SandRidge Energy, Inc. Updates Shareholders on Operations and Reports Financial Results for First Quarter 2014

    SandRidge Energy, Inc. Updates Shareholders on Operations and Reports
                   Financial Results for First Quarter 2014

Reported Adjusted Earnings of $0.07 per Diluted Share and Adjusted EBITDA of
$230 Million for the First Quarter

Q1 Featured Strong Well Results, Addition of Northern Garfield County, OK to
Focus Area, and Multilateral Drilling Cost Breakthrough

Spring Activity Offsets Winter Weather Impacts, Guidance Reaffirmed

PR Newswire

OKLAHOMA CITY, May 7, 2014

OKLAHOMA CITY, May 7, 2014 /PRNewswire/ -- SandRidge Energy, Inc. (NYSE: SD)
today announced financial and operational results for the quarter ended March
31, 2014. Additionally, presentation slides will be available on the company's
website, www.sandridgeenergy.com, under Investor Relations/Events at 6:30am
EDT on May 8.

SandRidge Energy, Inc. logo.

  oTotal production of 7.1 MMBoe (79.2 MBoe per day) included 1.3 MMBoe of
    divested Gulf of Mexico production. $276 million capital spend was below
    plan due to temporary weather impacts.
  oExtreme winter weather temporarily curtailed production and capital spend,
    now offset by a robust April ramp-up in well connections bringing 45 wells
    online vs. 71 in the entire first quarter. As a result, Mid-Continent
    production improved to 55 MBoe per day in April vs. Q1 average of 51 MBoe
    per day. Due to the ramp-up, annual production guidance is reaffirmed.
  o71 Q1 Mid-Continent wells had an average 30-day IP of 410 Boe per day vs.
    an average 30-day IP of 366 Boe per day for the 2013 well set.
  oCompany record seven wells delivered 30-day IPs over 1,000 Boe per day
    during the quarter.
  oSuccess in southern Grant and northern Garfield County, OK expands our
    focus area by 10 townships into northern Garfield County. During the first
    quarter, 11 test wells delivered an average of 406 Boe per day (28% above
    type curve) with 55% oil.
  oKansas dualstacked lateral well with 707 Boe per day 30-day IP (44% oil)
    completed for $5.2 million vs. $6 million for two standard wells,
    demonstrating breakthrough multilateral drilling cost upsides.

James Bennett, SandRidge's Chief Executive Officer and President, commented,
"We are well on our way to deliver the early part of our three year growth
plan introduced at our March analyst day. Resumed normal weather conditions
have us back on track, with recent activity offsetting the temporary extreme
weather challenges in our first quarter Mid-Continent operations. We produced
55 MBoe per day in April compared to our first quarter average of 51 MBoe per
day, and brought on 45 new wells in April, compared to 71 wells for all of the
first quarter. We continue to advance our value initiatives such as the
multi-lateral well programs, producing from multiple zones, and expanding our
asset base as with the addition of Oklahoma's northern Garfield County into
our focus area. These efforts continue to position SandRidge as the premier
operator in the Mid-Continent region."

Key Financial Results

  oAdjusted EBITDA, net of Noncontrolling Interest, was $230 million for
    first quarter 2014 compared to $270 million in first quarter 2013.
  oPro forma for divestitures and net of Noncontrolling Interest, adjusted
    EBITDA was $177 million in the first quarter of 2014 compared to $112
    million in the first quarter of 2013.
  oAdjusted operating cash flow of $136 million for first quarter 2014
    compared to $182 million in first quarter 2013. Included in the first
    quarter 2014 results is $70 million of cash paid to unwind hedges related
    to the Gulf of Mexico divestiture.
  oAdjusted net income of $37.9 million, or $0.07 per diluted share, for
    first quarter 2014 compared to adjusted net income of $2.0 million, or
    $0.00 per diluted share, in first quarter 2013.

Adjusted net income 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".

Highlights

Operational Highlights

David Lawler, SandRidge's Chief Operating Officer remarked, "Record winter
weather posed a significant challenge to our development teams during the
quarter, and decreased the speed of our new well delivery program. Weather
related production deferments totaled approximately 300 MBoe for the quarter.
Adapting to the situation, we rapidly connected wells in April, and
Mid-Continent production averaged 55 MBoe per day in April and back in line
with our annual and three-year targets. At the same time, our innovative teams
installed a dual stacked lateral Mississippian prototype well in Harper
County, Kansas for $2.6 million per lateral, saving $400,000 per lateral. This
compares to drilling two separate wells for $3.0 million each, saving $800,000
total. The well targeted the Upper and Lower Mississippian zones. This result
demonstrates our commitment to achieving breakthrough performance, and gives
the Mississippian play even stronger economics. We also expanded our resource
base during the quarter, adding 10 townships in northern Garfield County,
Oklahoma to our focus area after an 11 well appraisal program in the area
delivered an average 30-day IP of 406 Boe per day. These wells targeted the
Upper and MiddleMississippian, and contain 55% oil with an average cost per
well of $3.07 million. SandRidge is maintaining its clear leadership position
in the play."

  oNotable 30-day IP results during the first quarter:

       oSeven wells over 1,000 Boe per day
       o71 wells completed in the first quarter averaged 410 Boe per day

  oSumner area performance remains strong with four laterals delivering an
    average 30-day IP of 353 Boe per day (67% oil) during the quarter. Six
    rigs are currently operating in the area, five assigned to horizontal
    development and one assigned to produced water disposal.
  oDuring the quarter, 34 artificial lift conversions were completed
    including 14 wells to ESP and 20 wells to rod pump. In total, these
    conversions increased oil by 402 barrels of oil per day and 1,461 Boe per
    day (a 38% increase in Boe rate).
  oFirst quarter drill and complete costs averaged $3.0 million per well.
  oDrilled nine Mid-Continent disposal wells during the quarter and exited
    the quarter disposing approximately 960,000 gross barrels of water per
    day.

Financial / Other Highlights

  oPro forma Adjusted EBITDA of $177 million, 58% growth year-over-year
  oClosed sale of Gulf of Mexico business on February 25, 2014
  oQuarter-end liquidity of $1.9 billion ($1.2 billion of cash) and a 3.0x
    leverage ratio
  o87% of liquids production and 63% of natural gas production hedged in
    remainder of 2014

Drilling and Operational Activities

Mid-Continent. During the first quarter of 2014, SandRidge drilled 87
horizontal wells: 58 in Oklahoma and 29 in Kansas. SandRidge also drilled nine
disposal wells during the quarter. The company averaged 25 horizontal rigs
operating in the play: 14 in Oklahoma and 11 in Kansas. Additionally, the
company averaged 2.5 rigs drilling disposal wells. The company's Mid-Continent
assets produced 50.6 MBoe per day during the first quarter (38% Oil, 11% NGLs,
51% Natural Gas).

Gulf of Mexico / Gulf Coast. The company's Gulf of Mexico and Gulf Coast
assets produced 1.3 MMBoe during the first quarter of 2014 (51% Oil, 4% NGLs,
45% Natural Gas). The assets produced 23.6 MBoe per day through closing which
occurred on February 25, 2014. The company includes the 56 days of production
associated with these properties in its reported production for the quarter.

Permian Basin. In the company's Permian properties, 51 wells were drilled
during the first quarter of 2014, all for SandRidge Permian Trust. The
company's Permian Basin assets produced 6.0 MBoe per day during the quarter
(87% Oil, 9% NGLs, 4% Natural Gas).

Other Operating Areas. During the first quarter, SandRidge's legacy West Texas
properties produced approximately 6.1 MBoe per day (1% Oil, 99% Natural Gas).
Additionally, its legacy Mid-Continent assets produced 1.8 MBoe per day in the
quarter (13% Oil, 8% NGLs, 79% Natural Gas).

Royalty Trusts. At March 31, 2014, the company was obligated to drill 14
development wells for SandRidge Mississippian Trust II ("SDR") and 145
development wells for SandRidge Permian Trust ("PER"). The company expects to
complete its drilling obligations for SDR and PER in the third quarter of
2014.

Discussion of First Quarter 2014 Financial Results

Oil and natural gas revenue decreased 15% to $405 million in the first quarter
of 2014 from $478 million in the same period of 2013 as a result of a 21%
decrease in total production due to the Gulf of Mexico and Permian
divestitures that closed in the first quarters of 2014 and 2013, respectively.
Improved oil and gas prices received in the first quarter of 2014 partially
offset decreased production for the period. Reported prices, which exclude the
impact of derivative settlements, were $97.03 per barrel of oil and $4.53 per
Mcf of natural gas during the first quarter of 2014 compared to $94.38 per
barrel and $3.21 per Mcf in the same period of 2013.

During the first quarter of 2014, production expense decreased to $13.83 per
Boe from $14.73 per Boe in the first quarter of 2013 due primarily to the sale
of the Gulf of Mexico properties, which had higher production costs inherent
with offshore operations. Also contributing to the lower cost per unit was a
4% decrease in per unit production expense in SandRidge's Mid-Continent
operations.

The company incurred an impairment of approximately $165 million in the first
quarter of 2014 due to a full cost ceiling limitation resulting from the
divestiture of the Gulf of Mexico properties, as the PV-10 associated with
these properties exceeded the associated reduction to the full cost pool.

Operational and Financial Statistics

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

                                                  Three Months Ended March 31,
                                                  2014            2013
Production
Oil (MBbl)                                        2,885           3,962
NGL (MBbl)                                        642             480
Natural gas (MMcf)                                21,593          27,321
Oil equivalent (MBoe)                             7,126           8,995
Daily production (MBoed)                          79.2            99.9
Average price per unit
Realized oil price per barrel - as reported       $ 97.03        $  94.38
Realized impact of derivatives per barrel         (1.17)          3.54
Net realized price per barrel                     $ 95.86        $  97.92
Realized NGL price per barrel - as reported       $ 42.97        $  34.11
Realized impact of derivatives per barrel         -               -
Net realized price per barrel                     $ 42.97        $  34.11
Realized natural gas price per Mcf - as reported  $  4.53       $   3.21
Realized impact of derivatives per Mcf            (0.48)          (0.02)
Net realized price per Mcf                        $  4.05       $   3.19
Realized price per Boe - as reported              $ 56.88        $  53.14
Net realized price per Boe - including impact of  $ 54.95        $  54.65
derivatives
Average cost per Boe
Lease operating                                   $ 13.83        $ 14.73
Production taxes                                  1.10            1.05
General and administrative
  General and administrative, excluding           $  4.46       $  6.63
  stock-based compensation
  Stock-based compensation                        0.95            2.21
  Total general and administrative                $  5.41       $  8.84
General and administrative - adjusted
  General and administrative, excluding           $  3.53       $  4.62
  stock-based compensation ^(1)
  Stock-based compensation ^(2)                   0.72            1.36
  Total general and administrative - adjusted     $  4.25       $  5.98
Depletion ^(3)                                    $ 16.97        $ 18.60
Lease operating cost per Boe
Mid-Continent                                     $  8.81       $  9.18
Offshore                                          26.53           20.99
Earnings per share
Earnings (loss) per share applicable to common
stockholders
  Basic                                           $  (0.29)      $ (1.03)
  Diluted                                         (0.29)          (1.03)
Adjusted net income per share available to
common stockholders
  Basic                                           $  0.05       $ (0.02)
  Diluted                                         0.07            0.00
Weighted average number of common shares
outstanding (in thousands)
  Basic                                           484,798         477,826
  Diluted ^(4)                                    575,949         569,126

     Excludes transaction costs, severance and consent solicitation costs
^(1) totaling $6.6 million and $18.0 millionfor the three-month periods ended
     March 31, 2014 and 2013, respectively.
     Three-month periods ended March 31, 2014 and 2013 exclude $1.7 million
^(2) and $7.6 million, respectively, for the acceleration of certain stock
     awards.
^(3) Includes accretion of asset retirement obligation.
^(4) Includes shares considered antidilutive for calculating earnings per
     share in accordance with GAAP for certain periods presented.

Capital Expenditures

The table below summarizes the company's capital expenditures for the
three-month period ended March 31, 2014 and 2013:

                                                  Three Months Ended March 31,
                                                  2014             2013
                                                  (in thousands)
Drilling and production
       Mid-Continent                              $165,851         $234,326
       Permian Basin                              42,192           60,895
       Gulf of Mexico/Gulf Coast                  22,975           52,077
       WTO/Tertiary/Other                         -                -
                                                  231,018          347,298
Leasehold and seismic
       Mid-Continent                              26,592           11,260
       Permian Basin                              116              360
       Gulf of Mexico/Gulf Coast                  159              720
       WTO/Tertiary/Other                         3,255            868
                                                  30,122           13,208
Inventory                                         3,073            (2,966)
Total exploration and development                 264,213          357,540
Drilling and oil field services                   620              632
Midstream                                         5,957            15,221
Other - general                                   4,984            15,319
Total capital expenditures, excluding             275,774          388,712
acquisitions
Acquisitions                                      2,352            5,048
Total capital expenditures                        $278,126         $393,760

Derivative Contracts

The table below sets forth the company's consolidated oil and natural gas
price swaps and collars for the years 2014 and 2015 as of May 2, 2014 and
include contracts that have been novated to or the benefits of which have been
conveyed to SandRidge sponsored royalty trusts.

                           Quarter Ending
                           3/31/2014   6/30/2014   9/30/2014  12/31/2014
Oil (MMBbls):
 Swap Volume               1.36        0.67        0.94       1.11
 Swap                      $95.85      $100.72     $99.44     $98.78
 Three-way Collar Volume   1.96        1.93        2.07       2.07
 Call Price                $100.00     $100.00     $100.00    $100.00
 Put Price                 $90.21      $90.22      $90.20     $90.20
 Short Put Price           $70.00      $70.00      $70.00     $70.00
Natural Gas (Bcf):
 Swap Volume               14.68       13.65       13.80      11.04
 Swap                      $4.23       $4.25       $4.25      $4.31
 Collar Volume             0.23        0.23        0.24       0.24
 Collar: High              $7.78       $7.78       $7.78      $7.78
 Collar: Low               $4.00       $4.00       $4.00      $4.00
                           Year Ending
                           12/31/2014  12/31/2015
Oil (MMBbls):
 Swap Volume               4.08        5.59
 Swap                      $98.28      $92.44
 Three-way Collar Volume   8.03        2.92
 Call Price                $100.00     $103.13
 Put Price                 $90.21      $90.82
 Short Put Price           $70.00      $73.13
Natural Gas (Bcf):
 Swap Volume               53.17       15.40
 Swap                      $4.26       $4.50
 Collar Volume             0.94        1.01
 Collar: High              $7.78       $8.55
 Collar: Low               $4.00       $4.00

Balance Sheet

The company's capital structure at March 31, 2014 and December 31, 2013 is
presented below (in thousands):

                                                     March 31,    December 31,
                                                     2014         2013
                                                     (in thousands)
Cash and cash equivalents                            $1,179,644   $ 814,663
Current maturities of long-term debt                 $ -          $ -
Long-term debt (net of current maturities)
 Senior credit facility                              -            -
 Senior Notes
  8.75% Senior Notes due 2020, net                   444,899      444,736
  7.5% Senior Notes due 2021                         1,178,816    1,178,922
  8.125% Senior Notes due 2022                       750,000      750,000
  7.5% Senior Notes due 2023, net                    821,321      821,249
  Total debt                                         3,195,036    3,194,907
Stockholders' equity
 Preferred stock                                     8            8
 Common stock                                        485          483
 Additional paid-in capital                          5,298,301    5,294,551
 Treasury stock, at cost                             (6,898)      (8,770)
 Accumulated deficit                                 (3,602,358)  (3,460,462)
  Total SandRidge Energy, Inc. stockholders' equity  1,689,538    1,825,810
 Noncontrolling interest                             1,308,001    1,349,817
Total capitalization                                 $6,192,575   $ 6,370,534

During the first quarter of 2014, the company's debt, net of cash balances,
decreased by approximately $365 million as a result of the Gulf of Mexico
divestiture, funding the company's drilling program and $70 million of cash
paid to unwind hedges related to the Gulf transaction. On May 2, 2014, the
company had no amount drawn under its $775 million senior credit facility. The
company was in compliance with all applicable covenants contained in its debt
agreements during the first quarter and through and as of the date of this
release.

2014 Operational Guidance: The company is updating its 2014 guidance to adjust
for the closing of the Gulf of Mexico divestiture. Production guidance has
been increased to reflect actual production realized from the divested Gulf
assets during the first quarter. Additionally, final adjustments related to
the sale impacted the full year DD&A rate. The company is increasing its
projected NGL price realization to account for better NGL realizations
experienced in the first quarter.

                                              Projection as    Projection as
                                              of               of
                                              May 7, 2014      February 27,
                                                               2014
Production
  Oil (MMBbls)                                12.0             11.9
  Natural Gas Liquids (MMBbls)                3.7              3.6
  Total Liquids (MMBbls)                      15.7             15.5
  Natural Gas (Bcf)                           83.6             83.0
  Total (MMBoe)                               29.6             29.3
Price Realization
  Oil (differential below NYMEX WTI)          $2.50            $2.50
  Natural Gas Liquids (realized % of NYMEX    35%              33%
  WTI)
  Natural Gas (differential below NYMEX Henry $1.00            $1.00
  Hub)
Costs per Boe
  Lifting                                     $11.15 - $13.15  $11.15 - $13.15
  Production Taxes                            1.15 - 1.35      1.15 - 1.35
  DD&A - oil & gas                            15.30 - 17.30    15.60 - 17.60
  DD&A - other                                2.20 - 2.40      2.20 - 2.40
  Total DD&A                                  $17.50 - $19.70  $17.80 - $20.00
  G&A - cash                                  3.60 - 4.00      3.60 - 4.00
  G&A - stock                                 0.65 - 0.80      0.65 - 0.80
  Total G&A                                   $4.25 - $4.80    $4.25 - $4.80
EBITDA from Oilfield Services and Other ($ in $20              $20
millions)^(1)
Adjusted Net Income Attributable to           $120             $120
Noncontrolling Interest ($ in millions)^(2)
Adjusted EBITDA Attributable to               $155             $155
Noncontrolling Interest ($ in millions)^(3)
Corporate Tax Rate                            0%               0%
Deferral Rate                                 0%               0%
Capital Expenditures ($ in millions)
  Exploration and Production                  $1,230           $1,230
  Land and Seismic                            120              120
  Total Exploration and Production            $1,350           $1,350
  Oil Field Services                          15               15
  Electrical/Midstream                        60               60
  General Corporate                           50               50
  Total Capital Expenditures (excluding       $1,475           $1,475
  acquisitions)

      EBITDA from Oilfield Services and Other is a non-GAAP financial measure
      as it excludes from net income interest expense, income tax expense and
      depreciation, depletion and amortization. The most directly comparable
      GAAP measure for EBITDA from Oilfield Services and Other is Net Income
 ^(1) from Oilfield Services and Other. Information to reconcile this non-GAAP
      financial measure to the most directly comparable GAAP financial measure
      is not available at this time, as management is unable to forecast the
      excluded items for future periods and/or does not forecast the excluded
      items on a segment basis.
      Adjusted Net Income Attributable to Noncontrolling Interest is a
      non-GAAP financial measure as it excludes gain or loss due to changes in
      fair value of derivative contracts and gain or loss on sale of assets.
      The most directly comparable GAAP measure for Adjusted Net Income
 ^(2) Attributable to Noncontrolling Interest is Net Income Attributable to
      Noncontrolling Interest. Information to reconcile this non-GAAP
      financial measure to the most directly comparable GAAP financial measure
      is not available at this time, as management is unable to forecast the
      excluded items for future periods.
      Adjusted EBITDA Attributable to Noncontrolling Interest is a non-GAAP
      financial measure as it excludes from net income interest expense,
      income tax expense, depreciation, depletion and amortization, gain or
      loss due to changes in fair value of derivative contracts and gain or
 ^(3) loss on sale of assets. The most directly comparable GAAP measure for
      Adjusted EBITDA Attributable to Noncontrolling Interest is Net Income
      Attributable to Noncontrolling Interest. Information to reconcile this
      non-GAAP financial measure to the most directly comparable GAAP
      financial measure is not available at this time, as management is unable
      to forecast the excluded items for future periods.

Non-GAAP Financial Measures

Adjusted operating cash flow, adjusted EBITDA, pro forma adjusted EBITDA,
adjusted net incomeandadjusted net income attributable to noncontrolling
interest are non-GAAP financial measures.

The company defines adjusted operating cash flow as net cash provided by
operating activities before changes in operating assets and liabilities and
adjusted for cash (paid) received on financing derivatives. It defines EBITDA
as net loss before income tax expense, interest expense and depreciation,
depletion and amortization and accretion of asset retirement obligations.
Adjusted EBITDA, as presented herein, is EBITDA excluding asset impairment,
interest income, loss on derivative contracts net of cash (paid) received on
settlement of derivative contracts,(gain) loss on sale of assets, transaction
costs, legal settlements, consent solicitation costs, severance, loss on
extinguishment of debt and other various non-cash items (including non-cash
portion of noncontrolling interest and stock-based compensation). Pro forma
adjusted EBITDA, as presented herein, is adjusted EBITDA excluding adjusted
EBITDA attributable to properties or subsidiaries sold during the period.

Adjusted operating cash flow and adjusted EBITDA are supplemental financial
measures used by the company's management and by securities analysts,
investors, lenders, rating agencies and others who follow the industry as an
indicator of the company's ability to internally fund exploration and
development activities and to service or incur additional debt. The company
also uses these measures because adjusted operating cash flow and adjusted
EBITDA relate to the timing of cash receipts and disbursements that the
company may not control and may not relate to the period in which the
operating activities occurred. Further, adjusted operating cash flow and
adjusted EBITDA allow the company to compare its operating performance and
return on capital with those of other companies without regard to financing
methods and capital structure. These measures should not be considered in
isolation or as a substitute for net cash provided by operating activities
prepared in accordance with generally accepted accounting principles ("GAAP").
Adjusted EBITDA should not be considered as a substitute for net income,
operating income, cash flows from operating activities or any other measure of
financial performance or liquidity presented in accordance with GAAP. Adjusted
EBITDA excludes some, but not all, items that affect net income and operating
income and these measures may vary among other companies. Therefore, the
company's adjusted EBITDA may not be comparable to similarly titled measures
used by other companies.

Management also uses the supplemental financial measure of adjusted net
income, which excludes tax expense resulting from divestiture/acquisition,
asset impairment, loss on derivative contracts net of cash (paid) received on
settlement of derivative contracts, (gain) loss on sale of assets, transaction
costs, legal settlements, consent solicitation costs, loss on extinguishment
of debt, severance and other non-cash items from loss applicable to common
stockholders. Management uses this financial measure as an indicator of the
company's operational trends and performance relative to other oil and natural
gas companies and believes it is more comparable to earnings estimates
provided by securities analysts. Adjusted net income is not a measure of
financial performance under GAAP and should not be considered a substitute for
loss applicable to common stockholders.

The supplemental measure of adjusted net income attributable to noncontrolling
interest is used by the company's management to measure the impact on the
company's financial results of the ownership by third parties of interests in
the company's less than wholly-owned consolidated subsidiaries. Adjusted net
income attributable to noncontrolling interest excludes the portion of asset
impairment, loss on derivative contracts net of cash (paid) received on
settlement of derivative contracts, legal settlement and loss on sale of
assets attributable to third party ownership in less than wholly-owned
consolidated subsidiaries from net loss attributable to noncontrolling
interest. Adjusted net income attributable to noncontrolling interest is not a
measure of financial performance under GAAP and should not be considered a
substitute for net income attributable to noncontrolling interest.

The tables below reconcile the most directly comparable GAAP financial
measures to operating cash flow, EBITDA and adjusted EBITDA, adjusted net
income available to common stockholders and adjusted net income attributable
to noncontrolling interest.

Reconciliation of Net Cash Provided by Operating Activities to Adjusted
Operating Cash Flow

                                                Three Months Ended March 31,
                                                2014             2013
                                                (in thousands)
Net cash provided by operating activities       $ 90,451         $121,457
(Deduct) add
 Cash (paid) received on financing derivatives  (44,128)         3,208
 Changes in operating assets and liabilities    89,468           56,921
Adjusted operating cash flow                    $135,791         $181,586

Reconciliation of Net Loss to EBITDA, Adjusted EBITDA and Pro Forma Adjusted
EBITDA

                                                  Three Months Ended March 31,
                                                  2014            2013
                                                  (in thousands)
Net loss                                          $(128,015)      $(479,340)
Adjusted for
 Income tax expense                               127             4,429
 Interest expense ^(1)                            62,323          88,834
 Depreciation and amortization - other            15,522          15,336
 Depreciation and depletion - oil and natural     115,185         157,526
 gas
 Accretion of asset retirement obligations        5,746           9,779
EBITDA                                            70,888          (203,436)
 Asset impairment                                 164,779         -
 Interest income                                  (280)           (529)
 Stock-based compensation                         4,585           11,312
 Loss on derivative contracts                     42,491          40,897
 Cash (paid) received upon settlement of          (13,730)        13,498
 derivative contracts ^(2)
 Other non-cash income                            (791)           (2,503)
 (Gain) loss on sale of assets ^(3)               (19)            398,174
 Transaction costs                                27              624
 Legal settlements                                -               1,178
 Consent solicitation costs                       139             13,463
 Severance                                        8,109           10,397
 Loss on extinguishment of debt                   -               82,005
 Non-cash portion of noncontrolling interest      (45,804)        (95,227)
 ^(4)
Adjusted EBITDA                                   $ 230,394       $ 269,853
Pro forma adjustments
 Less EBITDA attributable to
       Permian properties sold (2013)             -               (50,574)
       Gulf of Mexico properties sold (2014)      (53,376)        (107,025)
Pro forma adjusted EBITDA                         $ 177,018       $ 112,254

^(1) Excludes unrealized gains on interest rate swaps of $2.4 million for the
     three-month period ended March 31, 2013.
^(2) Excludes amounts paid upon early settlement of derivative contracts.
^(3) Includes loss on the Permian divestiture of approximately $399.1 million
     for the three-month period ended March 31, 2013.
     Represents depreciation and depletion, impairment, loss on sale of
^(4) Permian Properties (2013), loss on commodity derivative contracts net of
     cash (paid) received on settlement, legal settlement and income tax
     expense attributable to noncontrolling interests.

Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA

                                                  Three Months Ended March 31,
                                                  2014             2013
                                                  (in thousands)
Net cash provided by operating activities         $ 90,451         $121,457
Changes in operating assets and liabilities       89,468           56,921
Interest expense ^(1)                             62,323           88,834
Cash paid on early settlement of derivative       25,434           29,623
contracts ^(2)
Transaction costs                                 27               624
Legal settlements                                 -                1,178
Consent solicitation costs                        139              13,463
Severance                                         6,422            2,781
Noncontrolling interest - SDT ^(2)                (6,537)          (11,303)
Noncontrolling interest - SDR ^(2)                (12,951)         (16,927)
Noncontrolling interest - PER ^(2)                (20,242)         (15,100)
Noncontrolling interest - Other ^(2)              (4)              22
Other non-cash items                              (4,136)          (1,720)
Adjusted EBITDA                                   $230,394         $269,853

^(1) Excludes unrealized gains on interest rate swaps of $2.4 million for the
     three-month period ended March 31, 2013.
^(2) Excludes approximately $44.1 million paid on early settlement of
     financing derivative contracts for 2014 period.
     Excludes depreciation and depletion, impairment, loss on sale of Permian
^(3) Properties (2013), loss on commodity derivative contracts net of cash
     (paid) received on settlement, legal settlement and income tax expense
     attributable to noncontrolling interests.

Reconciliation of Loss Applicable to Common Stockholders to Adjusted Net
Income Available to Common Stockholders

                                               Three Months Ended March 31,
                                               2014              2013
                                               (in thousands, except per share
                                               data)
Loss applicable to common stockholders         $(141,896)        $(493,221)
Tax expense resulting from                     -                 4,359
divestiture/acquisition
Asset impairment^(1)                           134,906           -
Loss on derivative contracts^(1)               36,485            34,222
Cash (paid) received upon settlement of        (12,802)          11,506
derivative contracts ^(1)
(Gain) loss on sale of assets ^(1)             (19)              326,434
Transaction costs                              27                624
Legal settlements ^(1)                         -                 778
Consent solicitation costs                     139               13,463
Severance                                      8,109             10,397
Loss on extinguishment of debt                 -                 82,005
Other non-cash income                          (1,131)           (2,480)
Effect of income taxes                         157               63
Adjusted net income available to common        23,975            (11,850)
stockholders
Preferred stock dividends                      13,881            13,881
Total adjusted net income                      $ 37,856          $ 2,031
Weighted average number of common shares
outstanding
        Basic                                  484,798           477,826
        Diluted ^(2)                           575,949           569,126
Total adjusted net income
        Per share - basic                      $ 0.05            $ (0.02)
        Per share - diluted                    $ 0.07            $  0.00

^(1) Excludes amounts attributable to noncontrolling interests.
     Weighted average fully diluted common shares outstanding for certain
^(2) periods presented includes shares that are considered antidilutive for
     calculating earnings per share in accordance with GAAP.

Reconciliation of Net Loss Attributable to Noncontrolling Interest to Adjusted
Net Income Attributable to Noncontrolling Interest

                                                  Three Months Ended March 31,
                                                  2014             2013
                                                  (in thousands)
Net loss attributable to noncontrolling interest  $ (6,070)        $(51,919)
Asset impairment                                  29,873           -
Loss on sale of assets - Permian                  -                71,740
Legal settlement                                  -                400
Loss on derivative contracts                      6,006            6,675
Cash (paid) received on settlement of derivative  (928)            1,992
contracts
  Adjusted net income attributable to             $28,881          $ 28,888
  noncontrolling interest

Conference Call Information

The company will host a conference call to discuss these results on Thursday,
May 8, 2014 at 8:00 am CDT. The telephone number to access the conference call
from within the U.S. is 866-318-8611 and from outside the U.S. is
617-399-5130. The passcode for the call is 90945049. An audio replay of the
call will be available from May 8, 2014 until 11:59 pm CDT on June 7, 2014.
The number to access the conference call replay from within the U.S. is
888-286-8010 and from outside the U.S. is 617-801-6888. The passcode for the
replay is 40691055.

A live audio webcast of the conference call will also be available via
SandRidge's website, www.sandridgeenergy.com, under Investor Relations/Events.
The webcast will be archived for replay on the company's website for 30 days.

Conference Participation

SandRidge Energy, Inc. will participate in the following upcoming events:

  oMay 13, 2014- Barclays HY Energy Conference; Phoenix, AZ
  oJune 3, 2014- RBC Energy Conference; NYC, NY

At 8:00 am Central Time on the day of each presentation, the corresponding
slides and any webcast information will be accessible on the Investor
Relations portion of the company's website at www.sandridgeenergy.com. Please
check the website for updates regularly as this schedule is subject to change.
Also, please note that SandRidge Energy, Inc. intends for its website to be
used as a reliable source of information for all future events in which it may
participate as well as updated presentations regarding the company. Slides and
webcasts (where applicable) will be archived and available for at least 30
days after each use or presentation.

Second Quarter 2014 Earnings Release and Conference Call

August 6, 2014 (Wednesday)- Earnings press release after market close
August 7, 2014 (Thursday)- Earnings conference call at 8:00 am CDT

SandRidge Energy, Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share data)
                                                  Three Months Ended March 31,
                                                  2014            2013
                                                  (Unaudited)
Revenues
 Oil, natural gas and NGL                         $ 405,316       $ 478,017
 Drilling and services                            17,080          17,370
 Midstream and marketing                          17,910          13,032
 Other                                            2,750           3,271
     Total revenues                               443,056         511,690
Expenses
 Production                                       98,535          132,501
 Production taxes                                 7,807           9,439
 Cost of sales                                    12,481          16,317
 Midstream and marketing                          16,000          11,803
 Depreciation and depletion - oil and natural gas 115,185         157,526
 Depreciation and amortization - other            15,522          15,336
 Accretion of asset retirement obligations        5,746           9,779
 Impairment                                       164,779         -
 General and administrative                       38,538          79,444
 Loss on derivative contracts                     42,491          40,897
 (Gain) loss on sale of assets                    (19)            398,174
     Total expenses                               517,065         871,216
     Loss from operations                         (74,009)        (359,526)
Other income (expense)
 Interest expense                                 (62,043)        (85,910)
 Loss on extinguishment of debt                   -               (82,005)
 Other income, net                                2,094           611
     Total other expense                          (59,949)        (167,304)
Loss before income taxes                          (133,958)       (526,830)
Income tax expense                                127             4,429
Net loss                                          (134,085)       (531,259)
 Less: net loss attributable to noncontrolling    (6,070)         (51,919)
 interest
Net loss attributable to SandRidge Energy, Inc.   (128,015)       (479,340)
Preferred stock dividends                         13,881          13,881
     Loss applicable to SandRidge Energy, Inc.
     common stockholders                          $(141,896)      $(493,221)
Loss per share
 Basic                                            $   (0.29)   $   (1.03)
 Diluted                                          $   (0.29)   $   (1.03)
Weighted average number of common shares
outstanding
 Basic                                            484,798         477,826
 Diluted                                          484,798         477,826

SandRidge Energy, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands, except per share data)
                                                     March 31,    December 31,
                                                     2014         2013
                                                     (Unaudited)
ASSETS
Current assets
Cash and cash equivalents                            $1,179,644   $ 814,663
Accounts receivable, net                             293,765      349,218
Derivative contracts                                 9,002        12,779
Costs in excess of billings and contract loss        4,144        4,079
Prepaid expenses                                     13,567       39,253
Other current assets                                 25,823       21,831
            Total current assets                     1,525,945    1,241,823
Oil and natural gas properties, using full cost
method of accounting
      Proved                                         10,443,534   10,972,816
      Unproved                                       292,459      531,606
      Less: accumulated depreciation, depletion and  (6,043,109)  (5,762,969)
      impairment
                                                     4,692,884    5,741,453
Other property, plant and equipment, net             559,342      566,222
Derivative contracts                                 18,048       14,126
Other assets                                         82,038       121,171
            Total assets                             $6,878,257   $ 7,684,795
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued expenses                $ 581,764    $ 812,488
Derivative contracts                                 14,175       34,267
Asset retirement obligations                         -            87,063
Other current liabilities                            16,467       -
            Total current liabilities                612,406      933,818
Long-term debt                                       3,195,036    3,194,907
Derivative contracts                                 -            20,564
Asset retirement obligations                         53,103       337,054
Other long-term obligations                          20,173       22,825
            Total liabilities                        3,880,718    4,509,168
Commitments and contingencies
Equity
SandRidge Energy, Inc. stockholders' equity
Preferred stock, $0.001 par value, 50,000 shares
authorized
      8.5% Convertible perpetual preferred stock;
      2,650 shares issued and outstanding at March
      31,
      2014 and December 31, 2013; aggregate          3            3
      liquidation preference of $265,000
      6.0% Convertible perpetual preferred stock;
      2,000 shares issued and outstanding at March
      31,
      2014 and December 31, 2013; aggregate          2            2
      liquidation preference of $200,000
      7.0% Convertible perpetual preferred stock;
      3,000 shares issued and outstanding at March
      31,
      2014 and December 31, 2013; aggregate          3            3
      liquidation preference of $300,000
Common stock, $0.001 par value, 800,000 shares
authorized; 495,719 issued and 494,651 outstanding
at March 31, 2014 and 491,609 issued and 490,290     485          483
outstanding at December 31, 2013
Additional paid-in capital                           5,302,051    5,298,301
Additional paid-in capital - stockholder receivable  (3,750)      (3,750)
Treasury stock, at cost                              (6,898)      (8,770)
Accumulated deficit                                  (3,602,358)  (3,460,462)
            Total SandRidge Energy, Inc.             1,689,538    1,825,810
            stockholders' equity
Noncontrolling interest                              1,308,001    1,349,817
            Total equity                             2,997,539    3,175,627
            Total liabilities and equity             $6,878,257   $ 7,684,795

SandRidge Energy, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands)
                                                Three Months Ended March 31,
                                                2014             2013
                                                (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
 Net loss                                       $ (134,085)      $ (531,259)
 Adjustments to reconcile net loss to net cash provided by
 operating activities
    Depreciation, depletion and amortization    130,707          172,862
    Accretion of asset retirement obligations   5,746            9,779
    Impairment                                  164,779          -
    Debt issuance costs amortization            2,361            3,008
    Amortization of discount, net of premium,   129              672
    on long-term debt
    Loss on extinguishment of debt              -                82,005
    Deferred income tax provision               -                4,359
    Loss on derivative contracts                42,491           40,897
    Cash paid on settlement of derivative       (39,164)         (21,684)
    contracts
    (Gain) loss on sale of assets               (19)             398,174
    Stock-based compensation                    6,786            19,850
    Other                                       188              (285)
    Changes in operating assets and liabilities (89,468)         (56,921)
                   Net cash provided by         90,451           121,457
                   operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
 Capital expenditures for property, plant and   (331,016)        (421,876)
 equipment
 Acquisitions of assets                         (2,352)          (5,048)
 Proceeds from sale of assets                   707,366          2,559,374
                   Net cash provided by         373,998          2,132,450
                   investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
 Repayments of borrowings                       -                (1,115,500)
 Premium on debt redemption                     -                (61,997)
 Debt issuance costs                            -                (91)
 Proceeds from the sale of royalty trust        22,119           -
 units
 Noncontrolling interest distributions          (53,118)         (51,256)
 Acquisition of ownership interest              (2,730)          -
 Stock-based compensation excess tax benefit    2                -
 Purchase of treasury stock                     (4,350)          (12,041)
 Dividends paid - preferred                     (17,263)         (17,263)
 Cash (paid) received on settlement of          (44,128)         3,208
 financing derivative contracts
                   Net cash used in financing   (99,468)         (1,254,940)
                   activities
NET INCREASE IN CASH AND CASH EQUIVALENTS       364,981          998,967
CASH AND CASH EQUIVALENTS, beginning of year    814,663          309,766
CASH AND CASH EQUIVALENTS, end of year          $1,179,644       $1,308,733
Supplemental Disclosure of Cash Flow
Information
 Cash paid for interest, net of amounts         $   92,896     $ (127,181)
 capitalized
 Cash received for income taxes                 -                476
Supplemental Disclosure of Noncash Investing
and Financing Activities
 Deposit on pending sale                        $         $ (255,000)
                                                -
 Change in accrued capital expenditures         $   55,242     $   33,164
 Asset retirement costs capitalized             $     818   $    1,102

For further information, please contact:

Duane M. Grubert
EVP- Investor Relations and Strategy
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102-6406
(405) 429-5515

Cautionary Note to Investors - This press release 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, including, but not limited to, the information appearing under the
heading "Operational Guidance." 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 projections
and estimates of net income and EBITDA, drilling plans, oil and natural gas
production, derivative transactions, pricing differentials, operating costs,
general and administrative costs, capital spending, tax rates, and
descriptions of our development plans and appraisal programs. 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 volatility of oil and natural gas prices, our
success in discovering, estimating, developing and replacing oil and natural
gas reserves, actual decline curves and the actual effect of adding
compression to natural gas wells, the availability and terms of capital, the
ability of counterparties to transactions with us to meet their obligations,
our timely execution of hedge transactions, credit conditions of global
capital markets, changes in economic conditions, the amount and timing of
future development costs, the availability and demand for alternative energy
sources, 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, 2013. All of the forward-looking statements made in this press release 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.

SandRidge Energy, Inc. is an oil and natural gas company headquartered in
Oklahoma City, Oklahoma with its principal focus on exploration and
production. SandRidge and its subsidiaries also own and operate gas gathering
and processing facilities and conduct marketing operations. In addition,
Lariat Services, Inc., a wholly-owned subsidiary of SandRidge, owns and
operates a drilling rig and related oil field services business. SandRidge
focuses its exploration and production activities in the Mid-Continent region
of the United States. SandRidge's internet address is www.sandridgeenergy.com.

Logo - http://photos.prnewswire.com/prnh/20120416/DA88110LOGO

SOURCE SandRidge Energy, Inc.

Website: http://www.sandridgeenergy.com
 
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