The Horizontal Mississippi Lime

It’s Real and It’s Spectacular

The Mighty Mississippi

1 8 15 22 29 36 43 50 57 64 71 78 85 92 99 1061131201271341411481551621691761831901972042111

10

100

1000

10000

Oil

Gas Flowing up Tubing

Venting Gas

Ran Tubing, Flowing up Annulus

Longhurst 3H-34

Merits of the Horizontal Mississippian

Observations Momentum increased dramatically in last 18 months SandRidge continues to lead the way (47% of 2012 Capex of $1.8 billion)Liquid-weighted (~63%) with NGL componentConventional carbonate reservoir: 3,000 – 6,000 ft vertical depths

Low well costs (~$3.5 million per location)Low and improving drill times (currently ~24 days)Low pressure rigs, fracs and completions (equipment availability)

Infrastructure already in placeRepeatabilityIRRs ~100%

Mississippian vs. Bakken and Bone Spring Shale

“Tudor, Pickering, Holt & Co. Securities Inc. analysts observed: ‘Horizontal moves to conventional activity: If it’s good for the goose, it’s good for the gander. Horizontal drilling, combined with fracing – makes shales productive. So, why shouldn’t that make conventional reservoirs productive? Answer: It should’ “Nissa Darbonne - Oil & Gas Investor

Missis

sipp

ian

Bakke

n

Bone

Sprin

g

513

677570

EUR (MBOe/Well)

Missis

sipp

ian

Bakke

n

Bone

Sprin

g

735791

900

IP Rate (BOe/d)

Missis

sipp

ian

Bakke

n

Bone

Sprin

g

$6.82

$12.93 $13.21

F&D ($/BOe)

Mississippian vs. Shales

Obtained original property set 4Q 2009 Increased through additional leasing Spud first Mississippian well in June 2010 Began 2 rig program in July 2010 Current 3 rig line, moving to 4 Drilling our ~50th Mississippian horizontal

Eagle Energy Overview

~85,000 net acres in Mississippian Protected through term and drilling schedule Short spud to production time frame Flat topography in pro-oilfield area ~600 potential locations PV10 of P3 reserves in excess of $1.75 billion

Eagle Energy Position Highlights

The Horizontal Mississippi Trend

Source: 2012 SD Investor Presentation

Low cost of ~$3.5 million/well

Mostly oil and liquids production

High permeability, carbonate reservoir

- No seismic needed; ~17,000 vertical Mississippian data points

- working off mud logs

- Industry average peak 30-day production ~300 boepd

Rigs are abundant and only require ~1,000 HP

~ 500 horizontal well data points currently, rig count increasing dramatically

Average lateral length of 3,000-4,000 feet

Fracturing with fresh water and acid

~One fracture stage per 400-500 feet of lateral

- 10,000-12,000 Hydraulic HP pressure pumping for completions, in contrast to 40,000 needed in deeper, tighter unconventional plays

- Ottawa sand proppant is plentiful

IRRs ~ 100%Sources: SandRidge Energy April 2011 Investor Presentation and Oil and Gas Investor, April 2011.

Horizontal Mississippian Overview

Vertical Mississippian wells provide control Limestone, Dolomite & Chert

10-15% porosity 35-65% water saturation

Stacked progradational porosity wedges Better porosity areas show vugs and dolomite rhomb

development Monoclinal dip

Geology

Breakeven play comparison to achieve 10% IRR

Liquids content

Note: Liquids includes oil and NGLs. Excludes primarily gas plays (i.e. Haynesville and Marcellus).

Source:Wall street research, SandRidge investor presentation and EOG resources investor presentation. And Eagle internal data.

Oil Weighting

Marce

llus -

Liq

uids

Cana

Woo

dfor

d Sh

ale

Eagl

e Fo

rd

Grani

te W

ash

Missis

sippi

an

Bakke

n

32.0% 37.0%

55.0% 56.0%

63.0%

85.0%

Bakke

n (S

anish

)

Utica

- 910

mbo

e

Niobr

ara

Missis

sippi

an

Eagl

e Fo

rd (O

il)

Utica

- 455

mbo

e

$40.00

$46.00 $51.00

$55.00

$67.00

$84.00

The area’s legacy production has significant existing available infrastructure

Extensive infrastructure

Extensive Existing Infrastructure

Takeaways

Horizontal drilling effectively connects existing porosity wedges

Exceptional horizontal well performance across the play by a variety of operators

Single well economic summary

Eagle SD CHK RRC

Lateral (Ft) 3,500' 4,000' 4,000' 2,200'

EUR (MBOe) 300-650 300-500 290-435 300-500

D&C Cost ($ mm) $3.5 $3.2 $3.7 $3.1

Repeatable Play

0 24 48 72 96 120 144 168 192 216 240 264 288 312 336 360 384 408 432 456 480 504 528 552100

1,000

10,000

100,000

Months On

Ave

rag

e M

on

thly

Pro

du

cti

on

(B

Oe

)

30 Day IP: 738 BOe/d

513 MBOE (12/31)

Eagle Energy Type Well

Average peak 30 day production across all 32 wells is 658 BOE/day.

Average peak 30 day production across wells included in the type curve is 705 BOE/day.

Average peak 30 day production for wells with less than 12 months production is 803 BOE/day.

Eagle Energy Mississippian Production

Eagle Energy Mississippian Production

Ames

3H-2

7

Avard

1H-3

0

Avard

1H-3

1

Baker

1H-3

3

Brock

man

1-H

Buckl

es 1

H-3

Buckl

es 1

H-9

Edwar

ds 1

H-36

Glass

1H-1

8

Glass

1H-7

John

son

1H-1

3

Joy

1H-3

6

Keltn

er 1

H-17

Leep

er 1

H-26

Leslie

1H-2

Leslie

1H-2

8

Leslie

1H-3

3

Lohm

ann

1H-2

0

Lohm

ann

1H-2

9

Lohm

ann

1H-8

Lone

Eag

le 1

-8

Long

hurs

t 3H-3

4

Mary

Beth

1-H

Page

2H-2

6

Perc

ival

1H-6

Reed

1H-1

0

Shar

p 1H

-12

Stel

ling

1H-2

3

Thor

p 1H

-6

Wen

nige

r #1

Wes

sels 1

H-26

Zahor

sky

1H-8

0.0

500.0

1000.0

1500.0

2000.0

2500.0

3000.0

492 272 572 313 102 175 200 431 394 320 265 303 149 195 47 158 406 153 180 206 2751,874423 4 190 360 269 413 104 75 52 310

353

275

342

382

103239 341

144 225359

59 236

77529

159

107

271

388 329 233172

499

94

115

129

187133

650

219 57 58

165

173

134

168

187

51

117

167 70110

176

29

115

38

259

7852

133

190 161114 84

244

46

56

63

91

65

318

107

28 28

81

NGL Dry Gas (BOe) Oil

Avg

. 3

0 D

ay IP (

BO

e/D

ay)

Eagle Energy Mississippian Production  DRY GAS

Dry Gas (BOe) Oil NGL BOE TYPE WELL

MOST RECENT

             < 12 Months Production

Ames 3H-27 2115.0 352.5 492.0 172.5 1017.0 1017.0 1017.0Avard 1H-30 1649.0 274.8 271.8 134.5 681.1 681.1 681.1Avard 1H-31 2054.4 342.4 571.9 167.6 1081.9 1081.9  Baker 1H-33 2289.8 381.6 313.0 186.8 881.4 881.4 881.4Brockman 1-H 620.4 103.4 101.6 50.6 255.6    Buckles 1H-3 1434.7 239.1 175.0 117.0 531.1 531.1 531.1Buckles 1H-9 2044.5 340.8 200.0 166.8 707.5 707.5 707.5Edwards 1H-36 864.3 144.1 431.0 70.5 645.6 645.6  Glass 1H-18 1352.2 225.4 394.3 110.3 730.0 730.0 730.0Glass 1H-7 2153.8 359.0 319.9 175.7 854.5 854.5 854.5Johnson 1H-13 353.9 59.0 264.8 28.9 352.7 352.7 352.7Joy 1H-36 1415.6 235.9 302.7 115.5 654.1 654.1 654.1Keltner 1H-17 463.9 77.3 148.8 37.8 264.0 264.0 264.0Leeper 1H-26 3172.5 528.8 195.0 258.8 982.5 982.5 982.5Leslie 1H-2 956.0 159.3 46.5 78.0 283.8 283.8  Leslie 1H-28 639.4 106.6 157.6 52.2 316.3 316.3  Leslie 1H-33 1626.4 271.1 405.7 132.7 809.4 809.4 809.4Lohmann 1H-20 2327.2 387.9 152.8 189.8 730.4 730.4  Lohmann 1H-29 1974.0 329.0 180.0 161.0 670.0 670.0 670.0Lohmann 1H-8 1395.9 232.7 206.0 113.9 552.5 552.5 552.5Lone Eagle 1-8 1033.5 172.3 275.4 84.3 531.9 531.9  Longhurst 3H-34 2997.0 499.5 1874.0 244.4 2617.9 2617.9 2617.9Mary Beth 1-H 564.7 94.1 423.1 46.1 563.3 563.3  Page 2H-26 690.9 115.2 4.0 56.4 175.5    Percival 1H-6 775.5 129.3 190.0 63.3 382.5 382.5 382.5Reed 1H-10 1121.0 186.8 360.4 91.4 638.6 638.6 638.6Sharp 1H-12 795.2 132.5 269.3 64.9 466.7 466.7  Stelling 1H-23 3898.7 649.8 412.8 318.0 1380.6 1380.6 1380.6Thorp 1H-6 1316.9 219.5 104.0 107.4 430.9 430.9  Wenniger #1 341.2 56.9 75.2 27.8 159.9    Wessels 1H-26 348.3 58.0 52.2 28.4 138.6 138.6  Zahorsky 1H-8 987.0 164.5 310.0 80.5 555.0 555.0 555.0

Average: 1430.4 238.4 302.5 116.7 657.6 705.2 803.3Wells: 32 32 32 32 32 29 19

The Mighty Mississippi

1 8 15 22 29 36 43 50 57 64 71 78 85 92 99 1061131201271341411481551621691761831901972042111

10

100

1000

10000

Oil

Gas Flowing up Tubing

Venting Gas

Ran Tubing, Flowing up Annulus

Longhurst 3H-34

Eagle Energy Mississippian Production

IP’s of Wells in Last 100 Days Gas Volumes are Wet Gas

Berry 1H-32 290 BO, 2.2 MMCF (10 Day) Baker 1H-33 313 BO, 3.2 MMCF (30 Day) Zahorsky 1H-8 310 BO, 1.4 MMCF (30 Day) Percival 1H-6 190 BO, 1.1 MMCF (30 Day) Ames 3H-27 443 BO, 2.9 MMCF (45 Day)

492 BO, 3.0 MMCF (30 Day)

Leeper 1H-26 190 BO, 4.1 MMCF (45 Day) 195 BO, 4.5 MMCF (30 Day)

Lohmann 1H-29 115 BO, 1.8 MMCF (80 Day) 180 BO, 2.8 MMCF (30 Day)

Buckles 1H-9 165 BO, 2.8MMCF (100 Day) 200 BO, 2.9 MMCF (30 Day)

Evolution of current wellbore design. Wenniger #1 – Re-Entry of Hunton wellbore Brockman 1-H – 5 ½” long string Leslie 1H-2 – 7” production – 4.5” liner

Evolution of targeting Originally targeted the top 100’ of the Mississippian

Resulted in high water production, lower IP’s than expected Currently targeting the top 60’

Better IP’s Lower water production

Eagle Energy Wellbore Evolution

–

5

10

15

20

25

30

35

40

45

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49

Day

s to

dri

ll

Wells chronological by spud date

Horizontal locations on top of thousands of historical vertical wells

Drilling days improve with experience

Mississippian – Drilling times trend lower

Source:SandRidge and Continental Resources investor presentation.

30

Days 22

Days

Technology Improvements

500’ Stages (~425’ GPI) Original design was too large

3,500 bbls Water 85,000# Sand 200 bbls 15% HCl

Larger design combined with lower targeting resulted in higher water production and lower reserves.

Current design 1,600 bbls Water 20,000# 30/50 Sand 575 bbls 15% HCl 100bpm Average treating pressure 3500psi

Better cleanup near wellbore Natural permeability Can re-stimulate to restore production.

1 re-complete to date: ~300 MBOe added reserves at a cost of ~$1.40/BOe

Drill out with Coiled Tubing

Eagle Completion Summary

Wellbore Design

Infrastructure Designed for Hunton dewatering

Artificial Lift Initially running ESPs

High volume pumps Quick recovery of frac load Lowers fluid levels quickly

VSDs allow flexibility Adaptable to individual wells

Eagle Energy Production Summary

Highest average IP’s in the Mississippian trend Longhurst 3H-34: ~3,000 BOe/d (24hr)

30 Day: 1874 BO, 4.251 MMCF 60 Day: 1833 BO, 4.453 MMCF 210 Day: 1129 BO, 2.875 MMCF

To Date: 240+ MBO, 0.610+ BCF IP’s based on Wet Gas

Sharp 1H-12: ~2,600 BOe/d (24hr) Avard 1H-31: ~1,900 BOe/d (24hr) Stelling 1H-23 ~1,700 BOe/d (24hr) Avard 1H-30 ~1,900 BOe/d (24hr)

~735 BOe/d Avg 30 day IP, leveling off at ~250BOe/d Type Well = 513,300 BOe EUR Liquid Content = 63% (45% Crude) LOE = $2.06/BOe F & D = $6.81/BOe

Eagle Energy Well Performance

Conclusions IRRs exceeding other liquids-rich plays IRRs driven by low drilling and service costs coupled with attractive oil mix and EURsAmple available infrastructure and equipment Improving results and costs will drive economics higher; EURs have improved with recent results

Rate of return

Source:SandRidge investor presentation and Eagle internal data.

Attractive Economics, Returns & Growth

E a g l e E n e r g y C o m p a n y o f O k l a h o m a, LLC