<SEC-DOCUMENT>0001193125-17-365172.txt : 20171211
<SEC-HEADER>0001193125-17-365172.hdr.sgml : 20171211
<ACCEPTANCE-DATETIME>20171208210733
ACCESSION NUMBER:		0001193125-17-365172
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20171208
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171211
DATE AS OF CHANGE:		20171208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SANDRIDGE ENERGY INC
		CENTRAL INDEX KEY:			0001349436
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				208084793
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33784
		FILM NUMBER:		171248234

	BUSINESS ADDRESS:	
		STREET 1:		123 ROBERT S. KERR AVENUE
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73102-6406
		BUSINESS PHONE:		405-429-5500

	MAIL ADDRESS:	
		STREET 1:		123 ROBERT S. KERR AVENUE
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73102-6406

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RIATA ENERGY INC
		DATE OF NAME CHANGE:	20060111
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d461368d8k.htm
<DESCRIPTION>FORM 8-K
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<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): December&nbsp;8, 2017 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>SANDRIDGE ENERGY, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-33784</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">20-8084793</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(State or Other Jurisdiction <BR>of Incorporation or Organization)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission <BR>File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(I.R.S. Employer <BR>Identification No.)</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>123 Robert S. Kerr Avenue</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oklahoma City, Oklahoma</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>73102</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s Telephone
Number, including Area Code: (405) <FONT STYLE="white-space:nowrap">429-5500</FONT> </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instructions A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (&#167; <FONT STYLE="white-space:nowrap">240.12b-2</FONT> of this
chapter). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;8, 2017, SandRidge Energy, Inc., a Delaware corporation
(&#147;<U>SandRidge</U>&#148; or the &#147;<U>Company</U>&#148;), issued a letter to Carl C. Icahn (the &#147;<U>Rights Plan Response Letter</U>&#148;) in response to his letter to the board of directors of SandRidge dated November&nbsp;30, 2017
relating to the Stockholder Rights Agreement dated November&nbsp;26, 2017 by and between SandRidge and American Stock Transfer&nbsp;&amp; Trust Company, LLC as Rights Agent (the &#147;<U>Rights Plan</U>&#148;). The Rights Plan Response Letter
confirms that Mr.&nbsp;Icahn would not trigger the Rights Plan by, among other things: (1)&nbsp;discussing Mr.&nbsp;Icahn&#146;s opposition to the proposed acquisition of Bonanza Creek Energy, Inc. (&#147;<U>Bonanza Creek</U>&#148;) with other
stockholders of SandRidge; (2)&nbsp;seeking proxies from other stockholders to vote against the proposed acquisition; (3)&nbsp;contacting other stockholders to join Mr.&nbsp;Icahn in calling a special meeting of stockholders; (4)&nbsp;if other
stockholders in fact joined Mr.&nbsp;Icahn in calling such a special meeting, and (5)&nbsp;soliciting proxies to remove members of the board and replace those with new directors, assuming, in all cases, that these actions comply with the
requirements of the Federal proxy rules, the Company&#146;s bylaws, the Company&#146;s certificate of incorporation and Delaware law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also on December&nbsp;8, 2017, counsel to SandRidge delivered a letter to Mr.&nbsp;Icahn and his related entities (the &#147;<U>Demand
Response Letter</U>&#148;) in response to their demand to inspect the books and records of SandRidge pursuant to Section&nbsp;220 of the Delaware General Corporation Law. In the Demand Response Letter, counsel to SandRidge informs Mr.&nbsp;Icahn
that while he is not entitled under Delaware law to inspect the requested books and records, the Company would volunteer to make certain documents available to Mr.&nbsp;Icahn, subject to a mutually agreeable confidentiality agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Rights Plan Response Letter and the Demand Response Letter are incorporated herein by reference and attached hereto as Exhibits 99.1 and
99.2, respectively. The descriptions of the Rights Plan Response Letter and the Demand Response Letter herein do not purport to be complete and are qualified in their entirety by Exhibits 99.1 and 99.2, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cautionary Statement Regarding Forward-Looking Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This communication may contain certain &#147;forward-looking statements&#148; under applicable securities laws, including the Private
Securities Litigation Reform Act of 1995. These statements are typically identified by words or phrases such as &#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;should,&#148; &#147;predict,&#148; &#147;potential,&#148; &#147;pursue,&#148;
&#147;outlook,&#148; &#147;continue,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;target,&#148; &#147;forecast,&#148; and other words
and terms of similar meaning. For example, statements regarding future results regarding the benefits of the transaction, closing of the proposed merger, and future financial results and operational plans are forward-looking statements. These
forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the companies&#146; control, which could cause actual benefits, results, effects and timing to differ materially from the results predicted or
implied by the statements. These risks and uncertainties include, but are not limited to: the failure to receive requisite shareholder approval, satisfy closing conditions or obtain regulatory approvals; uncertainties as to the timing of the
closing; changes to business relationships, competitive responses, the inability to achieve anticipated synergies, unexpected costs, charges, expenses or difficulties, the outcome of any litigation and the inability to retain key personnel, each
related to the proposed merger; the uncertainty of financial performance following completion of the proposed merger; and any changes in general economic or industry specific conditions. SandRidge cautions that the foregoing list of factors is not
exclusive. Additional information concerning these and other risk factors is contained in SandRidge&#146;s and Bonanza Creek&#146;s public filings with the SEC, which are available at the SEC&#146;s website, http://www.sec.gov. Each forward looking
statement speaks only as of the date of the particular statement, and SandRidge undertakes no obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Important Additional Information </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or
approval. In connection with the proposed merger, SandRidge will file with the SEC a registration statement on Form <FONT STYLE="white-space:nowrap">S-4,</FONT> which will include a prospectus of SandRidge and a joint proxy statement of Bonanza
Creek and SandRidge. SandRidge and Bonanza Creek also plan to file other documents with the SEC regarding the proposed merger. After the registration statement has been declared effective by the SEC, a definitive joint proxy statement/prospectus
will be mailed to the shareholders of Bonanza Creek and the shareholders of </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
SandRidge. SHAREHOLDERS OF BONANZA CREEK AND SANDRIDGE ARE URGED TO READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND
OTHER DOCUMENTS RELATING TO THE PROPOSED MERGER THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors will be able to obtain
free copies of the joint proxy statement/prospectus and other documents containing important information about SandRidge and Bonanza Creek, once such documents are filed with the SEC, through the website maintained by the SEC at
<U>http://www.sec.gov</U>. Copies of the documents filed with the SEC by SandRidge will be available free of charge, on SandRidge&#146;s internet website at www.sandridgeenergy.com under the tab &#147;Investor Relations&#148; and then under the tab
&#147;SEC Filings&#148; or by contacting SandRidge&#146;s Investor Relations Department at (405) <FONT STYLE="white-space:nowrap">429-5515.</FONT> Copies of the documents filed with the SEC by Bonanza Creek will be available free of charge on
Bonanza Creek&#146;s internet website at www.bonanzacrk.com under the tab &#147;For Investors&#148; and then under the tab &#147;SEC Filings&#148; or by contacting Bonanza Creek&#146;s Investor Relations Department at (720) <FONT
STYLE="white-space:nowrap">440-6136.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Participants in the Solicitation </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Bonanza Creek, SandRidge, their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in
respect of the proposed transaction. Information about the directors and executive officers of Bonanza is set forth in Bonanza Creek&#146;s public filings with the SEC, including its Current Reports on Form
<FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on April&nbsp;28, 2017, June&nbsp;12, 2017 and August&nbsp;4, 2017 and its Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the period ending September&nbsp;30,
2017, filed with the SEC on November&nbsp;9, 2017. Information about the directors and executive officers of SandRidge is set forth in SandRidge&#146;s public filings with the SEC, including its definitive proxy statement on Form DEF 14A filed with
the SEC on April&nbsp;28, 2017 and its Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on June&nbsp;28, 2017 and August&nbsp;1, 2017. Other information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of these documents can be obtained as
described in the preceding paragraph. </P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d461368dex991.htm">Rights Plan Response Letter dated December&nbsp;8, 2017. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d461368dex992.htm">Demand Response Letter dated December&nbsp;8, 2017. </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>SANDRIDGE ENERGY, INC.</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(Registrant)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: December&nbsp;8, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Philip T. Warman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Philip T. Warman</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP><I>Senior Vice President, General Counsel and Corporate Secretary</I></TD></TR>
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<TYPE>EX-99.1
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<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;8, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Via Email&nbsp;&amp; FedEx
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carl C. Icahn </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Icahn Partners LP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Icahn Partners Master Fund LP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">High River Limited Partnership
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">767 Fifth Avenue, Suite 4700 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10153 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Your November&nbsp;30, 2017 Letter </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Icahn: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are counsel to SandRidge Energy, Inc. (the &#147;Company&#148;). I write in response to your letter dated November&nbsp;30, 2017 to the
Company&#146;s Board of Directors (the &#147;Board&#148;) regarding the Stockholder Rights Agreement dated November&nbsp;26, 2017 by and between the Company and American Stock Transfer&nbsp;&amp; Trust Company, LLC as Rights Agent (the &#147;Rights
Agreement&#148;).<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> As set forth in specific detail below, your letter makes a number of assertions about the Rights Agreement that are in error. We also provide answers to questions your letter
sets forth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As an initial matter, the Board&#146;s adoption of the Rights Agreement is a reasonable and necessary response to a threat to
the Company&#146;s long-term strategic plan to maximize value for its stockholders, and the Rights Agreement will contribute to the preservation of the Company&#146;s long-term value for all of its stockholders. The Rights Agreement was adopted by
the Board following evaluation and consultation with the Company&#146;s advisors. It is similar to rights agreements adopted by numerous publicly traded companies. The Rights Agreement is designed to protect the stockholders&#146; right to vote, on
a fully informed basis, on the proposal to approve the issuance of the Company&#146;s common stock in connection with the proposed merger with Bonanza Creek Energy, Inc. The Rights Agreement is also designed to deter the acquisition of actual, de
facto or negative control of the Company by any person or group without appropriately compensating its stockholders for such control. It was not adopted to frustrate or hinder takeover bids. Under its terms, the Company&#146;s stockholders may
require the Board to redeem the Rights under the Rights Agreement in the event a fully-financed takeover or exchange offer is made for the Company (a &#147;Qualifying Offer&#148; as defined in the Rights Agreement). In addition, the </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Capitalized terms used in this letter that are not defined herein shall have the definitions ascribed to them in
the Rights Agreement, a copy of which was filed with the Securities and Exchange Commission on November&nbsp;27, 2017. </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Carl C. Icahn</B> December 8, 2017 Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Rights Agreement could potentially preserve the Company&#146;s estimated $470&nbsp;million (as of December&nbsp;31, 2017) of usable tax net operating loss carryforwards by deterring an
&#147;ownership change&#148; under Section&nbsp;382 of the Internal Revenue Code of 1986, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The operation of the Rights
Agreement is straightforward and unremarkable. The Rights under the Rights Agreement do not vest until the Distribution Date resulting from a person&#146;s becoming an &#147;Acquiring Person.&#148; An &#147;Acquiring Person&#148; is any person who
or which, together with all Related Persons of such person, becomes the Beneficial Owner of 10% or more of the Company&#146;s Stock then outstanding, subject to specified exceptions. One of these exceptions is &#147;Grandfathered Persons.&#148; You
are deemed to be a &#147;Grandfathered Person&#148; because you were, together with your Related Persons, as of the date of the Rights Agreement, the Beneficial Owner of 10% or more of the shares of Common Stock of the Company then outstanding as of
the date of the Rights Agreement. You will cease to be a Grandfathered Person and become an Acquiring Person if and when you increase your Beneficial Ownership of shares of Common Stock of the Company to an amount equal to or greater than the
greater of (A) 10% of the shares of Common Stock of the Company then outstanding and (B)&nbsp;the sum of (1)&nbsp;your lowest Beneficial Ownership as a percentage of the shares of Common Stock of the Company outstanding as of any time from and after
the public announcement of the Rights Agreement (other than as a result of an acquisition of shares of Common Stock by the Company) plus (2)&nbsp;one share of Common Stock of the Company. Under the Rights Agreement, a person is deemed to be the
Beneficial Owner, among other things, of any securities that that are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate of such Person) with which such Person (or any of such Person&#146;s Affiliates or
Associates) is (A)&nbsp;Acting in Concert, or has (B)<B><I></I></B>&nbsp;any agreement, arrangement, or understanding (whether or not in writing), for the purpose of acquiring, holding, voting or disposing of any such securities. Notwithstanding the
foregoing, as set forth in the Rights Agreement,&nbsp;no Person will be deemed the &#147;Beneficial Owner&#148; of any security as a result of an agreement, arrangement or understanding to vote such security that would otherwise render such Person
the Beneficial Owner of such security if such agreement, arrangement or understanding is not also then reportable on a Schedule 13D and arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent
solicitation made pursuant to, and in accordance with, the applicable provisions of the Exchange Act Regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Considering the
foregoing, and with the understanding that the questions in your letter are hypothetical and do not purport to present complete factual circumstances, below are the responses to those questions. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Carl C. Icahn</B> December 8, 2017 Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Would discussing [y]our opposition to the proposed Bonanza Creek acquisition with other shareholders of SandRidge trigger the [Rights Agreement]? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As long as you (and any of your Related Persons) do not otherwise engage in (or have not otherwise engaged in) conduct that would otherwise
result in you becoming an Acquiring Person, discussing your opposition to the proposed Bonanza Creek acquisition with other stockholders will not, in and of itself, cause you to become an Acquiring Person if your discussions are made pursuant to,
and in accordance with, Section&nbsp;14(a) of the Exchange Act, the Company&#146;s Bylaws, the Company&#146;s Certificate of Incorporation and Delaware law. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Would seeking proxies from other shareholders to vote against the proposed acquisition trigger the [Rights Agreement]? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As long as you (and any of your Related Persons) do not otherwise engage in (or have not otherwise engaged in) conduct that would otherwise
result in you becoming an Acquiring Person, seeking proxies from other stockholders to vote against the proposed Bonanza Creek acquisition will not, in and of itself, cause you to become an Acquiring Person if your proxy solicitation is made
pursuant to, and in accordance with, Section&nbsp;14(a) of the Exchange Act, the Company&#146;s Bylaws, the Company&#146;s Certificate of Incorporation and Delaware law. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Would the [Rights Agreement] be triggered if [you] were to contact other shareholders to join [you] in calling a special meeting of shareholders? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As long as you (and any of your Related Persons) do not otherwise engage in (or have not otherwise engaged in) conduct that would otherwise
result in you becoming an Acquiring Person, contacting other stockholders regarding the calling of a special meeting will not, in and of itself, cause you to become an Acquiring Person if such contacts are made pursuant to, and in accordance with,
Section&nbsp;14(a) of the Exchange Act, the Company&#146;s Bylaws, the Company&#146;s Certificate of Incorporation and Delaware law. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Would the [Rights Agreement] be triggered if other shareholders in fact joined [you] in calling such a special meeting? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As long as you (and any of your Related Persons) do not otherwise engage in (or have not otherwise engaged in) conduct that would otherwise
result in you becoming an Acquiring Person, if other stockholders in fact joined you in calling for a special meeting, this will not, in and of itself, cause you to become an Acquiring Person if the calling of a special meeting is made pursuant to,
and in accordance with, Section&nbsp;14(a) of the Exchange Act, the Company&#146;s Bylaws, the Company&#146;s Certificate of Incorporation and Delaware law. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Carl C. Icahn</B> December 8, 2017 Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Would the [Rights Agreement] be triggered if [you] were to solicit proxies to remove members of the board and replace them with new directors who are opposed to the proposed acquisition? </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As long as you (and any of your Related Persons) do not otherwise engage in (or have not otherwise engaged in) conduct that would otherwise
result in you becoming an Acquiring Person, soliciting proxies to remove members of the Board and replace them with new directors will not, in and of itself, cause you to become an Acquiring Person if your proxy solicitation is made pursuant to, and
in accordance with, Section&nbsp;14(a) of the Exchange Act, the Company&#146;s Bylaws, the Company&#146;s Certificate of Incorporation and Delaware law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company takes its responsibilities to its stockholders under the Rights Agreement and its Bylaws seriously and wants to ensure that
stockholders have a full understanding of both. If you have any further questions about the Rights Agreement and the Bylaws, please let me know and we can arrange for further discussion. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Rolin P. Bissell</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Rolin P. Bissell</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SF/RPB </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Directors of SandRidge Energy, Inc. </TD></TR></TABLE>
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<TYPE>EX-99.2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g461368img001.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Michael&nbsp;C.&nbsp;Holmes <BR><B>Tel</B>&nbsp;+1.214.220.7814&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">mholmes@velaw.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Fax</B>
+1.214.999.7814</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;8, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Via Email&nbsp; </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jesse A. Lynn, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Icahn Capital LP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">767 Fifth Avenue, Suite 4700 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10153 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><U>Demand for Inspection of Books and Records of SandRidge Energy, Inc. Pursuant to 8 <I>Del. C.</I> &#167; 220</U> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Lynn: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client,
SandRidge Energy, Inc. (&#147;SandRidge&#148; or the &#147;Company&#148;), I am writing in response to your letter dated December&nbsp;1, 2017 (&#147;Demand&#148;) on behalf of your clients the Icahn Parties,<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> demanding the inspection of certain books and records of SandRidge pursuant to Section&nbsp;220 of the Delaware General Corporation Law, 8 <I>Del. C. </I>&#167; 220 (&#147;Section&nbsp;220&#148;).
For the reasons set forth below, we believe the Demand is deficient because it fails to provide a credible basis from which to infer any possible wrongdoing, and therefore lacks a proper purpose for inspection as required by Section&nbsp;220.
Nevertheless, in the hope that you will give due consideration to the matters in your letter and examine them from the perspective of the Company&#146;s best interests, SandRidge is willing to provide you with the materials set forth below subject
to a mutually agreeable confidentiality agreement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><U>The Demand Fails to State a Proper Purpose</U>. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Demand seeks to inspect
SandRidge&#146;s books and records to investigate the actions of senior management and the Board of Directors (the &#147;Board&#148;) regarding (i)&nbsp;the Bonanza Acquisition and (ii)&nbsp;the Plan. The Demand also purportedly seeks documents to
investigate (iii)&nbsp;the compensation of Mr.&nbsp;James Bennett, the Company&#146;s Chief Executive Officer, which the Icahn Parties characterize as &#147;inexplicable.&#148; <I>See </I>Demand at 2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Demand, however, is woefully deficient in providing a credible basis of probable wrongdoing with respect to any of these items, as
Delaware law requires. <I>See, e.g.</I>,<I> Sec. </I> </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Capitalized terms used in this letter that are not defined herein shall have the definitions ascribed to them in
the Demand. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Vinson &amp; Elkins LLP Attorneys at Law</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Austin Beijing Dallas Dubai Hong Kong Houston London Moscow New York</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Trammell Crow Center,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">2001 Ross Avenue,
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<B>Fax</B>&nbsp;+1.214.220.7700&nbsp;<B>www.velaw.com</B></P></TD></TR></TABLE>


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<I>First Corp. v. U.S. Die Casting</I><I></I><I>&nbsp;&amp; Dev. Co.</I>, 687 A.2d 563, 565 (Del. 1997) (&#147;The plaintiff must not only show a credible basis to find probable wrongdoing, but
must justify each category of the requested production.&#148;). Indeed, it is incumbent upon a stockholder seeking to conduct an inspection to articulate &#147;some evidence that establishe[s] a credible basis from which [to] infer . . . legitimate
issues of possible waste, mismanagement or wrongdoing that warrant[] further investigation.&#148; <I>Seinfeld v. Verizon Commc&#146;ns, Inc.</I>, 909 A.2d 117, 118 (Del. 2006) (affirming dismissal of a Section&nbsp;220 action); <I>see also City of
Westland Police</I><I></I><I>&nbsp;&amp; Fire Ret. Sys. v. Axcelis Techs., Inc.,</I> No.&nbsp;594, 2009, 2010 WL 3157143, at *5 (Del. Aug. 13, 2010) (same). &#147;This burden is not insubstantial, and mere curiosity or a desire for a fishing
expedition will not suffice.&#148; <I>Mattes v. Checkers <FONT STYLE="white-space:nowrap">Drive-In</FONT> Restaurants, Inc.</I>, C.A. No.&nbsp;17775, 2001 WL 337865, at *5 (Del. Ch. Mar. 28, 2001) (internal quotation marks and citation omitted);
<I>accord Highland Select Equity Fund L.P. v. Motient Corp.</I>, 906 A.2d 156, 164 (Del. Ch. 2006) (stating that a Section&nbsp;220 plaintiff must &#147;prove that it has some credible evidence of wrongdoing sufficient to warrant continued
investigation&#148; and must demonstrate that the books and records sought are &#147;necessary and <I>essential</I> to the satisfaction of the stated purpose&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to the Bonanza Acquisition, the Demand includes nothing more than inflammatory, conclusory allegations regarding the
transaction&#146;s purported &#147;value-destroying nature.&#148; <I>See </I>Demand at 2. But such inflammatory characterizations, without more, are insufficient to provide a proper purpose. The Board&#146;s approval of the Bonanza Acquisition is
subject to the business judgment rule. Thus, the Demand must set forth some credible basis on which one could infer that no rational basis existed for the Board&#146;s decision. <I>See</I>, <I>e.g.</I>, <I>Sinclair Oil Corp. v. Levien</I>, 280 A.2d
717, 720 (Del. 1971). The Demand falls far short of this standard. Moreover, the Bonanza Acquisition is subject to stockholder approval. The Demand does not suggest, nor could it, that the fully informed vote of the stockholders is an insufficient
check on the merits of the Bonanza Acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Similarly, the Demand does not set forth a proper purpose for seeking documents regarding
the Plan. While the Demand characterizes the Plan as &#147;egregious,&#148; it contains no factual support from which to infer probable wrongdoing with respect to its adoption or the effect of its provisions. <I>See</I> Demand at 2. In fact, the
Demand seems to concede that it lacks a proper purpose by alleging only that the Plan is vague and &#147;appears&#148; to have been formulated with the purpose of interfering with corporate democracy. <I>Id.</I> Additionally, the Icahn Parties admit
that they do not have any evidence from which to infer wrongdoing on </P>

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the part of the Board with respect to the Plan.<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Nor is there any conceivable basis to believe that the Board breached its duties of care or
loyalty in connection with the Plan. &#147;Like the traditional business judgment analysis, [Delaware law]<I> </I>implicitly acknowledges that courts should not impose their own business judgment upon independent directors who reasonably respond to
a threat to the corporate enterprise in good faith and on an informed basis<I>.&#148;</I><I></I><I>&nbsp;Gilbert v. El Paso Co.</I>, 575 A.2d 1131, 1140 n.29 (Del. 1990).&nbsp;The Icahn Parties have provided no credible basis to suggest that the
Plan would fail to meet such a standard; acerbic labels do not suffice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In fact, the conclusory assertions in the Demand regarding the
Plan are without merit. As you know, given that the Icahn Parties were unsure of the terms of the Plan, the Icahn Parties sent the Company a separate letter seeking answers to questions regarding the Plan. As set forth in today&#146;s response
letter of the Company, a copy of which is attached hereto, the purpose of the Plan was to protect corporate democracy. The Plan was adopted because the Board determined that the actions and intent of the Icahn Parties (and others) posed a threat to
the Company&#146;s long-term strategic plan to maximize value for its stockholders by attempting to short-circuit and obstruct the right of the Company&#146;s stockholders to fully consider and vote on the Bonanza Acquisition after having received
the Company&#146;s proxy statement regarding that transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Finally, with respect to the issue of Mr.&nbsp;Bennett&#146;s
compensation, the Demand contains nothing more than conclusory allegations that senior management has been overcompensated and has received &#147;princely sums.&#148;<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> <I>Id. </I>Such threadbare
allegations are insufficient for Section&nbsp;220. Additionally, as the Demand seems to concede, senior management compensation programs were assumed by the Company pursuant to the Plan of Reorganization, which was approved by the bankruptcy court.
Thus, there is no basis on which to assert wrongdoing in regards to the Board on this point, and in any case, the relevant materials are all publicly available. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>See</I> Demand at 2 (noting that the Icahn Parties &#147;wouldn&#146;t be surprised to learn&#148; that the Board knows little about the operation of the Plan). The Demand falls short of alleging any actual
misconduct by the Board and instead posits that <I>if </I>the Board was adequately briefed <U>and</U> <I>if</I> the Plan is intended to bar stockholders from working together to stop the Bonanza Acquisition, then it constitutes a breach of fiduciary
duty. <I>Id.</I> </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">While the Demand notes that the purpose of the investigation into the Bonanza Acquisition and the Plan is based on (uncorroborated) allegations of mismanagement and/or breaches of fiduciary duties, the Demand does not
articulate a proper purpose with respect to Mr.&nbsp;Bennett&#146;s compensation. Demand at 2. Indeed, the Demand states that the &#147;list of documents sought herein is designed to find answers to questions raised by <I>the</I> <I>Bonanza
Acquisition</I> <I>and</I> <I>the Plan</I>&#148; but does not provide any similar justification with respect to the compensation issue. <I>Id. </I>(emphasis added). </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In these and other respects, as to which the Company expressly reserves all rights and
objections, the Demand fails to meet the requirements of 8 <I>Del. C.</I> &#167; 220 and Delaware law. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><U>The Document Requests Set Forth in the Demand Are Overbroad.</U> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Demand also violates
Delaware law by containing a laundry list of litigation <FONT STYLE="white-space:nowrap">e-discovery</FONT> requests that are not essential or reasonable for the stated purpose.&nbsp;<I>See </I>Demand at 1&#150;2.&nbsp;Under Delaware law, the Icahn
Parties have the burden &#147;to establish that each category of the books and records requested is essential and sufficient to the stockholder&#146;s stated purpose.&#148;&nbsp;<I>Thomas</I><I></I><I>&nbsp;&amp; Betts Corp. v. Leviton Mfg. Co</I>.,
681 A.2d 1026, 1035 (Del. 1996).&nbsp;Parties seeking to inspect books and records must target their requests with &#147;rifled precision&#148; and &#147;must establish that each category of books and records is essential to the accomplishment of
their articulated purpose for the inspection.&#148;&nbsp;<I>Brehm v. Eisner</I>, 746 A.2d 244, 266&#150;67 (Del. 2000).&nbsp;Further, a party demanding books and records &#147;is not entitled to the same wide ranging discovery that would be
available in support of litigation.&#148;&nbsp;<I>Deephaven Risk Arb. Trading Ltd. v. UnitedGlobalCom, Inc.</I>, C.A. <FONT STYLE="white-space:nowrap">No.&nbsp;379-N,</FONT> 2005 WL 1713067, at *10 (Del. Ch. July&nbsp;13, 2005).</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Demand violates these principles by, <I>inter alia</I>, seeking &#147;all documents relating to&#148; several broad categories of
information without making any attempt to establish that such <FONT STYLE="white-space:nowrap">far-ranging</FONT> documents are &#147;essential&#148; to a proper purpose.&nbsp;Demand at 1&#150;2; <I>Thomas</I><I></I><I>&nbsp;&amp; Betts</I>, 681
A.2d at 1035.&nbsp;The Demand reads more like a discovery request in litigation than a proper demand pursuant 8 <I>Del. C</I>. &#167; 220.&nbsp;Far from specifying discrete documents with &#147;rifled precision,&#148; the Demand would require a
costly and time-consuming <FONT STYLE="white-space:nowrap">e-discovery</FONT> process.&nbsp;<I>Brehm</I>, 746 A.2d at 266&#150;67.&nbsp;Thus, the Demand is improper. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><U>Despite the Demand&#146;s Flaws, the Company Is Willing to Provide Certain Information.</U> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regardless of
the Demand&#146;s failure to satisfy Section&nbsp;220, and in full reservation of the Company&#146;s rights and defenses, the Company is nonetheless willing to provide the Icahn Parties with certain documents. We note that the Demand states that the
Icahn Parties are willing to enter a mutually agreeable confidentiality agreement. SandRidge&#146;s willingness to provide any information would be subject to such an agreement. Among other provisions,
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
such a confidentiality agreement would include a <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;incorporate by reference&#148; provision, which would allow all information provided in
connection with the Demand to be used in a subsequent motion to dismiss. <I>City of Cambridge Ret. Sys. v. Universal Health Serv. Inc.</I>, C.A. No. <FONT STYLE="white-space:nowrap">2017-0322-SG,</FONT> 2017 WL 4548460, at *8 (Del. Ch. Oct. 12,
2017) (holding that such a provision is a reasonable condition in agreement incident to production of documents in response to a Section&nbsp;220 demand); <I>Amalgamated Bank v. Yahoo! Inc</I>., 132 A.3d 752, 796 (Del. Ch. 2016) (same). We will
provide a draft of such agreement by separate cover. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the foregoing paragraph and in full satisfaction of the Demand, SandRidge
will agree to provide the Icahn Parties with copies of the following materials for inspection: (1)&nbsp;Board minutes and presentations relating to the Bonanza Acquisition, and (2)&nbsp;Board minutes and materials relating to the Plan. Of course,
such materials will be reviewed to determine whether they contain attorney-client privileged information or information protected by the doctrine of attorney work-product. To the extent they do contain such information, the materials will be
redacted or withheld as appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should you have any questions regarding the foregoing, please contact me at your convenience. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael C. Holmes</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Michael C. Holmes</P></TD></TR>
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