barclays ceo energy conference

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Wednesday, September 3, 2014

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This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention and are generally accompanied by words that conveyprojected future events or outcomes. The forward-looking statements include statements about the company’s future operations, rig counts, drilling inventoryand locations, acreage positions, corporate strategies, including the exploration and development of the Midcontinent and potential monetization of saltwaterdisposal infrastructure, generating high rates of return from quality assets in our focus areas, estimates of oil and natural gas production, projected capitalexpenditures and other costs, liquidity and leverage, debt maturities, price realizations, projected earnings, and hedging strategies. We have based theseforward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historicaltrends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whetheractual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oiland natural gas prices, our success in discovering, estimating, and developing oil and natural gas reserves, the availability and terms of capital, our timelyexecution of hedge transactions, credit conditions of global capital markets, changes in economic conditions, regulatory changes and other factors, many ofwhich 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 yearended December 31, 2013 and in comparable “Risk Factors” sections of our Quarterly Reports on Form 10-Q filed after the date of this presentation. All of theforward-looking statements made in this presentation are qualified by these cautionary statements. The actual results or developments anticipated may not berealized or, even if substantially realized, they may not have the expected consequences to or effects on our company or our business or operations. Suchstatements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-lookingstatements. 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 term "EUR" (estimated ultimate recovery) and refer to their location and potential to provide estimates that the SEC’s guidelines prohibit us 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 current SEC rules, we refer you to the company’s 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.

Regulation G Disclosure: This presentation includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available on our website at www.sandridgeenergy.com.

DISCLAIMERForward Looking Statement

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SANDRIDGE MISSIONPremier Mid‐Continent Company

MISSION STATEMENT

Our Mission at SandRidge is to create the premier,

high-return, growth-oriented, resource conversion company, focused in the Mid-Continent region of the United States.

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a) Non-GAAP financial measure. Refer to the Disclaimer slide for additional disclosure

b) Pro Forma for the Q1’14 Gulf of Mexico divestiturec) SandRidge consolidated reserves as of YE2013 including royalty trustsd) Based on YE13 SEC pricing ($93.42/$3.67)

SANDRIDGE COMPANY OVERVIEW

MARKET VALUE ($ in millions)

Market Cap (08/29/2014) $2,590

Net Debt(a) 2,276

Preferred Stock 765

Enterprise Value $5,370

ASSET OVERVIEW(b)(c)

Q2’14 Production (MBoe/d) 69.8

Proved Reserves (MMBoe) 377

% Reserves as Liquids 46%

YE13 PV10 Value ($Bln)(d) $4.1

• Rig counts are projected averages for 2014

2www.SandRidgeEnergy.com

• Fractured Carbonate Focus

• Mid-Continent, Horizontal Mississippian Leader

• Sub-$3.0MM/well, 380 MBoe EUR

• Stacked Pay Development

• $1.5Bln Capex Plan

• $919MM Cash at Q2’14

SD Quick Facts

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INVESTMENT THESIS

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• Growth program continues to improve– New zones (Chester, Woodford), New areas (Garfield)

– Better than type curve results

• Base assets performing well– Consistent decline ratios, GOR and EURs

• Approximate doubling of production in three years

• Operating leverage yields higher EBITDA growth

• Outspend shrinks year over year

• Plus infrastructure, new zone, and expanding footprint upsides

• Excess liquidity and no bond maturities until 2020

• Pursuing unlock of infrastructure value

20+% Production Growth, 30+% EBITDA Growth & Flattish Capex

COMPETITIVE ADVANTAGEEstablished Infrastructure, Sizable Leasehold and Vast Knowledge Base

ACTIONABLE GROWTHConfidence in the Drilling Inventory and Asset Quality

FOCUSEDStrategy, Execution and Culture are Focused

INNOVATIONTeam Mindset of Continuous Improvement

UPSIDESMulti-zones, Appraisal Areasand SWD Business

FUNDEDExcellent Liquidity, Leverage, and Visible Funding into Future

Refined Business Model

www.SandRidgeEnergy.com

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ACTIONABLE GROWTH WITH UPSIDES20+% Production Growth, 30+% EBITDA Growth & Flattish Capex

Stacked Oily Pay Zones

Significant Acreage Position

Improving Already Strong Returns

FOCUSED


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* STRIP 8/1/2014

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MULTI‐YEAR PRODUCTION GROWTHConfidence in Asset Base and Execution

2016 Activity

15 % Decline

• Confident in multi-year drilling program

• Existing focus area position provides >4,500 locations

• PDP base decline is flattening

• Assumes average capital expenditure program of ~$1.55 Bln

• Well cost improvements from $3.0 to $2.7 MM

ACTIONABLE GROWTH

www.SandRidgeEnergy.com 5

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RESULTSQ2’14 – CONTINUED STRONG WELL RESULTS

Focus and Innovation Yield Exceptional Operating Results in the Second Quarter

Mississippian Success• 412 Boe/d 30-day IP, 122 laterals (30% above type curve)

• 7 laterals over 1,000 Boe/d in 4 counties

• Garfield County net production ramped 400% to 5,000 Boe/d in 1H’14

– 407 Boe/d 30-day IP (54% oil), 21 wells

– 7 rig program through YE’14

Chester Success• 365 Boe/d 30-day IP (69% oil), 9 wells

– 3 rig program through YE’14

Woodford Success• 360 Boe/d 30-day IP (84% oil)

– New geologic model, second well completing in Q3’14


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• Record low Q2’14 Drilling and Completion (D&C) lateral costs of $2.85 MM

– +$1 MM decrease in capital since Q1 2012

– 97% Electric Submersible Pump (ESP) implementation rate in Q2’14

• Primary D&C cost saving in 2014 linked to innovation championed by SD teams:

– Pad drilling: 80% of Q2’14 wells drilled from multi-well pads

– Multilateral drilling: Stacked and Co-planar Dual Laterals, Trilaterals and Full Section Development

– Wellsite facilities design improvements:– Centralized tank batteries

– Commingled tank batteries

– Centralized Salt Water Disposal (SWD) systems

• Record low LOE at $6.69 per Boe

FOCUSEDMATERIAL WELL COST AND LOE REDUCTIONMississippian Leader


$2.85MM /Well

$6.69 /boe

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TARGETING BREAKOUT ECONOMICSAhead of Schedule, Reducing Well Costs INNOVATION

• Already strong well economics improving as costs come down

• Breakout innovations on well design could both:

– Enhance returns

– Expand focus areas

• Value enhancing projects in motion

– Completion techniques

– Sectional development

– Shared facilities

– Artificial lift management system

• Expand competitive advantages

− Salt water disposal

− Electrical distribution system

• Multi-zone appraisal program


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* 8/1/2014 STRIP

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2014 MISSISSIPPIAN PUD TYPE CURVE Actual Performance Consistently Above Type Curve FOCUSED


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Cum

ulative Production (Mboe)

Avg

. Boe

/d

Type Curve Daily Avg. Rate Type Curve Cum Production PDPs

1 2 3 4 5 6 7 8 9 100

Years

GAS: 1.2 Bcf

30 Day IP(b) (Mcf/day)1st Year Decline(a)

B Factor

84865%1.83

NGL: 64 MBbls

Yield (Bbls/MMcf)Shrink

47.587.3%

Oil: 118 MBo

30 Day IP (Bo/day)1st Year Decline(a)

B Factor

17680%1.41

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Type Curve 176 Bbl/d

MISSISSIPPIAN WELL PERFORMANCEContinued Improvement

MULTI-YEARGROWTH


Type Curve 849 Mcf/d

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MISSISSIPPIAN WELL EURSContinued Improvement

MULTI-YEAR GROWTH


1 EURs are as of Year-End 2013 2 EURs are per the Company’s estimates as of Mid-Year 2014

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

% o

f Wel

ls

EUR (MBoe)

Wells Prior to 2013 2013 Wells 2014 Wells1 2

COMMERCIAL

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MID‐CONTINENT FOCUS AREA Deep Understanding of the Play FOCUSED


100 MILES SD LEASEHOLD

• Shallowest Decline Profile• Higher EUR Distribution• Geology Most

Understood• Stacked Pay Potential

• Chester Delivering Above TC Oil Rates

• Multi Laterals Decreasing per Lateral CAPEX

• High Density FracsPotentially Impactful

• Highest 30 Day Gas IPs• Low H2O Cut• Upside as Gas Prices Rise

• 3D Required to Define Fracture Trends• Positive Multi Lateral Results

• Highest 30 Day Oil IPs• Highest Liquids %• Lowest H2O Cut• Improving EURs with Time• Dual Laterals Exceeding TC

~650,000 Acres in Focus Area

• Miss Exhibiting Tightest Performance Distribution

• Unlocked Woodford Potential• Potential for Extensive Multi

Lateral Development

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FOCUSEDMULTI‐ZONE DRILLING LOCATIONS Many Years of Drilling Ahead

Upper MissHZ Wells to Sales 849 Locations 2,668

MarmatonHZ Wells to Sales 1Locations TBD

ChesterHZ Wells to Sales 5 Locations 180

Middle MissHZ Wells to Sales 143 Locations 857

Lower MissHZ Wells to Sales 25 Locations 319

WoodfordHZ Wells to Sales 5 Locations 486

High-Graded Locations to Drill 4,510 wellsUn-Risked Locations >8,000 wellsEmerging development


Note: Drilling location information as of 03/04/14

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APPLYING SEISMIC TECHNOLOGYUnderstanding The Rock INNOVATION

COMPLETED PLANNED SD LEASEHOLD

KSOK

100 MILES


2013 - 730 square miles of 3D data acquired2014 - 1,070 square miles of new 3D data to acquire2015 - 800 square miles of new 3d data to acquire

Parallel fault trend

Main fault trend

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Achieving Breakthrough Cost Upsides with Production Uplift

MULTILATERAL APPROACH IS SUCCESSFULChanging how carbonates are developed INNOVATION


• Multilateral success achieved on three dual stacked laterals and one co-planar well in Grant, Alfalfa, and Harper counties during Q2’14

• Four wells averaged $2.5 million per lateral

– 83% of type curve cost

– 108% of the type curve 30-day IP

• Six rigs are currently planned to drill multilateral wells through the second half of the year

• Broader sanction of multilaterals expected in 2015

– 18% of 2H14 wells involve multilaterals (two or more laterals from a single vertical well)

Dual Stacked Lateral

Co-Planar Dual Lateral

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INNOVATION / UPSIDE FSD offers up to 34% more section for 26% less capexFull Section Development • Fracture stimulates 34% more interval: 22,000’ vs typically 16,400’ with four single

laterals

• Rock integrity of our carbonates (vs shales or sandstones elsewhere) allows for effective use of open hole multilaterals

• 130% IRR* to drill and complete a multilateral Full Section Development at $2.3MM per lateral vs 65% IRR* for a single lateral well at $2.9 MM

• $3.2MM savings per square mile section ($9.1MM vs $12.3MM):

INNOVATION


(For Illustrative Purposes)

Full Section Development

Full Section Development D&C Cost Savings Detail $MTank Battery, SWD, Powerline and Connection $ 1,350 Intermediate 7" Casing and ESP Savings (One Each vs Four) $ 1,100 Drilling Location, Rig Move and Reduced Drilling Days $ 1,000 Rentals and Miscellaneous $ 350 Incremental cost to frac an additional ~6000’ of interval $ (600)

Total Savings $3,200

* Strip as of 8/1/14 16

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SALTWATER GATHERING & DISPOSAL (SWG) UPSIDES

• Produce

– ~1 million barrels of water per day at mid 2014 from 1,300 Mid-Continent producers

• Gather & Process

– Produced water is transported to disposal location through SD owned pipeline system

– Typically Polyethylene pipe (8” to 12” diameter) connected to producing wells, buried under ground

– Water is cleaned and treated at disposal location

• Inject

– + 170 disposal wells as of mid-2014, adding ~50 wells per year

– Many take water on a vacuum (hydrostaticpressure is adequate to achieve disposal)

• $590 MM invested by the end of 2014


• Average capacity of 15,000 BWPD per well

– Low pressure pumps at most locations

– Various tubing sizes based on needed capacity

– Open hole Arbuckle completion

• Pressure and volume continuously monitored

• Arbuckle has been taking produced water for ~80 years

• Frac flowback is < 5% of total

• Gathering system is interconnected – maximizing system flexibility

Most Efficient SWG Operator in

the midcontinent

Produced water gathered and sequestered into Arbuckle through cost effective infrastructure

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FINANCIAL STRENGTH

• Contains Non-GAAP financial measures. Refer to slide 2 for additional disclosure. a) Leverage Ratio represents Consolidated Leverage Ratio calculated pursuant to the terms of the Senior Credit Facility b) Liquidity represents the quarter ending cash balance and revolver availability, adjusted for letters of credit

FUNDED


• Excellent cash and liquidity

– $919MM cash at 6/30/14

– Fully undrawn credit facility of $775 MM

– Total liquidity of $1.7 Bln

• Comfortable leverage

– 3.2x Q2’14 leverage ratio

– No near term bond maturities

• Growing cash flow

– Product of 20-25% CAGR production growth

– Keeps leverage in check

– Shrinks capex outspend of cash flow

• Significant oil hedges at strong prices provide cash flow stability and visibility


2014 PRODUCTION GUIDANCE GUIDANCE

(A) 2013: 11.3 MMBoe of non-recurring production related to divested Permian and GoM assets(B) 2014: 1.3 MMBoe of non-recurring production related to divested GoM assets (2/25/2014 closing)

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CREDIT PROFILE

• Contains Non-GAAP financial measures. Refer to slide 2 for additional disclosure. a) Leverage Ratio represents Consolidated Leverage Ratio calculated pursuant to the

terms of the Senior Credit Facility b) Liquidity represents the quarter ending cash balance and revolver availability,

adjusted for letters of credit

• ~$1.7 Bln liquidity at Q2’14

– $919MM cash

– Fully undrawn credit facility of $775 MM

• 3.2x Q2’14 leverage ratio

• Borrowing base of $775MM undrawn; reserve value provides for significant increase potential

• Significant oil hedges at strong prices provide cash flow stability and visibility

APPENDIX


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8.5% Convertible Perpetual Preferred(a) $265

6.0% Convertible Preferred(b) 200

7.0% Convertible Perpetual Preferred(c) 300Total $765

Credit Rating Corp Rating OutlookMoody's B1 StableS&P B Stable

(a) Convertible at holder’s option at $8.0125 per common share; convertible after Feb 20, 2014 (b) Convertible at holder’s option at $10.856 per common share; automatic conversion after Dec 21, 2014(c) Convertible at holder’s option at $7.7645 per common share; convertible after Nov 20, 2015 (d) Weighted Average Maturity excludes Credit Facility amounts

Senior Notes Preferred Stock

8.75% Sr Notes due 2020 $4457.5% Sr Notes due 2021 1,1798.125% Sr Notes due 2022 7507.5% Sr Notes due 2023 821

Total $3,195

CAPITAL STRUCTURE OVERVIEW APPENDIX

($ in millions)

Credit Rating Corp Rating Outlook

($ in millions)

(d)

(d)


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CONSOLIDATED HEDGE POSITIONQ3 2014 ‐ 2016

2015: 10.2 MMBBls Liquids volume hedged2014: 95% of Liquids Volumes Hedged

2.1 MMBbls $99.08/Bbl

4.1 MMBbls $70.00 - $90.20 -

$100.00/BBL

• Positions displayed include royalty trusts and are displayed for July forward. Liquids hedged to NYMEX WTI; Natural Gas hedged to NYMEX Henry Hub; NGL barrels hedged at 3:1 ratio to WTI. 3-way collar and revenue calculations assume $95/bbl WTI and $4.25/Mcf NYMEX gas in 2014 and $90/bbl WTI and $4.25/Mcf NYMEX gas in 2015 and 2016.

97% of liquids revenue hedged

4.6 MMBbls$76.47 - $90.28 - $103.48/BBL

5.6 MMBBLS$92.44/BBL

2014: 59% of natural gas volumes Hedged

24.8 BCF $4.28/MCF

60% of gas revenue hedged2015: 16.4 BCF natural gas volumes Hedged

15.4 BCF$4.50/MCF

3-Way Collars

64%SWAPS 31%

UNHEDGED 5%

SWAPS 58%

UNHEDGED 41%

SWAPS UNHEDGED

Collars 1% 0.5 BCF

$4.00-$7.78/MCF

Collars 1.0 BCF

$4.00-$8.55/MCF

UNHEDGEDSWAPS

3-WAY COLLARS

UNHEDGED

UNHEDGED

2016: 1.8 MMBBLS Liquids volume hedged

2016: 0 BCF natural gas volumes Hedged

3-Way Collars1.8 MMBbls

$84.40 - $90.00 - $103.50/BBL

HEDGING


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RESERVES PV10 Liquids

MMBbls Gas Bcf

Equivalent MMBoe

% $MM %

Reserves by Reservoir Status

PDP - Producing 88 708 206 55% $ 2,441 59%

PNP - Non Producing 9 57 19 5% 283 7%

PBP - Behind Pipe 1 74 14 4% 73 2%

PUD - Undeveloped 74 384 138 37% 1,306 32%

Total 173 1,223 377 $ 4,103

Reserves by Development

Total Developed 98 839 238 63% 2,797 68%

Total Undeveloped 74 384 138 37% 1,306 32%

Total 173 1,223 377 $ 4,103

Pro Forma 2013 Excluding Gulf of Mexico Proved Reserves*SEC Pricing - $93.42 / $3.67

434% Reserve Replacement

63% Proved Developed

25% Reserve Growth

$10.19 Organic Drilling F&D

$11.72 All-In F&D

16.7 Years of R/P Life

* Adjusted for Permian & Gulf of Mexico divestitures• Includes non-controlling royalty trust interests

2013 RESERVE METRICSFocused On The Mississippian Play APPENDIX


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Cum

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Avg

. Boe

/d

Type Curve Daily Avg. Rate Type Curve Cum Production

1 2 3 4 5 6 7 8 9 100Years

GAS: 1.2 Bcf

30 Day IP(b) (Mcf/day)1st Year Decline(a)

B Factor

84865%1.83

NGL: 64 MBbls

Yield (Bbls/MMcf)Shrink

47.587.3%

Oil: 118 MBo

30 Day IP (Bo/day)1st Year Decline(a)

B Factor

17680%1.41

2014 MISSISSIPPIAN PUD TYPE CURVE 380 MBoe, 48% Liquids FOCUSED

a) Represents decline from month 1 to month 13b) Wet gas, wellhead volumes


Type Curve EUR YE2013Oil (Mbo) 118

NGLs (MBbls) 64

Liquids (MBbls) 182Gas - Shrunk (MMcf) 1,185

MBoe 380

Mcf Shrink 87.3%

NGL Yield (Bbls/MMcf) 47.5

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2014 OPERATIONAL GUIDANCE UPDATE

PRODUCTIONOil (MMBbls) 10.7 - 11.3Natural Gas Liquids (MMBbls) 3.5 - 3.6

Total Liquids (MMBbls) 14.2 - 14.9Natural Gas (Bcf) 82.6 - 84.6Total (MMBoe) 28.0 - 29.0

CAPITAL EXPENDITURES ($ in millions)Exploration and Production $1,230Land and Seismic 120

Total Exploration and Production $1,350Oil Field Services 15Electrical/Midstream 60General Corporate 50

Total Capital Expenditures (excl. A&D) $1,475

EBITDA from Oilfield Servicesand Other ($MM) (a) $30

Adjusted Net Income Attributable to NCI ($MM) (b) $110

Adjusted EBITDAAttributable to NCI ($MM) (c) $145

PRICE REALIZATIONSOil (differential below WTI) $2.75NGLs (realized % of WTI) 36%Gas (differential below Henry Hub) $0.75

COSTS PER BOELifting $11.15 - $13.15Production Taxes 1.15 - 1.35DD&A – oil & gas 15.00 - 17.00DD&A – other 2.20 - 2.40Total DD&A $17.20 - $19.40

G&A – cash 3.60 - 4.00G&A – stock 0.65 - 0.80Total G&A $4.25 - $4.80

Corporate Tax Rate 0%Deferral Rate 0%

a) EBITDA from Oilfield Services and Other is a non-GAAP financial measure as it excludes from net income interest expense, income tax expense and depreciation, depletion and amortization. The most directly comparable GAAP measure for EBITDA from Oilfield Services and Other is Net Income from Oilfield Services and Other. Information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to forecast the excluded items for future periods and/or does not forecast the excluded items on a segment basis

b) Adjusted Net Income Attributable to Noncontrolling Interest is a non-GAAP financial measure as it excludes gain or loss due to changes in fair value of derivative contracts and gain or loss on sale of assets. The most directly comparable GAAP measure for Adjusted Net Income Attributable to Noncontrolling Interest is Net Income Attributable to Noncontrolling Interest. Information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to forecast the excluded items for future periods

c) Adjusted EBITDA Attributable to Noncontrolling Interest is a non-GAAP financial measure as it excludes from net income interest expense, income tax expense and depreciation, depletion and amortization, gain or loss due to changes in fair value of derivative contracts and gain or loss on sale of assets. The most directly comparable GAAP measure for Adjusted EBITDA Attributable to Noncontrolling Interest is Net Income Attributable to Noncontrolling Interest. Information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to forecast the excluded items for future periods

Introducing a guidance range of 28 – 29 MMBoe or 19 – 23% pro forma production growth for 2014


APPENDIX

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WELL COUNTS GROSS NET

Mid-Continent/Mississippian Focus Area

460 331

Mid-Continent SWD 50 37

Permian 180 176

2014 CAPEX GUIDANCE

($ in millions)

MID-CONTINENT/MISSISSIPPIAN D&C

Focus Area $985

Appraisal 55

SWD Wells 60

Total Mid-Continent/Mississippian D&C $1,100

OTHER MID-CONTINENT/MISSISSIPPIAN

SWD Pipeline/Infrastructure $59

Workovers & Non-Op 89

Land & Seismic 102

Electrical/Midstream 50

Total Other E&P $300

Total Mid-Continent/Mississippian $1,400

($ in millions)DRILLING AND COMPLETION (D&C)Mid-Continent/Mississippian $1,040 Mid-Continent SWD Wells 60 Permian 110 Gulf of Mexico / Gulf Coast 10 JV Carry (205)Total D&C $1,015

OTHER E&PSWD Pipeline/Infrastructure $71 Workovers & Non-Op 94 Land & Seismic 120 Capitalized G&A and Interest 50 Total Other E&P $335

E&P Capital Expenditures $1,350

NON-E&PDrilling & Oil Field Services $15 Electrical/Midstream 60 General Corporate 50 Total Non-E&P $125

Total $1,475

APPENDIX


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SANDRIDGE INVESTOR RELATIONS123 Robert S. Kerr Avenue, Oklahoma City, OK 73102

[email protected]


Our Mission at SandRidge is to create the premier, high-return, growth-oriented, resource conversion company, focused in the Midcontinent region of the United States.

barclays ceo energy conference

Documents

forwardlooking statements

natural gas reserves

cautionary statements

production growth

natural gas production

future developments

proved reserves mmboe

discussion of risk factors