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SandRidge Energy Inc
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March 2023 Investor Presentation
| Frank Miles | Page 3 of 11 |
April 29, 2024
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"March 2023 Investor Presentation"
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3 • SandRidge is an experienced operator with: – Stable, low-decline production base with estimated annual PDP decline of ~8% over the next 10 years – 2023 planned capital program utilizes the Company’s flexibility to prioritize returns in changing commodity price environments. SandRidge’s current plans include: ? Drilling 2 and completing 4 new operated wells in 2023 after drilling 8 and completing 6 new operated wells in 2022 ? Continuation of well reactivations with 179 reactivated since 2021, and 12 reactivations currently planned in 2023 – Low overhead, with G&A of $1.46 per Boe production in 2022 (5) – No debt – ~$121MM of free cash flow (4) in 2022 and a growing net cash position; total net cash and cash equivalent of $257MM (2) , which represents nearly $7 per share of common stock outstanding – Nearly 70% of wells can operate profitably at $40 WTI and $2.00 HH (6) – >10-year reserves-to-production ratio and ~39-year weighted average well life (7) – ~$1.6 billion of Net Operating Loss (“NOL”) carryforwards as of YE22, shields future free cash flow from federal income taxes – NOLs could be further utilized with potential value accretive merger or acquisition – Prior investment in existing infrastructure (8) of over 1,000 miles of saltwater disposal (“SWD”) pipelines and 1,000 miles of electric power lines, contributing to low lease operating costs (9) – Ongoing commitment to Environmental, Social, and Governance (“ESG”) SandRidge – Investment Highlights • SandRidge Energy’s SEC PD Reserve PV-10 is ~$811MM (1) plus net cash of $257MM (2) $ Millions SEC Proved Developed Reserve PV-10 (1) ~$811 Cash and cash equivalents (2) $257 Total Debt (3) $0 2022 Adj. EBITDA / Free Cash Flow (4) $191 / $121