Reuters – Mount Kellett Concerned Over SandRidge Allegations


Investment firm Mount Kellett Capital Management said it was concerned about allegations that SandRidge Energy Inc. Chief Executive Tom Ward and a trust purportedly run by his son engaged in “persistent front running of the company,” Reuters reported. Mount Kellett Capital, which holds about 4.5 percent in SandRidge, said in a letter on Thursday it was reviewing allegations by another investor, TPG-Axon, that Ward and his son acquired mineral rights and sold them to SandRidge or other oil and gas companies at a profit.

(Reuters) – Investment firm Mount Kellett Capital Management said it was concerned about allegations that SandRidge Energy Inc Chief Executive Tom Ward and a trust purportedly run by his son engaged in “persistent front running of the company.”

Mount Kellett Capital, which holds about 4.5 percent in SandRidge, said in a letter on Thursday it was reviewing allegations by another investor, TPG-Axon, that Ward and his son acquired mineral rights and sold them to SandRidge or other oil and gas companies at a profit.

Hedge fund TPG-Axon Capital and Mount Kellett Capital have been pressing to replace Ward and the board and to put the company up for sale.