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…
SANDRIDGE ENERGY OVERVIEW DE-LEVERED OIL PRODUCER FOCUSED ON VALUE CREATION KEY INFORMATION PRIMARY ASSETS 458k Mid-Continent Focus Net Acres Area 300 2P2 Locations 133k North Park Basin Net Acres Niobrara Oil 1,300 2P2…
THE REORGANIZED SANDRIDGE ENERGY AS OF OCT. 31ST COMMON 20.6 MM common shares outstanding EQUITY 14.8 MM issuable upon conversion of mandatorily convertible debt 4.9 MM warrants at 41.34 strike price net share settled 2.1 MM…
OPERATIONAL HIGHLIGHTS & FULL YEAR CAPEX PLAN (1) A lateral is defined as a single one-mile section lateral whereas an extended lateral is defined as a two-mile lateral drilled across two sections, and a multilateral defined as two…
DURABLE IMPROVEMENT IN ECONOMICS MULTI AND EXTENDED LATERALS ARE A BREAKTHROUGH IN MISSISSIPPIAN D&C CAPEX, MM PER LATERAL 90-DAY CUMULATIVE MBOE PER LATERAL Lower costs per lateral Results shown by groups of 50 wells -37% vs…
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…
MISSISSIPPIAN VALUE CREATION MULTI AND EXTENDED LATERALS PRESERVE COMPETITIVE RETURNS AT LOWER COMMODITY PRICES Nine Mississippian laterals drilled in 2016 with 36% IRR1, all multi or extended laterals Projected average 2016 D&C…
NORTH PARK NIOBRARA ASSET OVERVIEW DOMINANT ACREAGE POSITION WITH HIGH OIL CUT 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…
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…
2016 SANDRIDGE NIOBRARA RESULTS 478 BOEPD (90% OIL) AVERAGE 30-DAY IP ON FIRST FIVE SANDRIDGE LATERALS FIRST FIVE SANDRIDGE LATERALS SIX LATERALS ONLINE IN LATE 2016 DESIGNED TO TEST Cycle time reduction Extended lateral…
FIRST SANDRIDGE NIOBRARA LATERAL THE GREGORY 1-9H CONTINUES TO OUTPERFORM TYPE CURVE GREGORY 1-9H, 550 BOEPD (89% OIL) 30-DAY IP CUMULATIVE PRODUCTION OF 75 MBO AT 217 DAYS 13
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…
14 LATERALS SUPPORTING TYPE CURVE CUMULATIVE OIL LAST 14 LATERALS USING MODERN COMPLETION DESIGNS 15
NIOBRARA DRILLING ECONOMICS REDUCING COSTS 1MM PER LATERAL SUPPORTS LARGE IRR UPSIDE CURRENT COSTS ACHIEVED AFTER JUST 10 WELLS, WITH ONLY 1 EXTENDED LATERAL SINGLE LATERAL EXTENDED LATERAL NOW 4MM PER LATERAL NOW 3.5MM PER…
ACHIEVABLE UPSIDE IN NIOBRARA LOWER COSTS, OPTIMIZED COMPLETIONS, EXTENDED LATERALS, STACKED PAY AND LOCATION COUNT UPSIDE INCLUDES Successfully drilling extended laterals; first 2 mile lateral drilled and completed in Q316 and…
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…
INVESTMENT THESIS POST RESTRUCTURING High-graded harvest of our Mid-Continent asset HARVEST & 1,300 producing horizontal wells, 3D seismic and improved reservoir characterization APPRAISE One rig active most of 2016 Production…
APPENDIX 20
2016 OPERATIONAL GUIDANCE TOTAL COMPANY PRODUCTION PRICING REALIZATIONS Oil (MMBbls) 5.4 - 5.5 Oil (differential below WTI) 3.75 NGLs (realized % of WTI) 30% Natural Gas Liquids (MMBbls) 4.1 - 4.3 Gas (differential below Henry Hub)…
2016 CAPITAL EXPENDITURES GUIDANCE CAPEX GUIDANCE MM CAPEX GUIDANCE DETAIL MM D&C 122.5 - 132.5 Mid-Continent D&C 42.5 - 47.5 Other E&P 92.5 - 102.5 North Park D&C 55 60 Total Exploration and Production 215 - 235 Other - D&C1 25…
NEW SANDRIDGE CAPITAL STRUCTURE PRO FORMA CAPITAL STRUCTURE MM AS OF PRO FORMA DEBT AT PRINCIPAL VALUE RESTRUCTURING JUN 30, 2016 OCT. 31, 2016 AS OF Secured Note1 - 35 35 8.75% Second Lien Secured Notes due 2020 1,328 (1,328)…
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