SANDRIDGE ENERGY, INC. UPDATES SHAREHOLDERS ON OPERATIONS AND REPORTS FINANCIAL RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2015

Oklahoma City, Oklahoma, November 4, 2015 - SandRidge Energy, Inc. (NYSE: SD) today announced financial and operational results for the quarter ended September 30, 2015. Additionally, presentation slides will be available on the Company's website, www.sandridgeenergy.com, under Investor Relations/Events at 7 am ET on November 5th.

The Company had a strong operational quarter, and has both increased 2015 production guidance and decreased 2015 lease operating expense guidance due to positive ongoing production and expense results and the acquisition of the Piñon gathering system. The acquisition eliminates approximately $40 million of expenses annually beginning in November 2015.

As previously announcedduring and after the third quarter, SandRidge bought back $350 million of unsecured notes for $124 million in cash (36% of par value), creating annual interest expense savings of $27 million. In the transactions, the company also exchanged

$575 million of unsecured notes into similar notes convertible into approximately 364 shares of SandRidge common stock per $1,000 of par value of the notes.

After the close of the third quarter, SandRidge entered into a purchase and sales agreement to acquire assets from EE3, LLC, a North Park Basin, Colorado producer consisting of 16 wells producing 1.0 MBoepd with 136,000 net acres of Niobrara Shale oil development potential.

James Bennett, SandRidge's Chief Executive Officer and President said, 'Our third quarter results featured continued cost control, strong operations, and we drilled eight more extended laterals. We also addressed $925 million of debt through bond repurchases at a steep discount to face value, and additional bond exchange agreements reflecting conversion of debt to equity at a very large premium to our recent share price, making these exchanges extremely accretive to shareholders. In October, we created considerable value by acquiring the Piñon gathering system, reducing annual expenses by approximately $40 million.'

HEADLINES

Adjusted EBITDA of $118 Million for the Third Quarter and Adjusted Loss of $0.07 per Diluted Share

Third Quarter Production of 79.9 MBoepd (31% Oil, 17% NGLs)

Raising 2015 Production Guidance Range to 29.5-30.5 MMBoe from 29.0-30.5 MMBoe

While Lowering Lifting Costs per Boe Range to $10.50-$11.50 from $11.50-$12.50

Achieved Year End Goal of $2.3 Million per Mississippian Lateral in Third Quarter

Bond Repurchases and Exchanges Address

$525 Million of Debt

$1.3 Billion of Liquidity at End of Third Quarter, Including $790 Million in Cash

EVENTS SUBSEQUENT TO THIRD QUARTER 2015

Agreement to Acquire North Park Basin Niobrara Shale Oil Assets for $190 Million Adds 1.0 MBoepd of Production, 27 MMBoe of Proved Reserves (82% Oil) and Materially Expands Drilling Inventory

Additional Bond Repurchases and Exchanges Address $400 Million of Debt

Acquisition of Piñon Gathering System Eliminates ~$40 Million of Annual Expenses

Affirmed $500 Million Borrowing Base and

Amended Senior Credit Facility

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James Bennett continues, 'Topping off the significant and varied activity of recent weeks, our $190 million acquisition of assets in Colorado, which we announced today, gives SandRidge entry into the derisked Niobrara Shale oil play. We intend to allocate significant capital there, taking advantage of our medium depth horizontal drilling and infrastructure management skillsets. Combining continued development of our existing Mid-Continent assets with our new high return Niobrara play, we aim to diversify and improve our overall capital efficiencies. We are visibly capturing balance sheet, operational, and acquisition opportunities to enhance our value proposition to investors.'

DRILLING AND OPERATIONAL ACTIVITIES

Mid-Continent: During the third quarter of 2015, SandRidge drilled 31 laterals. The Company averaged six horizontal rigs operating in the play. The Company's Mid-Continent assets produced 70.6 MBoepd during the third quarter (30% oil, 19% NGLs, 51% natural gas).

West Texas: During the third quarter, Permian Basin properties produced approximately 4.2 MBoepd (82% oil, 11% NGLs, 7% natural gas). Legacy West Texas Overthrust properties produced approximately 5.1 MBoepd (99% natural gas, 1% oil).

OPERATIONAL HIGHLIGHTS

• Average third quarter production of 79.9 MBoepd, a 10% decrease versus the second quarter of 2015

  
  

• Achieved $2.3 million per Mississippian lateral cost in the third quarter, a $700,000, or 23%, reduction from 2014 per lateral costs

  
  

• Spud 14 laterals with multilateral design in the third quarter (8 extended laterals and 6 full section development laterals) with an average cost of $2.2 million per lateral

  
  

• 19 single Mississippian laterals delivered an average 30-day IP rate of 447 Boepd (51% oil), 127% of Mississippian type curve in the third quarter

  
  

• 101 multilaterals delivered a cumulative average program to date 90-day IP rate of 280 Boepd (52% oil), 100% of Mississippian type curve through the third quarter

  
  

• Reduced Mid-Continent annual LOE guidance by $0.80 per Boe primarily due to a reduction in power use and generator rentals

  
  

  OPERATIONAL HIGHLIGHTS - SUBSEQUENT TO THIRD QUARTER

  
  

  As previously announced, the Company acquired the Piñon gathering system, in connection with its West Texas Overthrust properties. Acquisition of this asset eliminates ~$40 million of annual expenses, beginning in November 2015.

  
  

  Steve Turk, SandRidge's Chief Operating Officer noted, 'The teams delivered strong results averaging 79.9 MBoepd in the third quarter, 70.6 MBoepd from our original Mid-Continent assets. Confidence in our program led to the decision to again raise the lower end of our annual production guidance by 500 MBoe. Ahead of our year end goal, we also achieved an average cost of $2.3 million per Mississippian lateral in the third quarter. New drilling in the quarter consisted of 56% multilaterals from extended lateral development and our improved full section development design, including our first successfully executed 2-mile extended lateral Woodford well. Expanding upon these established capabilities, we are excited about applying the team's proven low cost operations expertise to our newly acquired Niobrara assets in the North Park Basin. We are confident that our experience in medium depth horizontal drilling and our disciplined approach to reducing operating costs will enhance the value of this oily multiple bench shale resource play.'

  
  

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  KEY FINANCIAL RESULTS

  
  

  Third Quarter

• Adjusted EBITDA, net of Noncontrolling Interest, was $118 million for third quarter 2015 compared to $225 million in third quarter 2014

  
  

• Adjusted operating cash flow of $45 million for third quarter

  2015 compared to $203 million in third quarter 2014

  
  

• Adjusted net loss of $45 million, or $0.07 per diluted share, for third quarter 2015 compared to adjusted net income of

  $43 million, or $0.07 per diluted share, in third quarter 2014

  
  

  Nine Months

• Adjusted EBITDA, net of Noncontrolling Interest, was

  $460 million in the first nine months of 2015 compared to $596 million in first nine months of 2014, pro forma for divestitures

  
  

• Adjusted operating cash flow of $302 million in the first nine months of 2015 compared to $509 million in the first

  nine months of 2014

  
  

• Adjusted net loss of $61 million, or $0.10 per diluted share, in the first nine months of 2015 compared to adjusted net income of $109 million, or $0.19 per diluted share, in the first nine months of 2014

  
  

  Adjusted net income (loss) available to common stockholders, adjusted EBITDA, pro forma adjusted EBITDA and adjusted operating cash flow are non-GAAP financial measures. Each measure is defined and reconciled to the most directly comparable GAAP measure under 'Non-GAAP Financial Measures' beginning on page 10.

  
  

  FINANCIAL / OTHER HIGHLIGHTS

  
  

• Ended the third quarter with $1.3 billion in liquidity, including $790 million in cash

  
  

• Bond repurchases and exchanges address $525 million of total debt, retiring $250 million with $94 million in cash (38% of par value) and exchanging $275 million into debt, convertible into equity

  
  

• Suspension of 7.0% semi-annual preferred stock dividend payment

  
  

• Incurred a non-cash impairment charge of approximately $1.1 billion primarily due to a ceiling test impairment,

  resulting from a significant decline in oil price

  
  

  FINANCIAL / OTHER HIGHLIGHTS - SUBSEQUENT TO THIRD QUARTER

  
  

• Additional bond repurchases and exchanges address $400 million of total debt, retiring $100 million with $30 million in cash (30% of par value) and exchanging $300 million into debt, convertible into equity

  
  

• Affirmed $500 million borrowing base and amended credit agreement allowing for an increase in an amount

  available for cash repurchase of senior unsecured notes from $200 million to $275 million

  
  

• As of October 30, 2015, a total principal amount of $126 million in both 2022 and 2023 unsecured convertible notes had voluntarily converted into common stock

OPERATIONAL AND FINANCIAL STATISTICS

Information regarding the Company's production, pricing, costs and earnings is presented below:

Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014

Earnings per share

(1) Expense for equity-classified stock-based awards.

(2) Excludes severance, legal settlements and shareholder litigation costs totaling $6.4 million and $14.9 million for the three and nine-month periods ended September 30, 2015, respectively. Excludes severance, transaction costs and shareholder litigation costs totaling $0.1 million and $7.5 million for the three and nine-month periods ended September 30, 2014, respectively.

(3) Three and nine-month periods ended September 30, 2015 exclude $0.1 million and $4.8 million, respectively, for the acceleration of certain stock awards. Three and nine- month periods ended September 30, 2014 exclude $0.2 million and $2.2 million, respectively, for the acceleration of certain stock awards.

(4) Includes accretion of asset retirement obligation.

(5) Includes shares considered antidilutive for calculating earnings per share in accordance with GAAP for certain periods presented.