SandRidge 2010 Bank of America Merrill Lynch Global Energy Conference

DisclaimerSafe Harbor Language on Forward Looking 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 andare generally accompanied by words that convey projected future events or outcomes. The forward-looking statements includestatements about SandRidge Energy, Inc.‟s future operations, rig and well counts, drilling locations, anticipated exploration andproduction strategies, expected construction and start-up of and deliveries to the Century Plant, expected CO2 processing capacity,estimates of reserve volumes, reserve values, capital expenditures, capital raising activities, including potential asset divestitures, andhedge transactions. We have based these forward-looking statements on our current expectations and assumptions and analyses madeby us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well asother factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform withour expectations and predictions is subject to a number of risks and uncertainties, including the ability to successfully integrate thebusinesses of SandRidge Energy, Inc. and Arena Resources, Inc., the risk that the cost savings and any synergies from the merger maynot be fully realized or may take longer to realize than expected, the volatility of natural gas and oil prices, our success in discovering,estimating, and developing natural gas and oil 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, including those related to carbon dioxideand greenhouse gas emissions, and other factors, many of which are beyond our control. We refer you to the discussion of risk factors inPart I, Item 1A - “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2009 and in comparable “riskfactors” sections of our Quarterly Reports on Form 10-Q filed for the quarters ended March 31, 2010 and June 30, 2010 and those filedafter the date of this presentation. All of the forward-looking statements made in this presentation are qualified by these cautionarystatements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have theexpected consequences to or effects on our company or our business or operations. Such statements are not guarantees of futureperformance and actual results or developments may differ materially from those projected in the forward-looking statements. Weundertake 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, aseach is defined by the SEC. At times we use the term "EUR" (estimated ultimate recovery) to provide estimates that the SEC‟s guidelinesprohibit 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 adiscussion of the company‟s proved reserves, as calculated under current SEC rules, we refer you to the company‟s Annual Report onForm 10-K referenced above, which is available on our website at www.sandridgeenergy.com and at the SEC „s website at www.sec.gov.2SandRidge Corporate Overview Financial:• Market Capitalization(a) $2.09 billion• Shares Outstanding 405 million• Enterprise Value $5.83 billion• Total Debt(b) $3.00 billion Operational:• Proved Reserves(c)288 Mmboe• Oil82% by value• Production(d) 62.6 Mboed• 2010 Capex Budget$1,100 million• Drilling Locations> 18,200(e)(a)Based on share Price as of 11/05/2010(b)Total Debt as of 9/30/2010(c)YE 2009 Pro Forma for Arena Acquisition; SEC case(d)As of 10/29/2010(e)Excludes ≈ 700 potential divestiture locations3SandRidge: 2008 vs. 201120082011Production(a)77% Gas80% OilRevenue 76% Gas80% OilOil to Gas Price Ratio(c)11:122:1Drilling Locations99% Gas51% Oil111 Oil Locations9,345 Oil Locations(b)(a)Converted based on Oil to Gas Price Ratio(b)Excludes ≈ 700 potential divestiture locations(c)Actual price received for 2008, and projected realized price with hedges for 201142010 Update (as of November 1st)Q2 2010Current (11/01/2010)Exit Rate Rig CountRig CountPermian15Permian17Piñon8Oklahoma Mississippian5Other5Piñon / other1Total28Total23Performance MetricsPerformance MetricsOil production (Mbbl/d)(a)15Oil production (Mbbl/d)(a)28Gas production (Mmcf/d)212Gas production (Mmcf/d)208Total production (Mmcfe/d)301Total production (Mmcfe/d)376Adj. EBITDA(b)$128MMAdj. EBITDA Q3(b) $149MMAdj. EBITDA(b)Adj. EBITDA Q3(b)(with hedge monetization)$191MM(with hedge monetization)$197MMSandRidge continues to successfully execute on its extensive oil opportunities in the Permian and Horizontal Mississippian Play -- increasing oil production guidance for 2010 by 300 Mbo(a)Includes NGLs(b)Adjusted EBITDA, as presented herein, is EBITDA excluding interest income, gains or losses on the sale of assets and other various non-cash items (including asset impairments, income from equity investments, noncontrol ing interest, stock-based compensation, unrealized (gain) loss on derivative contracts, and provision for doubtful accounts). Also adjusted for one-time events such as acquisitions costs and settlement for prior claims of $27MM in Q3 and out-of-period hedging monetization of $62MM in Q2 and $48MM in Q3. See reconciliation on slide 24.5Focus on Product ValueOil$82.95/BblSD Liquids are 83% Crude OilNGLs$46.26/BblNat Gas $20.46/BblAs of 11/01/2010 NYMEX; Gas Value at 6:1(Oil : Gas based on price 24:1)Average Oil / NGLsAverage NYMEX FuturesOil / GASThe average price ratio of crude to NGLsThe NYMEX forward looking price curve of Oil/Gas ratio has increased by ≈ 125% since January 2010has increased by ≈ 160% since January 20096SandRidge Executes Oil StrategyTotal US Gas Rigs +3%Total SandRidge Oil Rigs +271%Total SandRidge Gas Rigs -87%7SandRidge Acquisition History ComparisonConchoApacheSandRidgeSandRidgeCombinedMarbobBPArenaForestSD DealsDeal Size ($MM)$ 1,650 $ 3,100 $ 1,287 $ 800 $ 2,087 % Oil58%65%86%65%75%Reserves (Mmboe)761416980149$/Boe$ 21.71 $ 21.99 $ 18.65 $ 10.00 $ 14.01 Production (Boepd)14,000 28,533 8,500 7,600 16,100 $M/Boepd$ 117.86 $ 108.65 $ 151.41 $ 105.26 $ 129.63 Reserves (Mmboe 14:1)581136364127Implied $/Boe 14:1$ 28.57 $ 27.48 $ 20.27 $ 12.50 $ 16.37 Production (Boepd 14:1)10,640 22,826 7,820 6,080 13,900 Implied $M/Boepd 14:1$ 155.08 $ 135.81 $ 164.58 $ 131.58 $ 150.14 Note: Transaction sizes as originally announced8Continued Growth in Oil ProductionSD Total Oil(a)35,000SD assumed ops SD assumed ops 7/16 of Arena12/21 of FST Permian27,991 30,00025,00020,000DPO13,386 14,029 B 15,0007,873 8,765 9,456 10,0007,077 4,908 5,089 5,0000November 2009 Avg.1/30/20103/31/201010/29/2010FSTARENASD TOTAL LIQUIDS(a) ≈83% of liquid volume is crude oil9High Rate of Return – Permian and Horizontal Mississippian PlaysPermianHorizontal Mississippian8,073 Potential Locations(a)1,200 – 2,500 Potential Locations175%150%125%Ro 100%R XAT75%B50%53% Crude Oil75% Crude Oil25%0%$60/$4.00 $70/$4.50 $80/$5.00STRIP$90/$5.50 $100/$6.00NYMEX Pricing (Bbl / Mcf)StS rt ip p as s ofo 101 /0 2/ 82 /8 1/ 01Permian Average Type CurveHorizontal Mississippian Type Curve• 65 Mbbl (87% Crude)• 203 Mbbl (100% Crude)• 63 Mmcf• 1100 Mmcf• 75 Mboe• 386 Mboe• $730M/well • $2.7MM/well(b)(a)Excludes ≈ 700 potential divestiture locations(b)Includes SWD capex allocation10