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Thursday, January 17, 2013

Mount Kellett says concerned about SandRidge Energy allegations, (NYSE: SD)

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.

SandRidge Energy, Inc. (SandRidge) is an independent oil and natural gas company. Shares of SD remained unchanged at $6.79. In the past year, the shares have traded as low as $4.81 and as high as $8.98. On average, 14938200 shares of SD exchange hands on a given day and today's volume is recorded at 41193.