Union Drilling to Present at Upcoming Investor Conferences

Posted on Monday, November 28th, 2011 at 11:19 pm

FORT WORTH, Texas, Nov. 28, 2011 /PRNewswire/ — Union Drilling, Inc. (NASDAQ: UDRL) announced today that Chris Strong, President and Chief Executive Officer, or Tina Castillo, Chief Financial Officer, will present at three upcoming investor conferences. To listen to the audio webcast and view accompanying presentation materials for each of the conferences, visit the Investor Relations section of Union Drilling’s website at www.uniondrilling.com. A replay of each presentation will be archived on the site shortly after it concludes.

Union Drilling’s presentation at the First Annual Dahlman Rose & Co. Ultimate Oil Services & Drilling Conference in New York will be webcast live on Tuesday, November 29, 2011 at 9:30 a.m. Eastern time.

The presentation at the Jefferies 2011 Energy Conference in Houston will be webcast live on Wednesday, November 30, 2011 at 9:30 a.m. Central time (10:30 a.m. Eastern).

The presentation at the Capital One Southcoast 6th Annual Energy Conference in New Orleans will be webcast live on Tuesday, December 6, 2011 at 11:20 a.m. Central time (12:20 p.m. Eastern).

About Union Drilling

Union Drilling, Inc., headquartered in Fort Worth, Texas, provides contract land drilling services and equipment to oil and natural gas producers in the United States. Union Drilling currently owns and markets 51 rigs and specializes in unconventional drilling techniques.

UDRL-G

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SandRidge CEO Sells Shares Days After Truce With Activist Investor

HOUSTON - SandRidge Energy Inc. Chief Executive Tom Ward sold about 13.5% of his SandRidge stock days after the company reached a truce with an activist investor that could lead to the executive's departure.

Mr. Ward sold 3.7 million shares of SandRidge in two transactions Friday and Monday, netting about $21 million, according to a filing with the Securities and Exchange Commission. He still owns nearly 23.5 million shares, or close to 5% of SandRidge's shares according to figures from the company's website.

The move came in the wake of the partial success last week of a months-long campaign by hedge fund TPG-Axon Capital Management, which sought to replace SandRidge's board, including Mr. Ward. The campaign ended in a settlement, under which four of the fund's nominees would join the board.

Under the deal, Mr. Ward will keep his position as chief executive and board chairman for the time being, but the board will have to decide his fate by June 30. If it keeps him in place, three current SandRidge board members will have to leave and an additional nominee by TPG-Axon will join, giving the activist investor a majority of the seats on the board.

If Mr. Ward is terminated, current chief financial officer James Bennett will become interim chief executive and the board will conduct a search for a successor.

A spokesman for SandRidge did not immediately respond to a request for comment.

The board's decision will come after a review of the company's strategy and costs, including an independent firm's review of land deals the company entered with entities controlled by relatives of Mr. Ward, according to the settlement announced last week.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

SandRidge CEO Sells Shares Days After Truce With Activist Investor

HOUSTON - SandRidge Energy Inc. Chief Executive Tom Ward sold about 13.5% of his SandRidge stock days after the company reached a truce with an activist investor that could lead to the executive's departure.

Mr. Ward sold 3.7 million shares of SandRidge in two transactions Friday and Monday, netting about $21 million, according to a filing with the Securities and Exchange Commission. He still owns nearly 23.5 million shares, or close to 5% of SandRidge's shares according to figures from the company's website.

The move came in the wake of the partial success last week of a months-long campaign by hedge fund TPG-Axon Capital Management, which sought to replace SandRidge's board, including Mr. Ward. The campaign ended in a settlement, under which four of the fund's nominees would join the board.

Under the deal, Mr. Ward will keep his position as chief executive and board chairman for the time being, but the board will have to decide his fate by June 30. If it keeps him in place, three current SandRidge board members will have to leave and an additional nominee by TPG-Axon will join, giving the activist investor a majority of the seats on the board.

If Mr. Ward is terminated, current chief financial officer James Bennett will become interim chief executive and the board will conduct a search for a successor.

A spokesman for SandRidge did not immediately respond to a request for comment.

The board's decision will come after a review of the company's strategy and costs, including an independent firm's review of land deals the company entered with entities controlled by relatives of Mr. Ward, according to the settlement announced last week.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Union Drilling to Present at Upcoming Investor Conferences

Posted on Monday, November 28th, 2011 at 11:19 pm

FORT WORTH, Texas, Nov. 28, 2011 /PRNewswire/ — Union Drilling, Inc. (NASDAQ: UDRL) announced today that Chris Strong, President and Chief Executive Officer, or Tina Castillo, Chief Financial Officer, will present at three upcoming investor conferences. To listen to the audio webcast and view accompanying presentation materials for each of the conferences, visit the Investor Relations section of Union Drilling’s website at www.uniondrilling.com. A replay of each presentation will be archived on the site shortly after it concludes.

Union Drilling’s presentation at the First Annual Dahlman Rose & Co. Ultimate Oil Services & Drilling Conference in New York will be webcast live on Tuesday, November 29, 2011 at 9:30 a.m. Eastern time.

The presentation at the Jefferies 2011 Energy Conference in Houston will be webcast live on Wednesday, November 30, 2011 at 9:30 a.m. Central time (10:30 a.m. Eastern).

The presentation at the Capital One Southcoast 6th Annual Energy Conference in New Orleans will be webcast live on Tuesday, December 6, 2011 at 11:20 a.m. Central time (12:20 p.m. Eastern).

About Union Drilling

Union Drilling, Inc., headquartered in Fort Worth, Texas, provides contract land drilling services and equipment to oil and natural gas producers in the United States. Union Drilling currently owns and markets 51 rigs and specializes in unconventional drilling techniques.

UDRL-G

View the original article here