www.sandridgeenergy.com

Q3’16 EARNINGS

NOVEMBER 9, 2016

CAUTIONARY STATEMENTS

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, general and administrative and other costs, anticipated efficiency and cost reduction initiative outcomes, liquidity, capital structure, and price realizations and differentials. 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, 2015 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 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 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.

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Forward Looking Statement

www.sandridgeenergy.com

SANDRIDGE ENERGYWith a strong balance sheet, we have competitive project IRRs from the high-graded harvest of our Mid-Continent position, plus we’re adding portfolio diversification and long term growth from our North Park Niobrara project, with capacity to do more.

3 www.sandridgeenergy.com

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DURABLE IMPROVEMENT IN ECONOMICSMULTI AND EXTENDED LATERALS ARE A BREAKTHROUGH IN MISSISSIPPIAN

D&C CAPEX, $MM PER LATERALLower costs per lateral

-37% vs 2014

90-DAY CUMULATIVE MBOE PER LATERALResults shown by groups of 50 wells

• Nine Mississippian laterals drilled in 2016 with 36% IRR1, all multi or extended laterals

• Projected average 2016 D&C Capex per lateral of $1.9MM

• 1 dual extended lateral: (equivalent to 4 single laterals)

• 1 full section development: (equivalent to 3 single laterals)

• 1 coplanar: (equivalent to 2 single laterals)

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MISSISSIPPIAN VALUE CREATIONMULTI AND EXTENDED LATERALS PRESERVE COMPETITIVE RETURNS AT LOWER COMMODITY PRICES

(1) Historical realized pricing + 11.2.16 NYMEX Strip and actual production + forecasted production

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• Single lateral $4.0MM D&C Capex for 315 MBoe EUR

• Extended lateral projected $7.0MM D&C Capex ($3.5MM per lateral) for 600 MBoe EUR

• Eleven laterals drilled in 2016; five laterals with over 90 days of production; three laterals in early evaluation phase and three brought online in Q4’16

• Successfully drilled first extended lateral (two mile lateral)

• Averaged 3.3 MBopd the second half of October

• 60 drilling permits approved

• 28 MMBoe of proved reserves1 (81% oil); 108 PUDs

• Stacked pay potential with over 1,300 2P locations

• Large contiguous acreage position

• Federal units largely eliminate near term HBP drilling requirements, ~75k net acres currently held by production or unit (56%)

• Additional 33k net acres expected to be held by unit by year end 2017, for a total of ~108k net acres held by unit or production (81%)

NORTH PARK NIOBRARA ASSET OVERVIEW DOMINANT ACREAGE POSITION WITH HIGH OIL CUT

(1) SandRidge reserves as of 12.31.15, based on SEC pricing ($46.79 / $2.59)

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2016 SANDRIDGE NIOBRARA RESULTS478 BOEPD (90% OIL) AVERAGE 30-DAY IP ON FIRST FIVE SANDRIDGE LATERALS

DESIGNED TO TEST

• Cycle time reduction

• Extended lateral

• Additional bench

• Spacing

• Stimulation methods

• Artificial lift methods

SIX LATERALS ONLINE IN LATE 2016FIRST FIVE SANDRIDGE LATERALS

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GREGORY 1-9H, 550 BOEPD (89% OIL) 30-DAY IP

FIRST SANDRIDGE NIOBRARA LATERALTHE GREGORY 1-9H CONTINUES TO OUTPERFORM TYPE CURVE

CUMULATIVE PRODUCTION OF 75 MBO AT 217 DAYS

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NIOBRARA TYPE CURVE SUPPORTAVERAGE OIL RATE OF FIRST FIVE SANDRIDGE LATERALS DRILLED

FIRST 5 SANDRIDGE LATERALS• Outperforming type curve

• Free flowed for over 3 months

• Two of first five laterals placed on artificial lift

• Will optimize production by accelerating artificial lift on future installations

• Installing artificial lift on remaining 3 wells during November and December

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LAST 14 LATERALS USING MODERN COMPLETION DESIGNS

14 LATERALS SUPPORTING TYPE CURVE CUMULATIVE OIL

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NIOBRARA DRILLING ECONOMICSREDUCING COSTS $1MM PER LATERAL SUPPORTS LARGE IRR UPSIDECURRENT COSTS ACHIEVED AFTER JUST 10 WELLS, WITH ONLY 1 EXTENDED LATERAL

Assumptions:Single Laterals: $4.0MM D&C lateral cost, 315 MBoe EURExtended Laterals $7.0MM D&C cost ($3.5MM per lateral), 600 MBoe EUR

SINGLE LATERALNOW $4MM PER LATERAL

EXTENDED LATERALNOW $3.5MM PER LATERAL

REDUCING COST PER LATERAL OF EXTENDED LATERALS WILL

BE A PRIORITY IN 2017

THE REORGANIZED SANDRIDGE ENERGY AS OF OCT. 31ST

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COMMON EQUITY

MANDATORILY CONVERTIBLE

DEBT

$425MM REVOLVING

CREDIT FACILITY

$111MM CASH

$536

MM

Liq

uidi

ty• 20.6 MM common shares outstanding• 14.8 MM issuable upon conversion of mandatorily convertible debt• 4.9 MM warrants at $41.34 strike price• 2.1 MM warrants at $42.03 strike price

• $278MM1 face value• Unsecured and mandatorily convertible into 14.8 MM shares• No interest2

• Undrawn3

• Minimal covenants or borrowing base redeterminations for two years• LIBOR (100 bps floor) + 475 bps rate

• $111MM in unrestricted cash

(1) $3.7 million par value converted as of October 31st

(2) Make-Whole applicable if note accelerated following an event of default(3) Pro Forma for debt pay down following emergence and excludes approximately $10MM of LOCsNote: In addition to the items above there will be a $35MM note secured by the Company’s non-oil and gas real property

net share settled

NEW SANDRIDGE CAPITAL STRUCTURE

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$536 MM OF TOTAL LIQUIDITY

DE-LEVEREDBALANCE SHEET

(1) Secured by mortgages on the Company's non-oil and gas real property(2) $3.7 million par value of conversions as of Oct 31st

(3) Excludes approximately $10 million of letters of credit

PRO FORMA CAPITAL STRUCTURE $MM

DEBT AT PRINCIPAL VALUE AS OF JUN 30, 2016 RESTRUCTURING PRO FORMA

AS OF OCT. 31, 2016

Secured Note1 $ - $ 35 $ 358.75% Second Lien Secured Notes due 2020 1,328 (1,328) -

Unsecured Notes:8.75% Senior Unsecured Notes due 2020 $ 396 $ (396) $ -7.50% Senior Unsecured Notes due 2021 758 (758) -8.125% Senior Unsecured Notes due 2022 528 (528) -7.50% Senior Unsecured Notes due 2023 544 (544) -

Sub-Total Unsecured Notes $ 2,225 $ (2,225) $ -

Unsecured Convertible Notes:8.125% Senior Unsecured Convertible Notes due 2022 $ 41 $ (41) $ -7.50% Senior Unsecured Convertible Notes due 2023 47 (47) -

Total Senior Debt $ 3,641 $ (3,606) $ 35

0.00% Mandatorily Convertible Senior Subordinated Notes2 - 278 278 Total Debt $ 3,641 $ (3,328) $ 313

LiquidityRBL Borrowing Base3 $ 500 $ (75) $ 425

RBL Available - 425 425 Cash 634 (523) 111

Total Liquidity $ 634 $ (98) $ 536

2016 OPERATIONAL GUIDANCE

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TOTAL COMPANY PRODUCTIONOil (MMBbls) 5.4 - 5.5

Natural Gas Liquids (MMBbls) 4.1 - 4.3

Total Liquids (MMBbls) 9.5 - 9.8

Natural Gas (Bcf) 57.0 - 57.3

Total (MMBoe) 19.0 - 19.4

PRICING REALIZATIONSOil (differential below WTI) $3.75NGLs (realized % of WTI) 30%Gas (differential below Henry Hub) $0.50

COSTS PER BOELOE $8.80 - $9.00DD&A – oil & gas1 5.80 - 6.20DD&A – other 1.40 - 1.45Total DD&A $7.20 - $7.65

G&A – cash2 $3.70 - $3.90

% OF NET REVENUESeverance Taxes 2.00% - 2.25%

Corporate Tax Rate 0%Deferral Rate 0%

(1) May be materially affected at year end by application of Fresh Start accounting(2) Adjusted G&A - Cash is a non-GAAP financial measure as it excludes from G&A non-cash compensation, severance, bad debt allowance, shareholder litigation costs, restructuring costs, and other non-recurring items. Incentive

compensation plan normalized to be consistent with prior year compensation plans. The most directly comparable GAAP measure for Adjusted G&A - cash is General and Administrative Expense. 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.

2016 CAPITAL EXPENDITURES GUIDANCE

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CAPEX GUIDANCE DETAIL $MMMid-Continent D&C $42.5 - $47.5

North Park D&C 55 – 60

Other - D&C1 25

Total Drilling & Completing $122.5 - $132.5

OTHER E&PLand, G&G and Seismic $10 - $15

Infrastructure2 20 – 22.5

Workovers 37.5 – 40

Capitalized G&A and Interest 25

Total Other E&P $92.5 - $102.5

NON E&PGeneral Corporate $5

Total Capital Expenditures (excl. A&D and P&A) $220 - $240

CAPEX GUIDANCE $MMD&C $122.5 - $132.5

Other E&P $92.5 - $102.5

Total Exploration and Production $215 - $235

General Corporate $5

Total Capital Expenditures $220 - $240

LATERAL SPUDS GROSS NETMid-Continent 26 21

North Park 11 11

Total Laterals 37 32

(1) 2015 Carryover, JV Penalty, Rig Penalty, Non-Op, SWD(2) Facilities - Electrical, SWD, Gathering, Pipelines