SandRidge Energy (SD) Reports CEO Sells 8.9M Shares of Stock In A Private Sale
SandRidge Energy, Inc. (NYSE: SD) announced its Chief Executive Officer, Tom L. Ward, sold approximately 8.90 million shares of SD common stock in a privately negotiated transaction. After the sale, Mr. Ward continues to beneficially own 29.05 million shares, or 17.5%, of SandRidge common stock.
The shares were sold to George B. Kaiser, an Oklahoma businessman, for an aggregate price of $50 million, or $5.62 per share. The parties also agreed that Mr. Kaiser will have the ability to sell the shares back to Mr. Ward at the same price on February 16, 2009. In a related transaction, existing rights held by the Kaiser-Francis Charitable Income Trust C, a charitable income trust established by Mr. Kaiser, were amended and restated as five-year warrants to purchase approximately 6.67 million shares from Mr. Ward at an exercise price of $5.62 per share, subject to certain adjustments.
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SandRidge Energy, Inc. is a natural gas and crude oil company headquartered in Oklahoma City, Oklahoma with its principal focus on exploration and production.
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