces your cash flows and EUR's over the life of each well. At $4. mcf and current oil prices I think SD can make a go of it here in the Miss Lime but it's going to be a multi year slog to dig out of the debt hole with drilling and cash flow for them. That is what the SP tells me, with or without Tom Ward.
    22 Jun 2013, 08:14 AM Reply Like
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