SandRidge settles charges in whistle blower retaliation case

Sandridge

Sandridge

OKLAHOMA CITY – The Securities and Exchange Commission says Oklahoma City-based SandRidge Energy, Inc., has settled charges it retaliated against a whistle blower and used illegal separation agreements.

The SEC said Tuesday SandRidge has agreed to pay a penalty of $1.4 million.

David A Kimmel, director of communications for the energy producer, says in an email that SandRidge cooperated fully with the SEC’s investigation. Kimmel also says that under the company’s bankruptcy reorganization plan, the SEC fine will be satisfied by a payment of about $100,000.

The agency says SandRidge allegedly fired an internal whistleblower who raised concerns about the process it used to calculate its publicly reported oil-and-gas reserves.

The SEC says SandRidge also allegedly used separation agreements that prohibited outgoing employees from participating in government investigations or disclosing potentially harmful company information.