SD - SandRidge Energy: Strong Cash Flow Generation Could Fund Selective Acquisitions

• At current strip prices, SandRidge may be able to generate around $65 million in positive cash flow in 2H 2021 and $100 million in positive cash flow in 2022.
• This would give it around $215 million in adjusted net cash at the end of 2022.
• SandRidge is currently valued at close to PDP PV-10 at strip prices.
• Non top-tier asset sales have involved a significant discount to PDP PV-10.
• SandRidge's path forward appears better as an acquirer of discounted assets rather than as an acquisition target.

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