Exhibit 99.1

                       AMERICAN REAL ESTATE PARTNERS, L.P.
                    ANNOUNCES SALE OF SANDRIDGE ENERGY SHARES


NEW YORK, NEW YORK / APRIL 4, 2007 - American Real Estate Partners,  L.P. (NYSE:
ACP) ("AREP") today announced that its  subsidiaries  have signed  agreements to
sell  their  entire  position  in the common  stock of  SandRidge  Energy,  Inc.
(formerly  Riata  Energy,  Inc.) to a  consortium  of  investors  in a series of
private  transactions.  The per share  purchase  price is $18,  and  total  cash
consideration to be received at closing will be approximately $243 million. This
transaction  completes  AREP's sale of its oil & gas  interests,  for which AREP
received  consideration  of  approximately  $1.5 billion,  realizing a profit of
approximately $600 million on an investment made predominantly two years ago.

AREP  determined to sell its SandRidge  position for cash rather than maintain a
minority  position  in the  company.  Together  with  existing  cash and  liquid
investments,  AREP will have  approximately  $2.8 billion  available  after this
transaction for ongoing investments and acquisitions.

Carl C. Icahn,  Chairman of the Board of AREP,  stated:  "AREP's  large cash war
chest will enable the company to continue to adhere to its  philosophy  and core
competencies,  which is to purchase  companies  that are in disfavor  and manage
them in ways to maximize their potential. We believe the future will continue to
present excellent opportunities for AREP."

AREP, a master limited partnership,  is a diversified holding company engaged in
a variety of businesses. AREP's businesses currently include gaming; real estate
and home fashion.  To learn more about AREP and obtain a copy of our 2006 annual
report on Form 10-K, please visit www.arep.com.

This release contains certain "forward-looking statements" within the meaning of
the Private  Securities  Litigation Reform Act of 1995, many of which are beyond
AREP's  ability  to  control  or  predict.  Forward-looking  statements  may  be
identified  by  words  such as  "expects,"  "anticipates,"  "intends,"  "plans,"
"believes,"  "seeks,"  "estimates,"  "will"  or words  of  similar  meaning  and
include,  but are not limited to,  statements about the expected future business
and  financial  performance  of AREP and its  subsidiaries.  AREP  undertakes no
obligation to publicly update or review any forward-looking information, whether
as a result of new information, future developments or otherwise.

For further information, please contact:

Andrew Skobe
American Real Estate Partners, L.P.
(212) 702-4383