PRESENTATION Cautionary Statements Forward Looking Statement This - PowerPoint PPT Presentation

FIRST QUARTER 2017 EARNINGS PRESENTATION

Cautionary Statements Forward Looking Statement This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes. The forward- looking statements include statements about the company’s corporate strategies, future operations, development plans and appraisal programs, our drilling inventory and locations, estimated production, rates of return, reserves, projected capital expenditures, projected operating and other costs, operational optimization initiatives, anticipated efficiency improvements and cost reductions, liquidity and capital structure. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, and developing oil and natural gas reserves, the availability and terms of capital, our timely execution of hedge transactions, credit conditions of global capital markets, changes in economic conditions, regulatory changes and other factors, many of which are beyond our control. We refer you to the discussion of risk factors in Part I, Item 1A – “Risk Factors” of our Annual Report on Form 10 -K for the year ended December 31, 2016 and in comparable “Risk Factors” sections of our Quarterly Reports on Form 10 -Q filed after such Form 10-K. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements. The SEC permits oil and natural gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves, as each is defined by the SEC. At times we use the terms "EUR" (estimated ultimate recovery) and “recoverable reserves” that the SEC’s guidelines prohibit u s from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable or possible reserves and, accordingly, are subject to substantially greater risk of being actually realized by the company. For a discussion of the company’s proved reserves, as calculated under curren t SEC rules, we refer you to the company’s amended Annual Report on Form 10 -K referenced above, which is available on our website at www.sandridgeenergy.com and at the SEC’s website at www.sec.gov. www.sandridgeenergy.com 1

SandRidge Energy With a strong balance sheet, we have built a portfolio of three project areas with competitive project IRRs and significant location inventories. Investment will continue with the development of both our NW STACK and North Park Niobrara oil projects and high- graded harvest of our Mississippian position, with total company oil production turning the corner in late 2017. • $554MM of liquidity • Main focus of 2017 Capex • Expands drilling inventory • High-graded harvest including ~$137MM cash 1 • Meramec & Osage • 1,300 2P locations • Cash flow generation • Moderate level of outspend • 70k net acres in 3 counties • Continued cost reductions • Multiple benches and • Protect the balance sheet tighter spacing upsides ‐ Major, Woodward & • Consistent well results • >80% oil resource Garfield Counties • Well design innovation • Increased oil exposure (1) Cash balance as of May 4 th www.sandridgeenergy.com 2

Q1’17 Operational and Financial Results Continued NW STACK drilling, Niobrara production outperformance and Miss Lime success STRONG • 4.0 MMBoe (44.2 MBoepd) production (28% oil) PERFORMANCE • $56 million of adjusted EBITDA with $41 million of capex 1 Generated $15 million free • $6.28/boe LOE, $10.51/boe total adjusted cash expenses (LOE + severance tax and adjusted cash G&A) cash flow in Q1’17 • No change to guidance NW STACK North Park Niobrara Mississippi Lime THREE PROJECT Meramec/Osage Delineation Targeting Multiple Benches Cash Flow Generation PORTFOLIO • • • 13k net acres acquired in Drilling to resume at midyear Hawk Haven 2710 1-22H Woodward, Co. (previously disclosed) (Full section development) • Two rigs in NW STACK 2016 program exceeding type curve • • 10k additional acres, bringing 1,248 Boepd (47% oil) 30-Day IP • Completed 3D seismic survey One rig resuming at total to 70k net acres • (61 sq. mi.) $1.8 million D&C per lateral North Park at midyear 2 nd rig running mid-March • • • 24k net acre federal unit approved 61% IRR at strip 2 1 st Meramec XRL flowing back • Miss Lime generating cash • flow Licensed 3D seismic survey (329 sq. mi.) ADVANTAGED • $554 million total liquidity BALANCE SHEET • $137 million of cash as of May 4 th • $417 million available on undrawn revolver ($8 million in letters of credit) Strong liquidity and no net debt • 0.0x net leverage (1) Excludes $48 million NW STACK acquisition (Woodward Co.) announced on Feb 22 nd @ April 26 th Strip pricing (~$50 /~$3.00) (2) 3

NW STACK Industry Activity SD currently running 2 rigs across 70k acres in NW STACK (Major, Woodward and Garfield Co.) Industry activity has been converging INDUSTRY ACTIVITY ADJACENT TO SD ACREAGE on existing SD acreage with prominent operators seeing encouraging results: • Multiple operators with NW STACK Meramec and Osage results • 20 rigs currently running • Over 100 Meramec and Osage wells producing in Woodward 4

SandRidge NW STACK Delineation 2 Rigs currently running across three counties 2017 D&C capex of $65-70MM 70K NET ACRES IN NW STACK • 22 gross laterals (17 net laterals) • Major, Woodward, and Garfield Co. • Targeting the Meramec • Drilling mostly XRLs Currently flowing back • Adams 2122 1-16H 9H (Woodward Co. XRL) Currently completing • Campbell 2015 1-26H 23H (Major Co. XRL) Currently drilling • Jack Samuel 2012 1-20H 29H (Major Co. XRL) • Landrum 2305 1-30 31H (Garfield Co. XRL) 5

Industry Meramec Results Meramec initial production has averaged 700-800 Boepd and ~60% oil on wells surrounding SD’s NW STACK acreage position 6

Industry Osage Results Osage initial production has averaged 700-800 Boepd and ~40% oil on wells surrounding SD’s NW STACK acreage position 7

2016 Niobrara Program Success 11 laterals drilled in 2016, outperforming type curve Lowered costs, optimized completions, drilled first XRL and “C” bench wells 2016 DRILLING RESULTS First st XRL in the basin sin • 2-mile lateral (Castle 1-17H 20) drilled and completed completed for $3.4MM per lateral with a 30-Day IP of of 901 Boepd (91% oil) First “C” bench well • Niobrara “C” bench test (Hebron 4 -18H) resulted in second highest per lateral 30-Day IP of 539 Boepd (92% oil) Adv Advanced d drill illin ing and com omple letion tion des esigns igns • Reduced cycle times, confirmed preference for cross- cross-linked gel (vs slickwater) fracs Note: 30-Day IP rates shown above 8

Targeting Multiple Niobrara Benches Similar geologic characteristics to the DJ Basin Niobrara but higher oil cut NORTH PARK DJ BASIN BASIN Oil EUR % >80% ~35% 5,500 – 9,000 ft. 6,000 – 8,000 ft. Depth Reservoir Storage Capacity Gross Thickness 450 – 480 ft. 150 – 300 ft. Porosity 6 – 9% 6 – 10% OOIP per Section 63.8 MMBo 41.3 MMBo 0.75 – 1.0% 0.5 – 1.4+% Thermal Maturity (Ro) Reservoir Production Potential > 0.55 psi/ft 0.41 - 0.60 psi/ft Reservoir Pressure 600 – 700 scf/stb Up to 10,000+ scf/stb Gas-oil Ratio (GOR) 3% 3% Total Organic Content 9

First SandRidge Niobrara C Bench Lateral Hebron 4-18H cumulative oil production exceeds type curve by 32% 539 Boepd (92% oil) 30-Day IP DAILY OIL RATE CUMULATIVE OIL Jet Pump Installed 10

First SandRidge Niobrara XRL Castle 1-17H exceeding type curve, drilled and completed for $3.4MM per lateral 901 Boepd (91% oil) 30-Day IP DAILY OIL RATE CUMULATIVE OIL Jet Pump Installed Jet Pump Installed 11

2016 Niobrara Oil Production Above Type Curve Current year program to feature XRLs with crosslinked completions 2016 DRILLING PROGRAM 2016 CROSSLINKED COMPLETIONS ONLY 12