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October 2016 Investor Presentation – Sandridge Energy, Inc.

Sandridge Energy, Inc. · Oct 10, 2016 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 1
    OCTOBER 2016 INVESTOR PRESENTATION
  2. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 2
    SANDRIDGE ENERGY With a strong balance sheet, we have competitive project IRRs from the high-graded harvest of our Mid-Continent position, plus were adding portfolio diversification and long term growth from our North Park Niobrara…
  3. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 3
    SANDRIDGE ENERGY OVERVIEW DE-LEVERED OIL PRODUCER FOCUSED ON VALUE CREATION KEY INFORMATION PRIMARY ASSETS 462K Mid-Continent Focus Net Acres Area 300 2P2 Locations 129K North Park Basin Net Acres Niobrara Oil 1,300 2P2…
  4. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 4
    MID-CONTINENT EXPERTISE EXPANDING INTO THE NIOBRARA 225MM - 255MM CAPITAL BUDGET IN 2016 IN TWO MAJOR PROJECT AREAS MID-CONTINENT: HIGH-GRADED HARVEST NIOBRARA: INITIATE OIL PROGRAM One rig active most of 2016 One rig active through…
  5. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 5
    THE REORGANIZED SANDRIDGE ENERGY 19.4 MM new common shares issued COMMON 15.0 MM issuable upon conversion of mandatory convert EQUITY 4.9 MM warrants at 41.34 strike price 2.1 MM warrants at 42.03 strike price MANDATORILY 282MM…
  6. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 6
    NEW SANDRIDGE CAPITAL STRUCTURE PRO FORMA CAPITAL STRUCTURE AFTER MM EMERGENCE AS OF PRO FORMA DEBT AT PRINCIPAL VALUE RESTRUCTURING JUN 30, 2016 AS OF OCT 4, 2016 Building Note1 - 35 35 8.75% Second Lien Secured Notes due 2020…
  7. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 7
    OPERATIONAL HIGHLIGHTS & FULL YEAR CAPEX PLAN (1) Calculated as the highest consecutive 30-Day average production rate during the early life of a well (2) A lateral is defined as a single one-mile section lateral 8
  8. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 8
    MID-CONTINENT OVERVIEW DIVERSE ASSET WITH FOCUS EXPANDING BEYOND MISSISSIPPIAN INTERVAL IN OKLAHOMA Stacked reservoirs combined with large acreage base Appraising adjacent plays and additional zones Miss Lime has been primary…
  9. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 9
    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 10
  10. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 10
    CONSISTENT RESULTS SIMILAR RECOVERIES FOR MUCH LOWER COSTS PER LATERAL IN MISSISSIPPIAN 90-DAY CUMULATIVE MBOE PER LATERAL AND D&C CAPEX, MM PER LATERAL Lower costs for similar production Results shown by groups of 50 wells 11
  11. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 11
    MULTI AND EXTENDED LATERAL TOOLKIT MULTIPLE LATERALS FROM A SINGLE VERTICAL WELLBORE MORE EFFICIENT THAN SINGLE LATERALS Less capital per lateral: shared facilities, pads, infrastructure Lower LOE: shared artificial lift and fixed…
  12. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 12
    MULTI AND EXTENDED LATERAL DRILLING ENHANCES VALUE CREATION Three years of accumulated learnings have established a competitive advantage KEY DRIVERS OF MORE VALUE PER LATERAL CAPEX: Lower D&C per lateral LOE: Shared tanks,…
  13. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 13
    MID-CONTINENT ACHIEVEMENTS AND PRIORITIES ACHIEVEMENTS PRIORITIES Multi and extended lateral development yields best 2016 Test and delineate adjacent emerging plays well returns in Mississippian Lime, driven by a significant…
  14. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 14
    NORTH PARK NIOBRARA ASSET OVERVIEW DOMINANT ACREAGE POSITION WITH HIGHEST NIOBRARA OIL RATES Targeting sub-4MM per lateral for 250 MBo recovery 81% OIL IN NORTH PARK VS 35% FOR DJ BASIN Stacked pay potential with over 1,300 locations…
  15. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 15
    INITIALLY TARGETING LOWER NIOBRARA SIMILAR GEOLOGIC CHARACTERISTICS TO THE DJ BASIN NIOBRARA BUT HIGHER OIL CUT NORTH PARK DJ BASIN BASIN Oil EUR % 81% 35% - 40% Depth 5,500 9,000 ft. 6,000 8,000 ft. Reservoir Storage…
  16. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 16
    SANDRIDGE RESULTS 467 BOEPD AVERAGE 30-DAY IP OF LAST TEN WELLS DRILLED BY PREVIOUS OPERATORS 478 BOEPD AVERAGE 30-DAY IP BROUGHT ONLINE 2H16; IN VARIOUS ON FIRST FIVE SANDRIDGE WELLS STAGES OF EVALUATION DESIGNED TO TEST AND…
  17. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 17
    ACHIEVABLE UPSIDE IN NORTH PARK LOWER COSTS, OPTIMIZED COMPLETIONS, EXTENDED LATERALS, STACKED PAY AND LOCATION COUNT UPSIDE INCLUDES Expanding structural and geologic reservoir characterization model beyond existing 54 square…
  18. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 18
    NIOBRARA ASSET MIDSTREAM STATUS WTI OIL DIFFERENTIAL REDUCED FROM 11+/BBL TO 3.15/BBL NORTH PARK BASIN CURRENT OIL AND GAS DISPOSITION POTENTIAL PIPELINE ROUTES Building out field gathering infrastructure; centralized tank battery…
  19. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 19
    NORTH PARK BASIN ACHIEVEMENTS AND PRIORITIES ACHIEVEMENTS PRIORITIES First production achieved on the Gregory 1-9H with a Lower D&C Cost: Line of sight to sub-4MM per 30-Day IP of 550 Boepd (89% oil) lateral Tracer testing on the…
  20. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 20
    INVESTMENT THESIS POST RESTRUCTURING High-graded harvest of our 462K acre Oklahoma focus area HARVEST & 1,300 producing horizontal wells, 3D seismic and improved reservoir characterization APPRAISE One rig active most of 2016…
  21. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 21
    APPENDIX 22
  22. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 22
    2016 OPERATIONAL GUIDANCE TOTAL COMPANY PRODUCTION PRICING REALIZATIONS Oil (MMBbls) 5.3 - 5.5 Oil (differential below WTI) 3.75 NGLs (realized % of WTI) 27% Natural Gas Liquids (MMBbls) 4.1 - 4.3 Gas (differential below Henry Hub)…
  23. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 23
    2016 CAPITAL EXPENDITURES GUIDANCE CAPEX GUIDANCE MM CAPEX GUIDANCE DETAIL MM D&C 125 - 140 Mid-Continent D&C 45 - 50 Other E&P 95 - 110 North Park D&C 55 - 60 Total Exploration and Production 220 - 250 Other - D&C1 25 - 30 General…
  24. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 24
    2015 YEAR END RESERVES RESERVES PV-10 OIL NGLS GAS EQUIVALENT (MMBBLS) (MMBBLS) (BCF) (MMBOE) % MM % Reservoir Category PDP Producing 41 47 763 215 77% 993 92% PNP Non Producing - - 4 1 - 3 - PBP Behind Pipe - - 2 1 - (3) - PUD…
  25. October 2016 Investor Presentation – Sandridge Energy, Inc. – slide 25
    ACREAGE SUMMARY ACREAGE SUMMARY (IN THOUSANDS) HBP NON-HBP TOTAL 2016 2017 2018 2019 2020 TOTAL 373.3 172.0 545 Expiring Acreage 27.8 106.1 34.1 3.7 - 172 OK 68% 32% 100% Extendable Acreage 7.1 23.6 10.1 0.1 - 41 164.9 407.1…

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