A word to the wise: if you have any dealings with SandRidge Energy, it might make sense to double and triple check any representations they make to you. Don’t learn the hard way that they do below average work like I had to learn. I received a call from SandRidge’s Glen Williams on March 19, 2014. He said SandRidge was going to install a drilling pad measuring 490’ x 300’ and drill 4 wells on my mom’s land starting on March 24, 2014. All I needed to do was get my mom’s signature on the necessary documents by Monday, March 24, 2014, and he had some sizable checks for her for surface & crop damage. After getting my mom’s signatures, I happened to review the documents on Sunday, March 23, 2014. I noticed that the actual well site appeared to belong to an adjoining landowner. I called Glen immediately and notified him of their screw-up. Should someone, such as I, not in the oil & gas industry, be expected to alert them to their screw-ups? In less than 24 hours, they were scheduled to commence drilling operations on land for which they had no apparent legal authorization. Worst part about it was trying to explain that because of SandRidge’s mistake, the money they told my 89 year-old mother they would pay her will now go to the adjoining landowner. Not sure if my mom yet comprehends the ramifications of SandRidge’s screw-up. By Mr. Williams’ own admission, I saved them thousands of dollars in legal fees, yet SandRidge seemed perfectly fine with throwing my mom "under the bus."
Could SandRidge be the “poster-child for incompetence?” Still trying to decide if SandRidge made the bigger foul-up or did I, when I purchased some of their underperforming stock back in 2011. It is becoming clearer by the day why their stock has underperformed. Tom Ward was not the only problem they had over there !! The company appears to be stocked with incompetent boobs. They could screw up taking care of a person’s “pet rock.” In my eyes, these guys are pretty worthless. That being said, it remains possible that my personal opinion based upon limited dealings with SandRidge personnel is merely an abberation.
As an aside, I visited with another Grant & Garfield County landowner on May 25, 2014, and he seemed to also be of the opinion that SandRidge employees are adept at deceptive tactics. Obviously, I have never dealt with all SandRidge employees, but based on my limited personal experience and those others with whom I have communicated, I sense that the average SandRidge employee probably finished in the bottom 50% of their graduating class and somehow acquired the business ethics originally displayed by the likes of the fictional J.R. Ewing and modern day Bernie Madoff. Were someone to ask my advice, I would suggest that should anyone contact you that is a SandRidge employee, get as far away from them as possible. Life will be much simpler. Although I have no way to prove it, I would submit that were SandRidge to move their headquarters out of Oklahoma City, the average IQ for all workers employed in the downtown area would go up by 20% as would their average business ethics practices.
Again, it remains possible that my personal opinion based on limited personal observation is simply wrong. Perhaps, down the road, SandRidge will take some course of action that will change my viewpoint.
November 4, 2014
November 4, 2014
SandRidge Has A History Of An Underperforming Stock, In My Opinion