SandRidge Energy : Q1 2021 Earnings Presentation

May 12, 2021

SandRidge Energy, Inc. NYSE: SD

Disclosure - 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 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, operational optimization initiatives anticipated efficiency and cost reductions, the acquisition of seismic data, infrastructure investment, liquidity, capital structure, hedging position, 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 including references pro forma for the sale of the North Park Basin Asset. 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, 2020 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

No representation or warranty, expressed or implied, is or will be made, and no responsibility or liability is or will be accepted by the Company or any of its affiliates in relation to the accuracy or the completeness of this overview or the opinions or forecasts contained herein, and any liability of the Company or any of its affiliates is hereby expressly disclaimed. Certain of the information contained herein is based upon or derived from information provided by industry sources. Although the Company believes such information to be reliable, it has not been independently verified and no representation or warranty, express or implied, is made as to the accuracy, reliability or completeness of any such information and the Company expressly disclaims any and all liability which may be based on this document and any errors therein or omissions therefrom. Any views expressed herein reflect the judgment of the Company as of the date of this presentation and may be subject to change (without notice) if the Company becomes aware of any information, whether specific to a transaction or general (including changes in prevailing capital markets conditions), which may have an impact on any such views. You should not assume that any information in this overview is accurate as of any date other than the date hereof or as otherwise specified herein.

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SandRidge Energy, Inc. NYSE: SD

The "Reset" SandRidge - Key Highlights

• Over the past few years, the Board and Management have focused SD's assets, optimized its production profile, streamlined its organization and cost structure, strengthened its balance sheet and enhanced its ESG commitment

Streamlined Midcon	 Now focused solely on well-understood Midcon assets with the Company since 2010
	~100% HBP acreage with a long-lived, shallowing decline, diversified production profile
PDP Asset Base		Substantial owned and integrated water and electric infrastructure
	 During 1Q21, sold the Company's higher cost, higher decline North Park Basin Niobrara asset in CO
Robust Free Cash		Significant cash generation leverage given low-per boe cost structure, low required capex, firming commodity
Flow Generation		prices and improving realizations
Capability	 High EBITDA-to-FCF conversion given the Company's low capital intensity assets and strong balance sheet
	 The Company believes its PD reserves have PV-10 value of approximately $233MM using the current strip(1)
Visible Path to	 Relatively low-capital, quick payback, high return "small ball" and well reactivation opportunities to extend
	SD's production profile
Increased Shareholder		Identified opportunities to further improve margins and reduce costs
Value Realization	 Demonstrated track-record executing opportunistic, economically-accretive acquisitions
	Unhedged exposure to commodity upside
	 Board commitment to utilize cash to maximize shareholder value
Strong Balance Sheet		Significant cash position and more than $63.9MM in net liquidity at 1Q21(2)
and Financial		No MVCs, drilling or other material "off balance sheet" commitments
Flexibility	 No remaining affiliated Trusts impinging net interests in operated wells
Disciplined ESG	 Environmental. Centralized Ops Center to respond quickly and minimize environmental impact
	Social. No Recordable Incident streak now in 33rd month
Commitment
	Governance. Mostly independent board with diversity of background and thought; say-on-pay

1. 1Q21 reserves updated in a manner we believe is consistent with industry reserve practice for the May 5 strip and an Apr. 1 effective date; includes SDT ORRI purchase

3 (2) Company's Mar. 31, 2021

$73.9MM cash (excluding $2.6MM of restricted cash) net of SD's $20MM Term Loan plus $10MM undrawn revolver

SandRidge Energy, Inc. NYSE: SD

The "Reset" SandRidge - Go-Forward Strategy

• The Company's primary strategic focus is to grow the cash value and generation capability of its asset base to accelerate shareholder value realization in a safe, responsible and efficient manner

Increase the Cash		Extend and flatten the Company's production profile with relatively low capital, high return and quick payback
Value and Generation
	work-overs and other "small ball" projects as well as with well reactivations as commodity prices justify
Capacity of SD's Asset		Actively manage marketing options to maximize pricing realizations
Base	 Continue to press operating and administrative cost reductions
Continue a High Level	 Maintain a streamlined organizational structure and low G&A burden
	Enforce tight capital discipline with a focus on high-return, quick payback projects
of Cash Conversion		Manage working capital in a disciplined manner
	 Ensure a well-capitalized balance sheet with limited interest cost "drag"
	 Focus on lower risk, PDP-weighted assets that fit SD's core cost efficiency and production optimization
Remain Vigilant for		competencies
Opportunistic, Value-		‒ Ideally assets that bring operating synergies with SD's incumbent properties
	Ensure sufficient midstream access and optionality to improve margins
Accretive Acquisitions		Remain in constructive regulatory regimes
	 Leverage the Company's strong balance sheet, sizeable cash position and access to capital
	 Environmental. Continue SD's strong HSE track-record
Uphold ESG	 Social. Extend the 33-month streak without a recordable incident
	Governance
Responsibilities		‒ Maintain governance best practices
		‒ Provide timely, appropriate investor communications
		‒ Deploy SD's cash and other assets in a manner that maximizes shareholder value

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SandRidge Energy, Inc. NYSE: SD

Long-Lived,Low-Decline, Diversified Midcon Asset Position

• Expansive well position across northern OK and southern KS
• • Predominantly Miss Lime and NW STACK
• Long-livedwith a more-than 9 year average reserve life(1)
• Shallowing declines with Company expectations of upper teens in 2021 flattening to low teens and lower thereafter
• • Gas / oil / water ratio also stabilizing with positive implications for reserves and work over efficacy
• Diversified mix of hydrocarbons across ~950 producing wells
• • ~53% gas with ~33% NGLs and the remainder oil(2)

Acreage Position(3)		Summary Operating Metrics(3)
		Q1 2021 Net Production	17.5 Mboe/d
		Liquids %	~47%
		PD Reserves(1)	60.2 MMBoe
		PV-10 (Strip)(1)	~$233MM
		Reserve Life(1)	9+ yrs.
		Operated %	61%
		Avg. Working Interest %	83%
		Avg. Net Revenue Interest %	67%
		Net Acreage2	379K
		HBP %	99%
		Operated Producing Wells	~950 wells

5	(1)	1Q21 reserves updated in a manner we believe is consistent with industry reserve practice for the May 5 strip and an Apr. 1 effective date; includes SDT ORRI purchase
(2)	By production stream
	(3)	SD metrics are Midcon only; pro forma for the 1Q21 NPB divestiture; total company production - including NPB - during the same time period averaged 18.2 Mboepd (49% liquids)

SandRidge Energy, Inc. NYSE: SD