1

2SandRidgeEnergy.com 2

DISCLAIMERFORWARD 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, and projections and estimates of our drilling inventory and locations, production, reserves, rates of return, projected capital expenditures and other costs, efficiency initiative outcomes, infrastructure utilization and investment, liquidity, debt maturities, capital structure, asset sales, price realizations and hedging strategies. 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 amended Annual Report on Form 10-K/A for the year ended 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 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 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 amended Annual Report on Form 10-K/A referenced above, which is available on our website at www.sandridgeenergy.com and at the SEC’s website at www.sec.gov.

3SandRidgeEnergy.com 3

SUCCESS DEMONSTRATED BY HITTING GROWTH GUIDANCE AND ADDING RESERVES• Reserves up 37%, PUD type curve up 27% • 2014 production of 29 MMBoe, 1% over guidance; MidCon grew 47% YOY to Q4’14 76 MBoe/d

IMPROVED CAPITAL EFFICIENCY THROUGH 2015 AND INTO 2016• $2.4MM lateral cost target for 2H’15• Lower lateral cost and improved type curve provide 27% more EUR for 80% of cost • 2014 multilateral program at 85% of cost of single laterals for 100% of 90-day type curve volume

NEW COVENANT PROVIDES BALANCE SHEET FLEXIBILITY • $900MM borrowing base affirmed in February• 2.25x senior secured covenant

INTRODUCING 2015 GUIDANCE - PRESERVES LIQUIDITY AND PRODUCTION BASE• $700MM Capex, ~6% organic production growth• Ramping down from current 19 rigs to 7• 40% of 2015 program comprised of multilaterals

ACTIONS TO THRIVE IN LOWER PRICE ENVIRONMENT

4SandRidgeEnergy.com 4

Development inventory is preserved with lower costs and expanded with oil price recovery

returns are preserved…At lower well costs…drilling location count grows.

Service cost reductions plus increased efficiencies while drilling more multilaterals

Type curve returns at target costs and current strip comparable to 35% IRRs from higher price and cost environment in 2014

27% MORE EUR FOR 80% OF THE COST

* 02.13.15 Strip Pricing * PUDs + Risked Probables @ Strip

5SandRidgeEnergy.com 5

PRINCIPLES

Drilling projects must generate hurdle returns at strip pricing

Unlock value in this market• Efficiency gains• Service cost reductions• Expanded use of multilaterals

Efficient infrastructure utilization

Transition toward operating within cash flows

Defend and Extend capabilities

PLANNED SPEND AND RESULT

$700MM Capex budget

28.0-30.5 MMBoe guided production

~ 6% Year-over-Year volume growth

Quick ramp down to lower rig count

Appraisal New Ventures commitment

40% multilaterals in drilling plan

2015 CAPEX OF $700MM VS. $1.6B IN 2014

6SandRidgeEnergy.com 6

Note: SandRidge consolidated reserves as of YE 2014 including royalty trusts (a) Based on YE 2014 SEC pricing ($91.48/4.35)(b) 02.13.15 Strip Pricing

• 516 MMBoe (+37% YOY)

• $5.5B SEC PV-10(a)(+34% YOY)

• $3.3B PV-10(b) at Strip

• 604% All-in Reserve Replacement

• 65% Proved Developed

YEAR END PROVED RESERVES +37% • All-in F&D $9.00/Boe

• 42% Liquids Mix

• $10.69 Proven Value/Boe(a)

• 18.7 Years Reserve Life

• 12.2 Years Proved Developed Reserve Life

RESERVES MIX

RESERVES GROWTH

7SandRidgeEnergy.com 7(a) Represents decline from month 1 to month 13 (b) Wet gas, wellhead volumesAs of 12.31.2014

2015 GAS: 1.6 Bcf

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

B Factor

96662%2.00

2015 NGL: 97 MBbls

Yield (Bbls/MMcf)Shrink

51.686.1%

2015 OIL: 118 MBo30 Day IP (Bo/d)1st Year Decline(a)

B Factor

19080%1.26

2015 MISSISSIPPIAN PUD TYPE CURVE484 MBoe, 44% Liquids

MBo

e

8SandRidgeEnergy.com 8

MEANINGFUL WELL COST REDUCTIONS

EFFICIENCY GAINS• Rig efficiency• Location high-grading• Wellbore + completion design

SERVICE COSTS• Rig rates• Directional drilling• Stimulation• Liner packer system• ESPs

MULTILATERAL EXPANSION• 40% multilaterals• 85% of the cost of single

laterals for 100% of 90-day type curve production

9SandRidgeEnergy.com 9

• At target lateral cost of $2.4MM and 2015 type curve, wells generate ~45% IRRs at recent strip, hedges excluded

• Returns for these new costs and type curve are comparable to returns from 2014 program ($3MM lateral cost, 2014 type curve, $80+ oil)

• Well cost reductions and type curve improvement offset impact of lower oil prices; set foundation for enhanced returns with price improvement

NEW COSTS AND EURs PRESERVE PRIOR RETURNS

* 02.13.15 Strip Pricing

27% More EUR for 80% of the Cost

10SandRidgeEnergy.com 10

ACTIVITY AND SUCCESS IN 2014• Sole multilateral operator in the Midcontinent

• Multilateral program consisted of 28 projects with average completed well costs of $2.6MM per lateral

• Wells with greater than three months of production averaged 100% of the 90-day type curve Boe– 98% of 90-day type curve oil– 102% of 90-day type curve gas

CAPITALIZING ON PROVEN INNOVATION IN 2015• 40% Multilaterals in 2015 drilling plan

– Efficient allocation of capital– Proven results– Expanding an innovative concept throughout other areas

of core development

CAPITALIZING ON PROVEN INNOVATION100% of 90-Day Type Curve Production for 85% of the Cost of a Single Lateral

FULL SECTION DEVELOPMENT

11SandRidgeEnergy.com 11

MISS CHESTER WOODFORD*

Producing Laterals 1375 35 5

Peak 30-Day Boe 365 369 418

Future Locations (a) 3212 401 147

DRILLING LOCATION INFORMATION

MULTI-ZONE DRILLING LOCATIONS AND 2015 ACTIVITY

( As of February 2015)

* Wells developed under new geological model(a) PUDs + Risked Probables @ 02.13.15 Strip

Ramp Down to 6 Development Rigs + 1 Committed to Appraisal New Ventures

12SandRidgeEnergy.com 12

MONETIZATION OPPORTUNITIES• Asset Sale Options

– SWG infrastructure

– Real Estate

– Non-core production

CAPITAL DISCIPLINE• Capex Set at $700MM

• Capital Efficiency Gains

– Operational Improvements

– Service Cost Reductions

– Expanded use of Multilaterals

FINANCIAL POSITION

CAPITAL STRUCTURE FOCUS

• Ample Liquidity

– $900MM borrowing base

– New senior secured covenant (2.25x EBITDA beginning 3/31/15)

– No bond maturities before 2020

(a) $100MM drawn as of February 20, 2015

13

Change look

14SandRidgeEnergy.com 14

2015 PRODUCTION GUIDANCE

(a) 2014: 1.3 MMBoe of non-recurring production related to divested GOM assetsNote: Totals may not foot due to rounding

15SandRidgeEnergy.com 15

(a) Convertible at holder’s option at $8.0125 per common share; convertible after Feb 20, 2014 (b) Convertible at holder’s option at $7.7645 per common share; convertible after Nov 20, 2015

Senior Notes ($ in millions)

Credit Rating Corp Rating Outlook

Preferred Stock ($ in millions)

8.5% Convertible Perpetual Preferred (a) $2657.0% Convertible Perpetual Preferred (b) 300Total $565

Moody’s  B1                              StableS&P B                                Negative

Credit Rating                Corp Rating                    Outlook 

CAPITAL STRUCTURE OVERVIEW

(c) $100MM drawn as of February 20, 2015

8.75% Sr Notes due 2020 $450

7.5% Sr Notes due 2021 1,175

8.125% Sr Notes due 2022 750

7.5% Sr Notes due 2023 825

Total $3,200

16SandRidgeEnergy.com 16

• As of 02.25.2015• Positions displayed include royalty trusts, but are exclusive of basis hedges.• Liquids hedged to NYMEX WTI; Natural Gas hedged to NYMEX Henry Hub; NGL barrels hedged at 3:1 ratio to WTI.

23

STRONG HEDGE POSITION

17SandRidgeEnergy.com 17

PRODUCE • ~1.3 million barrels of water gathered and disposed per day

during Q4‘14 in the Mid-Continent and Permian Basin

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 • 191 SWG wells in Mid-Continent and Permian Basin

• Many take water on a vacuum (hydrostatic pressure is adequate to achieve disposal)

~$600MM INVESTED THROUGH 2014

• Average capacity of 15,000 Bw/d 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 OPERATORIN THE MIDCONTINENT:

SALTWATER GATHERING & DISPOSAL (SWG)

99%OF WATERIS PIPED (VS. TRUCKED)

18SandRidgeEnergy.com 18

Note: Map does not show other SWG assets in NW Kansas or West Texas.

LARGEST SALTWATER GATHERING SYSTEM IN THE NATIONHydraulic Modeling and Engineered Process Achieved >99% Pipe Efficiency

• 1,260 MBw/d current volumes

• 191 SWG wells

• 1,049 miles of installed pipelines

• Advanced hydraulic simulation

• Resembles hydrocarbon gathering and processing system

• Design based on actual type curves

• Engineered design and construction

• New assets, built since 2008

• > 99% piped volumes

100 MILES

19SandRidgeEnergy.com 19

PRODUCTIONOil (MMBbls) 9.0 – 10.0Natural Gas Liquids (MMBbls) 4.0 – 5.0

Total Liquids (MMBbls) 13.0 – 15.0Natural Gas (Bcf) 89.5 – 93.5

Total (MMBoe) 28.0 – 30.5CAPITAL EXPENDITURES ($ in millions)

Exploration and Production $612Land and Geophysical 38

Total Exploration and Production $650Oil Field Services 5Electrical/Midstream 30General Corporate 15

Total Capital Expenditures (excl. A&D) $700

EBITDA from Oilfield Services

and Other ($MM)(a) $10 Adjusted Net Income

Attributable to NCI ($MM)(b) $60 Adjusted EBITDA

Attributable to NCI ($MM)(c) $90

PRICE REALIZATIONSOil (differential below WTI) $3.75NGLs (realized % of WTI) 30%Gas (differential below Henry Hub) $0.75

COSTS PER BOELifting $12.25 - $13.00Production Taxes 0.65 – 0.85DD&A – oil & gas 12.00 – 15.00DD&A – other 2.00 – 2.20Total DD&A $14.00 - $17.20

G&A – cash 3.00 – 3.50G&A – stock 0.50 – 0.75Total G&A $3.50 - $4.25

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.

www.SandRidgeEnergy.com 19

2015 OPERATIONAL GUIDANCE

20SandRidgeEnergy.com 20

2015 CAPEX GUIDANCE2015 CAPEX GUIDANCE 2015 GUIDANCE LATERAL COUNTS 2015 GROSS 2015 NETDevelopment D&C $306 Development 182 116Appraisal & New Ventures D&C 29 Appraisal & New Ventures 11 8Carryover 102 Total Laterals 193 124

Total D&C $437SWG - D&C 11Permian 0JV Carry 0

Total D&C $448

OTHER E&PDevelopment Land & Geophysical $21Appraisal & New Ventures Land & Geophysical 17

Total Land & Geophysical 38SWG Infrastructure 27Workovers & Non-Op 86Capitalized G&A and Interest 51

Total Other E&P $202

NON E&PDrilling & Oil Field Services $5Midstream and Electrical 30General Corporate 15

Total Non-E&P $50TOTAL $700

21SandRidgeEnergy.com 21

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

investors@sandridgeenergy.com

www.SandRidgeEnergy.com

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.