Disclaimer

Safe 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 and
are generally accompanied by words that convey projected future events or outcomes. The forward-looking statements include
statements about SandRidge Energy, Inc.‟s future operations, rig and well counts, drilling locations, expected construction and start-up
of and deliveries to the Century Plant, expected CO2 processing capacity, estimates of reserve and resource volumes, reserve values,
capital expenditures, and capital raising activities. 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. However, whether actual results and
developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the ability to
successfully integrate the businesses of SandRidge Energy, Inc. and Arena Resources, Inc., the risk that the cost savings and any
synergies from the merger may not 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 dioxide and greenhouse gas emissions, 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, 2009 and in comparable “risk factors” sections of our Quarterly Reports on Form 10-Q filed for the quarters ended March
31, 2010 and June 30, 2010 and those filed after the date of this presentation. 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), "resources” and “resource potential” to
provide estimates 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 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.

2
SandRidge Corporate Overview

 Financial:
• Market Capitalization (a)
$1.85 billion
• Shares Outstanding 405 million
• Enterprise Value $5.08 billion
• Total Debt $2.76 billion

 Operational:
• Proved Reserves (b)
288 Mmboe
• Oil 82%
• Production (c) 58.9 Mboepd
• 2010 Capex Budget $875 million
• Potential Locations > 16,600

(a) Share Price as of 8/16/10

(b) YE 2009 Pro Forma for Arena Acquisition; SEC case
(c) 2Q 2010 Pro Forma for Arena Acquisition

3
Reserves and Production Summary - Pro forma

Total Net Proved Reserves Total Net PV10

2,989 Bcfe $5,410 million
Permian, 661 , 22%
Permian, 1,576 , Arena, 1,820 , 34%
WTO , 1,100 , 37% 29%
Arena, 424 , 14%

East Texas, 445 ,

15%
East Texas, 350 ,
Gulf Coast, 70 , 2%
6%

Mid-Continent, 116
WTO , 892 , 16% Gulf Coast, 190 ,
, 4%
3%
Other , 1 , 0%
Other , 0 , 0% Total Net Production Tertiary recovery- Mid-Continent, 192
Tertiary recovery- Gulf of Mexico , , 4%
West Texas , 247 ,
West Texas , 124 , Gulf of Mexico , 49
340 Mmcfepd 5%
141 , 3%
4% , 2% Permian, 68 , 20% Arena, 44 , 13%

East Texas, 35 ,
10%

Gulf Coast, 27 , 8%

WTO , 123 , 36%

Mid-Continent, 24 ,
Tertiary recovery- Other , - 7%
West Texas , 3 , 1% Gulf of Mexico , 18
, 0% , 5%
As of December 31, 2009, with
December 31, 2009 spot price of
$5.79/Mcf and $79.34/Bbl NYMEX
4
Acreage Base and Drilling Locations - Pro forma
Gross Acreage Net Acreage
Gross Acreage
1,720,909 Net Acreage
1,262,115
1,792,173 1,329,733
Permian, 204,110 , Permian, 138,691 ,
11% 10%
Arena, 67,618 , 5%
Arena, 71,264 , 4%

East Texas, 47,087 , WTO , 562,626 , East Texas, 37,849 ,

WTO , 682,770 , 42%
3% 3%
38%
Gulf Coast, 68,173 , Gulf Coast, 46,598 ,
4% 4%

Other , 1,467 , 0%
Other , 1,700 , 0% Mid-Continent,
Tertiary recovery- 439,802 , 33%
Mid-Continent, West Texas , 8,852 ,
Tertiary recovery- 1%
636,653 , 35% Gulf of Mexico ,
West Texas , 9,946 ,
1% 26,230 , 2%
Identified Drilling Locations
Gulf of Mexico ,
70,470 , 4% 16,609
Identified Drilling Locations
Permian, 2,610 ,
(12,103) 16%
Arena, 4,506 , 27%
WTO , 5,521 , 33%

East Texas, 1,505 ,

Other , - , 0% 9%
Tertiary recovery- Gulf Coast, 36 , 0%
West Texas , 84 ,
1% Gulf of Mexico , 14
, 0% Mid-Continent,
2,333 , 14%

As of December 31, 2009

5
SandRidge Resource Potential – Pro forma

*Prices based on the average 10-year NYMEX strip price held constant ($6.94/Mcf & $92.24/Bbl)

6
SandRidge Location Distribution – Pro Forma
PUD Locations by Region (3,635) Total PUD + Resource Locations by Region (16,609)

PUD Locations by Producing Type Total PUD + Resource Locations by Producing Type

7
SandRidge – Permian Oil

 Central Basin Platform Focus

 High Rate of Return Oil Drilling

 Low Drilling Costs

 Predictable Production Profiles

 Low Acreage Costs

 7,200 Permian Oil Drilling Locations

 Certainty of Economic Returns

8
Permian Drilling Opportunities – Pro Forma

Central Basin Platform

*Prices based on the average 10-year NYMEX strip price held constant ($6.94/Mcf & $92.24/Bbl)

9
Focus on Product Value

SD Liquids are 85% Crude Oil Oil $81.34/Bbl

NGLs $41.60/Bbl
Nat Gas $29.64/Bbl
As of 8/2/2010 NYMEX; Gas Value at 6:1

RATIO
$/Bbl Crude to Average Oil / NGLs RATIO
$/Bbl to $/Mcf
14 NYMEX Futures
Average
$/Bbl NGLs Oil / GAS
2.00 17
%
1.90 15
1.80 13
1.70 11
1.60
9
1.50
7
1.40
5
1.30

Jan-10
Jan-09

May-09

May-10
Mar-09

Mar-10
Jul-09

Sep-09

Nov-09

Jul-10
Jan-10

May-10
Feb-10

Mar-10

Jun-10

Jul-10
Apr-10

The Average price ratio of Crude to NGLs The NYMEX forward looking price curve of Oil/Gas ratio
has increased by ≈ 130% since January 2010 has increased by ≈ 150% since January 2009

10
SandRidge Executes Oil Strategy

Total US Gas Rigs +3%

Total US Oil Rigs +30%

Total SandRidge
Oil Rigs +193%

Total SandRidge
Gas Rigs -33%

11
SandRidge – Apart from the Crowd

SD Oil Drilling
People = Costs
• Profit margin ≈ $45/Boe
• Oil revenue hedged ≈ $1.9 billion Region # People/Mi2
• Control service costs Pennsylvania 274.0
• Own 33 drilling rigs
United States 103.0
• Limited cost increases for outside services
• No completion delays Texas 95.0
• Certainty of economic outcomes TX - CBP 7.6

Oil Wells Drilled

Monthly Well Count

12
2010 Capital Budget

1st Half of 2010

≈ 47% Oil Drilling

 2010 capital budget of ≈ $875 million

2nd Half of 2010
≈ 74% Oil Drilling
 Drilling budget transition to oil

 ≈ 74% 2nd half 2010 is oil focused drilling

 ≈ 20 oil rigs are drilling

• Clearfork/Wichita Albany/Fusselman
• San Andres
• Wolfberry
• Mid Continent

 Projected capex for 2011 ≈ 80% oil drilling

13
The Permian Basin – W. Texas & S.E. New Mexico

• Has produced oil for over 80 years

• Is the 3rd largest petroleum
producing area in the U.S. after the
Gulf of Mexico and Alaska
• It accounts for 17% of the total U.S.
oil production and contains an
estimated 22% of the U.S. proved oil
reserves
• This region has the greatest potential
for production growth in the country,
containing 29% of estimated future
oil growth
• An estimated 30 billion barrels of
recoverable oil remains (1)

(1) AAPG Bulletin, v. 89, no.5 (May 2005), pg. 554 – Play Analysis and leading-edge oil-reservoir development
methods in the Permian basin: Increased recovery through advanced technologies. / Shirley P. Dutton, et.al.

14
Permian – Central Basin Platform

Central Basin Platform

• Land 165,000 acres (net)
• ≈ 6380 drilling locations
• SandRidge has 13 of 38
industry CBP rigs drilling

MIDLAND

ODESSA

Permian Average Type Curve

• 65 Mbbl (87% Crude)
• 63 Mmcf
• 75 Mboe
• 47 Boepd 30 day IP
Ft. Stockton • ≈ 50% ROR
Service Base
(33 drilling rigs)

15
Permian Basin – Central Basin Platform

2,000’ Central Basin Platform

3,000’

4,000’

5,000’

6,000’
Delaware Basin Midland Basin

7,000’

8,000’

9,000’

10,000’

Note: Diagram is not to scale and is for illustration purposes only

16
Permian Production Growth

Arena
Acquisition

Forest
Acquisition

17
Permian Basin (Fuhrman – Mascho Field)

CENTRAL BASIN PLATFORM

San Andres / Clear Fork
Formations

Pre-Arena SandRidge Permian

• Production ≈ 12,000 Boe/d
• Land ≈ 150,000 acres (net)
• Resource Potential ≈ 287 Mmboe
• ≈ 2,700 Drilling Locations
• Estimated Well Costs ≈ $500,000 to $1.2MM

Arena: Fuhrman-Mascho / San Andres

• 2,700 low risk, 10 acre locations
• 35 Mboe gross per primary location
• 94.5 Mmboe EUR gross
• 950 Producing Wells
• 700 Wells Drilled Since 2005
• Well Costs ≈ $500,000
• Average Well Depth – 4,500 feet

SandRidge
Arena
18
SandRidge Acquisition History Comparison

Concho Apache SandRidge SandRidge Combined

Marbob BP Arena Forest SD Deals

Deal Size ($MM) $ 1,650 $ 3,100 $ 1,287 $ 800 $ 2,087

% Oil 58% 65% 86% 65% 75%

Reserves (Mmboe) 76 141 69 80 149

$/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) 57.76 112.8 63.48 64 127.48

Implied $/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

19
2011 Potential Sources of Additional Funding

 Supplement Cash Flow with Divestitures

 Estimated Proceeds of $200MM - $400MM

Non-Strategic Assets Divestiture History

• Wolfberry • CO / Piceance ≈ $140MM
• ≈ 20,000 net acres • E TX / Haynesville ≈ $60MM
• ≈ 600 vertical locations
• W TX / Midstream ≈ $200MM
• ≈ 1600 Boepd net production
• NW OK / Cana ≈ $140MM
• Delaware Basin (Bone Springs/Avalon Shale)
• ≈ 25,000 net acres
• ≈ 150 potential horizontal locations Total Proceeds
• Midcontinent ≈ $540MM
• ≈ 500,000 net acres

20
Delaware & Midland Basin – Non-Strategic Holdings

Midland Basin

Central Basin
Platform
Wolfberry
Delaware Basin • Land ≈ 20,000 acres (net)
• ≈ 600 drilling locations
• Assets central to core
activity
MIDLAND
• ≈ 142 industry vertical rigs
ODESSA
drilling

Bone Springs/Avalon Shale

• Land ≈ 25,000 acres (net)
• Delaware Basin assets central
to core Bone Springs and
Avalon Shale activity
• ≈ 31 industry horizontal rigs
drilling

21
Permian Basin – Delaware Basin (Bone Springs/Avalon Shale)

2,000’
Central Basin Platform

3,000’

4,000’

5,000’

6,000’
Delaware Basin
Midland Basin
7,000’

8,000’

9,000’

10,000’

Note: Diagram is not to scale and is for illustration purposes only

22
Wolfberry Play Areas
SandRidge Position
Martin Co Mabee/Holt Ranch Area
Wolfberry Trend
• Land ≈ 3,600 net/gross acres
• Land ≈ 18,500 net/18,206 gross
• ≈ 50 net drilling locations (40 acres
acre spacing)
• ≈ 600 drilling locations

Irion County Area

• Land ≈ 4,600 net/gross acres

Midland/Upton Cos East Pegasus Area

• Land ≈ 10,286 net/10,644 gross
acres
• ≈ 88 net drilling locations (40 acre
spacing)

23
Permian Basin – Delaware Basin (Bone Springs/Avalon Shale)

2,000’
Central Basin Platform

3,000’

4,000’

5,000’

6,000’
Delaware Basin
Midland Basin
7,000’

8,000’

9,000’

10,000’

Note: Diagram is not to scale and is for illustration purposes only

24
Delaware Basin Bone Spring – Development Areas

SandRidge Position
BNSG/Avalon HORIZONTAL
POTENTIAL
• Land ≈ 25,000 Net Acres

Avalon

3rd Bone Spring

25
 Vermejo Field Area - Bone Spring Overview
SandRidge Position
BONE SPRING HORIZONTAL
Chesapeake: 1H Johnson 2-34 POTENTIAL
• Large leasehold block with controlling Avalon -TVD 8483, 12614 MD
Dimmitt

interest in the majority of sections. IP: 122 BO + 440 MCF/D

Chesapeake: Johnson 1-761H

• TBSG play was extended to Vermejo Anadarko: University 19-5 2H

area by the drilling of the Anadarko,

Apollo
Blacktip Johnson 1-39H
• IP: 622 BO + 1.5 MMCF (3/2010) Two Georges
• Cum prod –3/10-6/10: 69 MBO + 96 Anadarko: Blacktip Johnson 1-39H

MMCF TBSG- 11,060-15,555

• May 2010 average – 833 BO + 1.2 3/10-6/10 cum: 69 MBO + 96 MMCF

MMCF/D
Vermejo

• Avalon play extending into Loving Co. West Warwink

by completion of the Chesapeake 1H Caprito

Johnson 2-34.
• IP: 122 BO + 440 MCF/D Anadarko: Blacktip 1-441H

• Two offsets staked

Phantom
• Avalon section (BSGL to FBSG) in
Dimmitt and Vermejo areas >1000‟.

• Petrophysical studies of Avalon section

indicate high shale volumes, high
porosities and resistivity in the Dimmitt
and Vermejo areas.
TBSG & WFMP Production

26
Piñon Development: Century Plant
• Phase I completion: 3rd quarter 2010
• Double treating capacity
• Expect $30MM annual efficiency gains
• Largest single industrial source CO2
capture facility in North America
• Currently qualifies for tax credits
• Will benefit from most cap & trade
proposals

27
WTO Exploration: Prospects and Leads
65 MILES
≈ 1,300 SQUARE
Piñon Field MILES OF 3-D
SEISMIC
COVERAGE

Owens A 103 – 1A

Walker St. 100 – 1A

Over -Thrust Prospects / Leads

LF King 9 23 – 1
Sub -Thrust Prospects / Leads
(Fusselman & Ellenburger)

Note: Diagram is not to scale and is for illustration purposes only

≈ $20MM – $25MM Exploration Budget in 2010 SD Controls Over 530,000 Net Acres
28