This document provides an earnings presentation by Sandridge Energy for Q3 2016. It includes cautionary statements about forward-looking projections. The presentation summarizes Sandridge's operational strategy of focusing on high-return projects from its Mid-Continent assets while diversifying into long-term growth from its large North Park Niobrara position. It provides details on improved drilling economics in both areas, highlighting initial positive results from extended laterals in the Niobrara. The presentation also outlines Sandridge's reorganized capital structure and liquidity following its bankruptcy restructuring and concludes with operational and capital expenditure guidance for 2016.

1. www.sandridgeenergy.com
Q3’16
EARNINGS
NOVEMBER 9, 2016

2. 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.
2
Forward Looking Statement
www.sandridgeenergy.com

3. SANDRIDGE ENERGY
With 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

4. 4
DURABLE IMPROVEMENT IN ECONOMICS
MULTI AND EXTENDED LATERALS ARE A BREAKTHROUGH IN MISSISSIPPIAN
D&C CAPEX, $MM PER LATERAL
Lower costs per lateral
-37% vs 2014
90-DAY CUMULATIVE MBOE PER LATERAL
Results shown by groups of 50 wells

5. • 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)
5
MISSISSIPPIAN VALUE CREATION
MULTI AND EXTENDED LATERALS PRESERVE COMPETITIVE RETURNS AT LOWER COMMODITY PRICES
(1) Historical realized pricing + 11.2.16 NYMEX Strip and actual production + forecasted production

6. 6
• 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)

7. 7
2016 SANDRIDGE NIOBRARA RESULTS
478 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

8. 8
GREGORY 1-9H,
550 BOEPD (89% OIL) 30-DAY IP
FIRST SANDRIDGE NIOBRARA LATERAL
THE GREGORY 1-9H CONTINUES TO OUTPERFORM TYPE CURVE
CUMULATIVE PRODUCTION
OF 75 MBO AT 217 DAYS

9. 9
NIOBRARA TYPE CURVE SUPPORT
AVERAGE 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

10. 10
LAST 14 LATERALS USING MODERN COMPLETION DESIGNS
14 LATERALS SUPPORTING TYPE CURVE CUMULATIVE OIL

11. 11
NIOBRARA DRILLING ECONOMICS
REDUCING COSTS $1MM PER LATERAL SUPPORTS LARGE IRR UPSIDE
CURRENT COSTS ACHIEVED AFTER JUST 10 WELLS, WITH ONLY 1 EXTENDED LATERAL
Assumptions:
Single Laterals: $4.0MM D&C lateral cost, 315 MBoe EUR
Extended Laterals $7.0MM D&C cost ($3.5MM per lateral), 600 MBoe EUR
SINGLE LATERAL
NOW $4MM PER LATERAL
EXTENDED LATERAL
NOW $3.5MM PER LATERAL
REDUCING COST PER LATERAL
OF EXTENDED LATERALS WILL
BE A PRIORITY IN 2017

12. THE REORGANIZED SANDRIDGE ENERGY AS OF OCT. 31ST
12
COMMON
EQUITY
MANDATORILY
CONVERTIBLE
DEBT
$425MM
REVOLVING
CREDIT
FACILITY
$111MM CASH
$536MMLiquidity
• 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 LOCs
Note: 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

13. NEW SANDRIDGE CAPITAL STRUCTURE
13 www.sandridgeenergy.com
$536 MM OF
TOTAL LIQUIDITY
DE-LEVERED
BALANCE 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 $ 35
8.75% 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
Liquidity
RBL Borrowing Base3 $ 500 $ (75) $ 425
RBL Available - 425 425
Cash 634 (523) 111
Total Liquidity $ 634 $ (98) $ 536

14. 2016 OPERATIONAL GUIDANCE
14
TOTAL COMPANY PRODUCTION
Oil (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 REALIZATIONS
Oil (differential below WTI) $3.75
NGLs (realized % of WTI) 30%
Gas (differential below Henry Hub) $0.50
COSTS PER BOE
LOE $8.80 - $9.00
DD&A – oil & gas1 5.80 - 6.20
DD&A – other 1.40 - 1.45
Total DD&A $7.20 - $7.65
G&A – cash2 $3.70 - $3.90
% OF NET REVENUE
Severance 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.

15. 2016 CAPITAL EXPENDITURES GUIDANCE
15
CAPEX GUIDANCE DETAIL $MM
Mid-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&P
Land, 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&P
General Corporate $5
Total Capital Expenditures (excl. A&D and P&A) $220 - $240
CAPEX GUIDANCE $MM
D&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 NET
Mid-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