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2013 Investor Analyst Meeting – Sandridge Energy, Inc.

Sandridge Energy, Inc. · Mar 5, 2013 · 127 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. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 1
    2013 Investor/Analyst Meeting March 5, 2013
  2. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 2
    Kevin White Senior Vice President, Business Development Welcome & Introductions
  3. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 3
    Agenda Tom Ward SandRidge Overview Chairman, Chief Executive Officer Matt Grubb 2012 Review & 2013 Outlook President and Chief Operations Officer James Bennett Corporate Finance EVP and Chief Financial Officer David…
  4. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 4
    Tom L. Ward Chairman, Chief Executive Officer SandRidge Overview
  5. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 5
    SandRidge Operating Regions Asset Map Oil Producing Regions Mid-Continent Gas Producing Regions Mississippian Rigs Running: 32 Permian Rigs Running: 3 Oklahoma City W. Texas Overthrust GOM Rigs Running: 2 6
  6. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 6
    Corporate Objectives Continue to perform as the premier operator in the Mississippian Invest in high return, growth projects, while maintaining adequate funding visibility Further improve credit metrics 7
  7. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 7
    SandRidge Historic Progression Annual Production Adjusted EBITDA 33.6 100% 1,200 1,070 30 1,000 24.9 75% 23.4 54% 800 748 20.1 MMBoe MM 51% Oil Mix 20 17.5 645 654 44% 50% 584 37% 600 10 17% 25% 400 200 0…
  8. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 8
    Permian Divestiture Overview Liquidity(b)(e) Assets: All Permian assets, excluding SandRidge Permian 2,470 2,500 Trust properties and SandRidges retained interest in the underlying properties 2,000 - Production of 22,900 Boe/d…
  9. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 9
    Todays Agenda & Key Messages Mississippian Asset - Production growth engine through the drill-bit - Continue to delineate and develop Kansas acreage - Operational initiatives driving improved well performance - Higher returns through…
  10. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 10
    Matt Grubb President, Chief Operating Officer 2012 Review & 2013 Outlook
  11. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 11
    2012 Accomplishments - 131% production growth, from 4Q11 to 4Q12 - Increased reserves in the play to 227 MMBoe, annual growth of 77% Mississippian - Continued to delineate and derisk the play through 400 wells drilled - Expanded on…
  12. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 12
    Year-Over-Year Growth Total Company Production(a) Mississippian Production(a) 120 40 106.8 35.9 100 30 80 MBoe/d MBoe/d 66.3 60 20 15.5 40 10 20 0 0 2012 Analyst Day 2013 Analyst Day 2012 Analyst Day 2013…
  13. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 13
    2012 Review: Production Total Company Production 120 103.0 106.8 100 90.2 80 66.5 MBoe/d 60 40 20 0 1Q12 2Q12 3Q12 4Q12 Mississippian GOM / Gulf Coast Permian(a) 40 40 40 35.9 31.0 31.7 30.7 30.7 30.2 29.4 30…
  14. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 14
    2012 Review: Proved Reserves Corporate Reserve Summary 20% Reserve growth Oil(a) Gas Reserves PV-10 (MBbls) (MMcf) (MBoe) (M) 37% growth, adjusted for Sales & Production Year-End 2011(b)(c) 244,784 1,355,056 470,628 6,875,872…
  15. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 15
    2012 Review: Capital Expenditures Total Capital Expenditures Well Count YTD Gross Net 2012 (MM) E&P - 81% Land & Seismic - 9% Drilling and Completion Oil Field Services - 1% Mid-Continent 396 280 927 Midstream & Other - 9%…
  16. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 16
    2013 Operational Objectives: Increasing Rates of Return Mississippian Improve well performance Location selection process Extrapolation of realized results Well and completion design Selective use of artificial lift Continue to…
  17. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 17
    2013 Guidance: Production Total Company Production 2013 2013 Production Guidance updated for 2012 February Actuals sale of Permian assets Guidance - Generates positive YoY growth after the Oil (MMBbls) (a) 18.0 15.9 impact of…
  18. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 18
    Mississippian: Driving Organic Production Growth 40 18% Organic Growth 1.2 34.3 33.6 8.8 33.1 30 3.2 28.0 MMBoe 20 10 0 2012 Production Divestitures (a) Acquisitions (b) Pro Forma 2012 2013 Guidance 2013 Permian…
  19. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 19
    2013 Guidance: Capital Expenditures Total Capital Expenditures 2013E Well Count Total Capex Gross Net (MM) E&P - 83% Drilling and Completion Land & Seismic - 6% Mid-Continent 581 379 1,230 Oil Field Services - 2% 74 54 140…
  20. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 20
    2013 / 2012 Capital Expenditure Comparison 717 2013 development primarily focused on Mississippian 700 drilling activity 581 600 Gross Wells 500 Permian development restricted to SandRidge Permian Trust 396 400 drilling…
  21. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 21
    Mississippian Overview Net Acres: 1,850,000 11,000 potential drilling locations(a) 18 year drilling inventory Rig Count: 32(b) Industry Leader: Over 2x nearest peer Production: 35.9 MBoe/d (4Q12) Industry Leader…
  22. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 22
    Mississippian Production Guidance: 72% Growth in 2013 Production Growth 50 Production from the Mississippian has 47.7 Average Quarterly Volumes increased over 18x since 3Q10 70 45 Average Quarterly Rig Counts 40 60 131% annual…
  23. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 23
    Mississippian Strategic Plan Mississippian development supports corporate level double digit organic production growth Continue to increase rates of return by improving the distribution of well results and control operating and…
  24. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 24
    Mississippian Type Curve Comparison YE 2012(a) vs. November Guidance Forecast November YE 2012 YE 2012 w/ Atlas Guidance Contract Year 1 delta = +4% Boe Oil (MBbls) 152 107 107 Year 3 delta = -1% Boe NGLs (MBbls) 60 Year 5 delta =…
  25. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 25
    Mississippian Generates Robust Economics Nov'12 Guidance YE 2012 Capex (MM) ROR (%) ROR (%) 3.0 61% 55% 3.1 57% 50% 90% of ROR realized at 5 Years 3.2 53% 47% 50 MBo Nov12 Guidance: 57% ROR YE 2012: 50% ROR Nov12 Boe…
  26. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 26
    (a) Performance Comparison of 77 ESP Wells to YE 2012 Type YE 2012 With ESP(a) ESP Acceleration Case with Equal Reserves Capex (MM) ROR (%) PV-10 (MM) ROR (%) PV-10 (MM) 70% increase in ROR 3.0 55% 2.9 95% 3.3 15% increase in PV-10…
  27. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 27
    2013: Drilling within Infrastructure Focus SWD SWD Electrical Area Wells Pipeline (mi.) Lines (mi.) 20 Alfalfa, OK 44 215 149 Comanche, KS 7 57 58 Grant, OK 15 114 97 Harper, KS 14 56 42 SW Kansas 3 14 0 25 Woods, OK 8 44 31…
  28. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 28
    New Percent-of-Proceeds (POP) Agreement SandRidge entered into a new POP agreement with Atlas Pipeline Partners, L.P. Allows for capture of NGL volumes and enhances economics - Greater share of processing value - Lower fees…
  29. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 29
    Gulf of Mexico / Gulf Coast Overview Strategic Plan Maintain or moderately grow production through low-risk 2012 GOM/GC PV-10 Value Growth 1,467 recompletions, workovers, drilling 2012 GOM/GC Net Investment(a) 1,257 activity and/or…
  30. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 30
    Gulf of Mexico / Gulf Coast Review & Outlook 2012 Review: Production 2013 Outlook: Production 40 28,000 Boe/d - Includes hurricane and operational risking 31.0 31.7 30 MBoe/d 22.9 2013 Outlook: Capital Spending 20 2013…
  31. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 31
    James Bennett Executive Vice President, Chief Financial Officer Corporate Finance
  32. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 32
    2012 Accomplishments Surpassed consensus estimates(a): - EPS in each of the last 4 quarters - EBITDA and production in 3 of the last 4 quarters Achieved record Adjusted EBITDA of 1,070MM (748MM Pro Forma for acquisition and…
  33. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 33
    2012 Accomplishments (contd) Capitalization and credit measures in the best position since the Companys founding Greatly improved credit profile & capital structure - 1.1B year-over-year reduction in Net Debt(a) - 2.3 turn…
  34. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 34
    2013 Objectives Focus on high return Mississippian projects Grow production 18%(a), liquids 22%(a) and maintain our 1.75B capex budget Reduce 1.1B of long term debt and associated interest expense Maintain a leverage ratio…
  35. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 35
    2013 Capital Funding Plan 3,000 2,500 745 1.1B Funding Surplus 2,000 1,750 MM 1,500 1,415 1,000 858 (280) (56) (120) 310 500 403 0 (a) Adjusted Interest Pref P&A Adj. CFFO YE2012 Cash Net Permian…
  36. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 36
    Credit Metrics and Liquidity Pro Forma LTM Adjusted EBITDA(a)(d) Net Debt & Leverage(b)(d) 1,250 1,183 1,130 3,991 7.0x 4,000 1,000 6.0x 3,128 2,903 2,888 748 3,000 2,757 733 2,606 5.0x 750 MM 613 593 629 MM 4.6x…
  37. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 37
    Debt Reduction & Senior Notes Profile Current Debt Maturity Summary Weighted Average Maturity: 7.7 yrs A portion of proceeds from the 1,200 Weighted Average Cost: 8.0% 1,175 Permian sale will be used to retire the 825 750 750…
  38. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 38
    Credit Facility Overview Facility Size 1,750MM Borrowing Base 775MM Maturity March 29, 2017 Redetermination Twice per year, Spring and Fall Security Senior Secured Base Rate: Prime Rate + (75 175 bps) Pricing Eurodollar Rate: Libor…
  39. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 39
    Hedging Overview Strong hedge program provides downside protection in volatile commodity markets - Target 75-85% of current year production hedged Continue to use derivatives to ensure financial stability Oil 1Q13 2Q13 3Q13 4Q13 2013…
  40. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 40
    David Lawler Executive Vice President, Development & Production Mississippian Development
  41. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 41
    Mississippian Development in 2013: Driving Higher Rates of Return Increasing Well Performance Optimizing drilling program across the play based on 2012 results Selecting the most prolific intervals within the Mississippian…
  42. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 42
    2012: Delineation and Appraisal Drilled 396 horizontal Mississippian wells 1,022MM 2012 capital program Delineated acreage across 230 miles and 15 counties 68% development, 32% appraisal Primary focus on Upper…
  43. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 43
    2013: Development Focused 90% development, 2013 Development Number 40 appraisal wells Focus Area of Wells Alfalfa, OK 255 Comanche, KS 74 Ford, KS 25 80% of the planned 2013 Grant, OK 65 wells are within SandRidge Gray, KS 20 17…
  44. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 44
    Incremental Resource Potential Stacked Horizontal Pay Potential Stacked Pay Across Mississippian Leasehold Miss Pay Zones Kilian 1-7H N Upper, Middle, Lower Miss Targets 1 - 1 to 3 potential Miss pay zones per location Miss Pay…
  45. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 45
    Improving Capital Efficiency: Integrating Well Data to Deliver Superior Results Cutaway Schematic 2 wells drilled in the same section 3,960 apart Initial appraisal, Well 1, traversed two porosity intervals to test the Upper…
  46. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 46
    Enhanced Economics: Electric Submersible Pumps vs. Gas Lifts ESP at Inception vs. Gas Lift Example Comparative Results 2 wells drilled in the same section Artificial lift employed in both wells at inception ESP Gas Lift Electric…
  47. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 47
    Continuous Value Enhancement: ESP Conversions Opportunities ESP Conversion Example Well Realizations & Economics Gas lift employed at well inception with favorable results ESP Conversion After 84 days, ESP is installed, resulting in…
  48. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 48
    SandRidge: Low Cost Mississippian Developer D&C Cost Progression 4.0 3.6 3.5 Decreased drilling and completion costs by 3.4 3.1 500M/well (14%) from 1Q12 to 4Q12 3.0 MM 2.0 1.0 Targeting gross well costs below 3.0MM 68…
  49. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 49
    Mississippian Completion Program 2 completion designs - Cemented liner with plug and perf completion - Open hole packers with sleeves Fracture treatments range from 8 to 15 stages based on reservoir characteristics Slick water…
  50. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 50
    Performance Initiative: Rotary Steerable Drilling Technology Rotary Steerable: Increasing ROP Trial conducted in Q3 & Q4 of 2012 0 9 well program yielded a 32% reduction in days 500 Fleet Average from surface casing to end of curve…
  51. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 51
    Performance Initiative: Multi-well Pad Drilling 47 multi-well pads scheduled for 1st half 2013 45 Dual Pads 2 Quad Pads Drilling 2 and 4 wells per pad improves efficiencies and reduces environmental footprint Anticipate an…
  52. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 52
    Performance Initiative: Region Specific Casing Design Current Casing Design Identified potential to eliminate 7 intermediate casing string in certain area of the play Simplified well design minimizes trips and eliminates time and…
  53. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 53
    Salt Water Disposal System Overview 116 active disposal wells 700 miles of pipeline Disposal rate of 700 gross MBW/d Over 450MM gross invested capital 54 Figures are as of February 2013
  54. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 54
    SWD: Secures Competitive Advantages & Maximizes Value Trucking Percentage Progression 700 Produced water volumes increased over 100% in 7.0% 633 6.3% 555 5.9% 600 the Mississippian in 2012 6.0% 471 500 5.0% 383 MBW/d…
  55. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 55
    Electrical System Overview Electrical System Access to over 100 MW 500 miles of power distribution lines 3 operated substations, 4 additional substations in 2013 Power available to support 400 ESPs - Currently…
  56. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 56
    Electrical System Benefits Sandy Corner Sub-Station Produced water transfer and artificial lift systems require high voltage Sourcing power solely from diesel generators presents economic and logistical challenges…
  57. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 57
    SandRidge: Low Cost Mississippian Operator Trucked Water Progression Percent of Wells on Generator 9% 40% 8.1% 8% 35% 35% Proactively managing infrastructure needs % of Produced Water Trucked 7% 30% and capitalizing on scale…
  58. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 58
    Mississippian Value Equation The sum of these strategic elements drives high rates of return + + + + + + = 59
  59. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 59
    - BREAK -
  60. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 60
    Rodney Johnson Executive Vice President Corporate Reserves, A&D Mississippian Technical Overview
  61. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 61
    Mississippian Technical Highlights DeRisked Resource Play Over 11.5 Million Acres 1,500 horizontal wells to date; 82 rigs running today Expanded Play Across 230 Miles Total potential 17 million acres; SandRidge 1.85 million net…
  62. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 62
    Mississippian 1,535 Drilled Wells and 82 Active Rigs Wells Drilled Active Rigs SandRidge 682 32 Chesapeake 344 8 Mid-States (Eagle) 80 4 Devon 55 10 Kansas Range 51 4 Shell 33 2 HighMount 28 4 Calyx 25 0 Plymouth 18 0…
  63. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 63
    Mississippian Engineering Discussion 2012 Analyst Day 456 type curve (300-500 MBoe range) based on 145 PDP wells (3 wells per section) b factor could improve in one year Statistical booking of PUDs 2 years off Continuing to extend…
  64. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 64
    Mississippian Type Curve Comparison YE 2012(a) vs. November Guidance Forecast November YE 2012 YE 2012 w/ Atlas Guidance Contract Year 1 delta = +4% Boe Oil (MBbls) 152 107 107 Year 3 delta = -1% Boe NGLs (MBbls) 60 Year 5 delta =…
  65. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 65
    Mississippian Oil EUR Comparison Oil EUR Sensitivity 1,439 Wells Vertical Wells 66 MBbls EUR b Factor of 2.5 YE 2012 Oil Type Curve = 107 MBo Final Decline < 5% 3 County Area (Woods, Alfalfa, Grant) Nov12 Guidance = 152 MBo Nov12…
  66. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 66
    Type Curve Progression General Discussion: 300-500 MBoe Statistical Understanding of the Mississippian 369 MBoe YE 2010: 37 TC wells with history PDP Well Count YE 2011: 145 TC wells with history 3.9x 2010 YE 2012: 644 TC…
  67. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 67
    Mississippian Generates Robust Economics 90% of ROR realized at 5 Years 50 MBo Pro Forma curve established with over 640 PDP wells ROR driven by recovery within 5 Year window Expense and capex drivers tested over 640 wells…
  68. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 68
    Rate of Return Sensitivity ROR Sensitivity to Capex and Commodity Pricing Type curve variance(a) = 6% ROR Capex variance per 100M = 5% ROR Commodity price per 10/Bbl oil price = 10% ROR ROR ROR 80/4.25 90/4.25 100/4.25…
  69. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 69
    Expansion of Top Performing EURs Across 230 Miles 644 Wells YE 2012: 322 wells above P50 EUR YE 2011: 73 wells above P50 EUR YE 2012 EUR P50 YE 2011 EUR P50 70
  70. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 70
    Mississippian Acreage Value Evaluated & Appraisal Appraisal Area NAV: 15.3 Billion YE 2012 EUR P50 YE 2011 EUR P50 71
  71. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 71
    Mississippian IP Distributions Avg. 1,547 Boepd Avg. 1,266 Boepd Avg. 614 Avg. 676 Boepd Boepd Avg. 335 Avg. 354 Boepd Boepd Avg. 166 Avg. 175 Boepd Boepd 30 Day Average Peak Rate (Boe/d) Average Avg. 44 Avg. 61…
  72. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 72
    Kansas Mississippian Performance Comparable to Oklahoma Kansas vs. Oklahoma Horizontal performance = accelerated vertical cum = ROR Logan Gove Trego Comparable vertical cums 13 Wells 202 Wells 67 Wells 39 MBbls 56 MBbls 47 MBbls…
  73. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 73
    Mississippian Appraisal Area MISSISSIPPIAN LIME MULTIPLE PAY POTENTIAL Appraisal Area Cum Oil Cum Gas Kansas Mississippian 124 MMBo 86 Bcf Oklahoma Other 198 MMBo 2 Tcf 74
  74. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 74
    Regional Mississippian Sub Crop Map Chester F Zone St. Genevieve E Zone St. Louis D Zone Spergen C Zone Warsaw Upper B Zone Osage Lower B Zone Lower Osage A Zone Kinderhook 75
  75. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 75
    Hodgeman/Ness: Key Learnings Tested 6 wells non-commercial with Historical Production high water saturations Cumulative Cumulative Formation MMBbls Bcf Currently evaluating uphole Mississippian 86 0.8 potential Other 47 2.6 Total…
  76. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 76
    One Year Closer to Statistical PUD Booking Methodology 2011 2012 77
  77. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 77
    3 Wells/Sec YE 2011, 4 Wells/Sec YE 2012, Operator Testing 5 Wells/Sec 42 Well sets analyzed in detail - 114 wells on 3 wells per section spacing - 16 wells on 4 wells per section spacing EUR ratio comparison of 61 well pairs No…
  78. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 78
    Mississippian: Detailed Performance Area Discussion Kansas Oklahoma 79
  79. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 79
    Central Finney County, Kansas Farthest NW Expansion Area Well Detail: Sub Crop: St. Genevieve Primary Lithology: Limestone Gross Thickness: 600 EUR: 240 MBo 30 Day Peak IP: - 58 Bo/d - 5 Mcf/d - 59 Boe/d 80
  80. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 80
    Central Gray County, Kansas Well Detail: Sub Crop: St. Genevieve Primary Lithology: Limestone Gross Thickness: 800 EUR: 189 MBo 30 Day Peak IP: - 122 Bo/d - 122 Boe/d 81
  81. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 81
    Southwestern Ford County, Kansas Well Detail: Sub Crop: St. Louis Primary Lithology: Limestone/Dolomite Gross Thickness: 850 EUR: 245 MBo 30 Day Peak IP: - 126 Bo/d - 102 Mcf/d - 143 Boe/d 82
  82. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 82
    Northwestern Comanche County, Kansas Well Detail: Sub Crop: St. Louis Primary Lithology: Limestone/Dolomite Gross Thickness: 750 EUR: - 109 MBo - 1,140 MMcf - 299 MBoe 30 Day Peak IP: - 96 Bo/d - 1,164 Mcf/d - 290…
  83. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 83
    Southwestern Comanche County, Kansas Well Detail: Sub Crop: St. Louis Primary Lithology: Limestone/Dolomite Gross Thickness: 700 EUR: - 60 MBo - 3,170 MMcf - 588 MBoe 30 Day Peak IP: - 74 Bo/d - 787 Mcf/d - 205…
  84. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 84
    Eastern Comanche County, Kansas Well Detail: Sub Crop: St. Louis Primary Lithology: Limestone/Dolomite Gross Thickness: 550 EUR: - 185 MBo - 940 MMcf - 341 MBoe 30 Day Peak IP: - 219 Bo/d - 678 Mcf/d - 332…
  85. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 85
    Eastern Woods County, Oklahoma Well Detail: Sub Crop: St. Louis Primary Lithology: Limestone/Chert Gross Thickness: 450 EUR: - 500 MBo - 2,300 MMcf - 883 MBoe 30 Day Peak IP: - 102 Bo/d - 895 Mcf/d - 251 Boe/d…
  86. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 86
    Northern Alfalfa County, Oklahoma Well Detail: Sub Crop: Spurgen-Warsaw Primary Lithology: Lime/Chert/Dolomite Gross Thickness: 350 EUR: - 392 MBo - 3,661 MMcf - 1,003 MBoe 30 Day Peak IP: - 551 Bo/d - 3,189 Mcf/d…
  87. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 87
    Central Alfalfa County, Oklahoma Well Detail: Sub Crop: St. Louis Primary Lithology: Lime/Dolomite/Chert Gross Thickness: 450 EUR: - 418 MBo - 2,648 MMcf - 859 MBoe 30 Day Peak IP: - 84 Bo/d - 395 Mcf/d - 150…
  88. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 88
    Southern Alfalfa County, Oklahoma Well Detail: Sub Crop: St. Louis Primary Lithology: Limestone/Chert Gross Thickness: 600 EUR: - 172 MBo - 964 MMcf - 332 MBoe 30 Day Peak IP: - 237 Bo/d - 1,414 Mcf/d - 473…
  89. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 89
    Southern Harper County, Kansas Well Detail: Sub Crop: St. Louis-Spurgen Primary Lithology: Lime/Chert/Dolomite Gross Thickness: 350 EUR: - 199 MBo - 904 MMcf - 350 MBoe 30 Day Peak IP: - 674 Bo/d - 682 Mcf/d - 788…
  90. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 90
    Western Grant County, Oklahoma Well Detail: Sub Crop: St. Louis-St. Genevieve Primary Lithology: Limestone/Chert Gross Thickness: 500 EUR: - 192 MBo - 1,083 MMcf - 373 MBoe 30 Day Peak IP: - 271 Bo/d - 144 Mcf/d -…
  91. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 91
    Central Grant County, Oklahoma Well Detail: Sub Crop: St. Louis-St. Genevieve Primary Lithology: Limestone/Chert Gross Thickness: 600 EUR: - 325 MBo - 1,151 MMcf - 517 MBoe 30 Day Peak IP: - 502 Bo/d - 715 Mcf/d -…
  92. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 92
    Northern Garfield County, Oklahoma Well Detail: Sub Crop: St. Louis-St. Genevieve Primary Lithology: Limestone/Chert Gross Thickness: 600 EUR: - 281 MBo - 2,670 MMcf - 726 MBoe 30 Day Peak IP: - 75 Bo/d - 762…
  93. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 93
    Northwestern Noble County, Oklahoma Well Detail: Sub Crop: Osage Primary Lithology: Chert/Limestone Gross Thickness: 600 EUR: - 154 MBo - 718 MMcf - 274 MBoe 30 Day Peak IP: - 396 Bo/d - 577 Mcf/d - 492 Boe/d 94
  94. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 94
    Gary Janik Senior Vice President, Offshore Operations Gulf of Mexico Gulf Coast Development
  95. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 95
    Gulf of Mexico / Gulf Coast Overview Focused on low risk workover, recompletion and drilling opportunities Shallow, offshore Gulf of Mexico and Gulf Coast properties All wells on fixed structures Properties from Mustang Island…
  96. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 96
    GOM/GC 2012 Review Production 40 SandRidge acquired Dynamic Offshore 31.7 Resources in April of 2012, adding 31.0 30 25,000 Boe/d of production Mboe/d 22.9 20 Additional Gulf properties were later acquired in June,…
  97. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 97
    GOM/GC Business Plan Find value accretive, low risk acquisition opportunities Identify low to moderate risk exploitation opportunities Utilize current infrastructure - Primarily fixed operating costs - Incremental production…
  98. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 98
    Acquisition Capabilities Acquisition Strategy Identify quality assets with motivated sellers Selectively acquire based on conservative valuation of proved reserves Acquire properties with low-risk upside but majority of purchase…
  99. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 99
    Acquisition Case Study Acquisition Metrics Production 8,000 Purchase Price (MM) 51.0 Recompletion of Purchase Price / Production 14,153 El 77 9,10,11 Original Production (Boe/d) 3,600 7,000 Purchase Price / Reserves 6.23 Reserves…
  100. 2013 Investor Analyst Meeting – Sandridge Energy, Inc. – slide 100
    Ship Shoal 301 Drilling Program Case Study Ship Shoal 301 - WI 100% - NRI 80.98% SS 301 A-1 Side Track - Trim B Completion - Net Pay 67 ft. - 1,788 BO/d - 1,787 Mcf/d - 0 BW/d - 1,650 PSI Tubing Pressure SS 301 A-3 Side…

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