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Friday, February 28, 2014

SandRidge subpoenaed in antitrust inquiry on natgas rights -filing, (NYSE: SD)

SandRidge Energy Inc said on Friday it was subpoenaed by the U.S. Department of Justice, which is investigating whether antitrust laws were violated in the buying and leasing of mineral rights.In June, SandRidge's board removed the U.S. oil and gas company's founder and chief executive, Tom Ward, after a struggle with activist investors who accused him of self-dealing at the expense of shareholders and of making strategic mistakes.In December, SandRidge received an order from federal authorities "in connection with an ongoing investigation of possible violations of antitrust laws in connection with the purchase or lease of land, oil or natural gas rights," SandRidge said in its annual filing with the U.S. Securities and Exchange Commission.The Oklahoma City, Oklahoma, company is cooperating with the government's anti-trust probe and did not say whether it was the target of the inquiry.

SandRidge Energy, Inc., is an independent oil and natural gas company. Shares of SD traded higher by 1.9% or $0.12/share to $6.45. In the past year, the shares have traded as low as $4.52 and as high as $6.96. On average, 9522530 shares of SD exchange hands on a given day and today's volume is recorded at 17835210.