Lehman Brothers High Yield Bond & Syndicated Loan Conference

March 13, 2008

Lehman Brothers High Yield Bond & Syndicated Loan Conference

March 13, 2008

2

This presentation, including the projections that are part of this presentation, includes forward-looking statements concerning SandRidge Energy, Inc.’s future operations, performance, financial condition and likelihood of success. Forward-looking statements are based on many assumptions and estimates, rather than on historical facts. Consequently, relying on forward-looking statements involves risk and uncertainty. Words such as "believes," "anticipates," "expects," "intends," "targeted," and similar expressions, generally identify forward-looking statements and should be read carefully. Various economic, regulatory, and technological developments, outside the Company’s control, may cause results of operations or performance to differ materially from those expressed in any forward-looking statements.

This presentation sets forth certain financial projections prepared by SandRidge Energy, Inc. The projections are based on a number of estimates and assumptions about circumstances and events that have not taken place and are subject to the uncertainties inherent in making projections, and particularly over a five year period, and for an entity without any prior operating history. Moreover, the projections were not prepared in accordance with published guidelines of the SEC or the American Institute of Certified Public Accountants.

No reliance should be placed on the summary financial projections contained herein. Under no circumstances should such information be construed as a representation or prediction that SandRidge Energy, Inc. will achieve or is likely to achieve any particular results.

DISCLAIMER

333

KEY INVESTMENT HIGHLIGHTS

Dominant West Texas Overthrust (WTO) player controlling ~510,000 acres

Piñon Field (~60,000 acres, ~2,600 locations and ~260 wells to be drilled in 2008)

A multi-year 1,400 square mile 3-D seismic shoot

Have identified 7 exploration projects outside of Piñon to be drilled in 2008

Ramp up development of prolific high CO2 Caballos 1 reservoir

YE2007 Performance

Reserve growth: Increased total proved reserves to 1.516 Tcfe, up 51% from 1.002 Tcfe in 2006

Production growth: Increased production to 64.2 Bcfe, up 320% from 15.3 Bcfe in 2006

Finding costs: Drilling finding costs of $1.61/Mcfe and All-In finding costs of $1.99/Mcfe in 2007

Proven track record of growing production & developing long-life reserves

Own and operate major oilfield service business, including 44 drilling rigs

Employees are significant equity holders with 28% and, including Board of Directors, own 37% (see Finance section for detail)

44

ACQUIRE, EXPAND, EXPLORE!

YE2006 production volumes increased 110% to 15.3 Bcfe from 7.3 Bcfe in 2005; and ~61% of the increase was attributable to the NEG production for the period from November 21, 2006 to December 31, 2006

As a result of the NEG acquisition and 12 other 2006 acquisitions, we increased our net acreage position in the WTO by ~100% during 2006

We have significantly increased our acreage position since YE2006. As of YE2007, we owned 1,303,107 gross (822,287 net) acres; as compared to 996,297 gross (508,676 net) as of YE2006

Increased 2007 proved reserves 51% to 1.516 Tcfe from 1.002 Tcfe in 2006

Increased 2007 production 320% to 64.2 Bcfe from 15.3 Bcfe in 2006

In 2007 we drilled ~316 gross (275 net) wells, of which ~190 gross (178 net) wells were in the WTO. This doubled the size of the Piñon field

7 WTO exploration projects to be drilled in 2008

Increase our 3-D Seismic coverage in WTO to ~1,000 square miles

2007

2006

2008

5

WEST TEXASOVERTHRUST

1.3 Million Acres

A´

ALeading Edge

Thrust

US

A –

TEX

AS

MEX

ICO

TEXAS

30KM

30MI0

NNEW MEXICO

CDCV

TM

South American Plate

North American Plate

GEOLOGIC HISTORY AND UNIQUENESS OF THE WEST TEXAS OVERTHRUST

The West Texas Overthrust (WTO) was created by the collision of the ancestral North and South American continents

As a result of this collision, reservoir rock (potential hydrocarbon traps) became thrusted upon one another in multiple layers (imbricate thrusting) along the leading edge of the WTO

The collision and thrusting resulted in the rock becoming highly fractured, increasing the likelihood of conventional oil and gas accumulation in the reservoir rock

The primary reservoir rocks in the WTO range in depth from 2,000 to 10,000 feet and range in age from the Permian to the Devonian

The imbricate stacking of these conventional gas-prone reservoirs provides for multi-pay exploration and development opportunities

6

A' ANORTH

STRATIGRAPHY AND CROSS-SECTION OF THE WTO

UpperWolfcamp

LowerWolfcamp

Gaptank

Haymond

Dimple

Upper Tesnus

Lower Tesnus

Lower Caballos(Novaculite-

Chert)

Ellenburger

Middle Tesnus

Fusselman

Period WTO

Pen

nsyl

vani

anM

issi

ssip

pian

Dev

onia

n/S

iluria

nO

rdov

icia

nP

erm

ian

Montoya

Upper Caballos(High CO2)

Note: All drilling, completed and producing well bores depicted are operated by SandRidge Energy, Inc.

7

OTHER WTO POTENTIALCurrent Piñon Field Limits

≈ 4.1 Tcfe* (Net 3P)

Piñon Field Limits (2005)

300 Bcfe **

Original Piñon Field Limits (1987)

17 - 19 Bcfe ***

South Sabino Big

Canyon

LEADING EDGE OF THE OVERTHRUST

AllisonRanch

Thistle

McKay Creek

* Based on 2,594 locations** YE 2005 D&M Reserve Report*** Reed,T.A.and Strickler,D.L. 1990, Structural Geology and Petroleum Exploration of the Marathon Thrust Belt, West Texas: WTGS/PBS-SEPM Field, Seminar Handbook, p.51.

88

PIÑON – GEOLOGICAL COMPLEXITYTesnus Limestone Marker

Depth Structure MapC.I. = 200 ft.

99

PIÑON – GEOLOGICAL COMPLEXITY

A

A’

A A’- 1500

- 3000

- 4500

10101010101010

PIÑON SWEET TYPE CURVE

Type Curve Parameters (1)

Initial Rate (Mcfe/month) 46,000Hyperbolic (b factor) 1.0Initial decline 50%Final decline 10%Gross Well Costs $2,197 MGross Reserves (Mmcfe) 1,780 Drilling & Completions Cost ($/Mcfe) $1.65/McfeROR @ $8.00/Mmbtu NYMEX 100%

(1) PUD Weighted Average 12/31/2007

Year 3Year 1 Year 2 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20

112007 389 Square Miles 2009 450 Square Miles2008 561 Square Miles

WEST TEXAS OVERTHRUST 3-D SEISMIC UPDATE1,400 SQUARE MILES OVER 3 YEARS THROUGH 12/31/2007

389 SQUARE MILES ACQUIRED

Piñon Field

12

-

25,000

50,000

75,000

100,000

125,000

150,000

175,000

200,000

225,000

250,000

275,000

1/1/20

07

2/1/20

07

3/1/20

07

4/1/20

07

5/1/20

07

6/1/20

07

7/1/20

07

8/1/20

07

9/1/20

07

10/1/

2007

11/1/

2007

12/1/

2007

1/1/20

08

2/1/20

08

MM

BTU

E/D

0

10

20

30

40

50

60

70

RIG

CO

UN

T

WTO RIG COUNT EAST TEXAS RIG COUNT OTHER RIG COUNT SANDRIDGE NET PRODUCTION

1212

SANDRIDGE DAILY NET PRODUCTION

Pipeline Shutdown

Snow Storm At Piñon

2007 Growth 72%

1313131313

EAST TEXAS DAILY NET PRODUCTION

EAST TEXAS REGION32,739 NET ACRES

32,739 net acres (Primarily Cotton Valley)

Active drilling program (5 rigs)

Significant drilling inventory: 540 locations (40 Acre Spacing)

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

1/1/20

07

2/1/20

073/1

/2007

4/1/20

075/1

/2007

6/1/20

077/1

/2007

8/1/20

07

9/1/20

0710

/1/200

711

/1/200

712

/1/200

71/1

/2008

2/1/20

08

MM

BTU

E/D

0

1

2

3

4

5

6

7

8

9

10

RIG

CO

UN

T

RIG COUNT NET PRODUCTION

141414

PERMIAN BASIN CO2 INFRASTRUCTURE

Current PetroSource CO2 EOR Projects

PetroSource Pipeline System

McElmo Dome Capacity ≈ 1.0 BCFD *

Bravo Dome Supply ≈ 0.4 BCFD *

McCamey CO2 Hub SandRidge Supply: 0.1 BCFD

WTOPinon

Denver City CO2 Hub

* Kinder Morgan CO2 website

Key Considerations:

Significant EOR projects left to implementCurrent CO2 deliverability ~1.5Bcfepd

: Potential CO2 fields

: Implemented CO2 fields

15151515

1.9 Tcf67 Wells29 Bcf/well28,700 Acres54% CO2

WEST TEXAS OVERTHRUST AREA DEEP CO2 RESERVOIRSEllenburger Fields

Average Depth ~ 15,000’

Total 6.8 Tcf Ultimate Wet Gas.8 Tcf16 Wells53 Bcf/well9,700 Acres65% CO2

3.9 Tcf61 Wells64 Bcf/well17,600 Acres40% CO2

.08 Tcf19 Wells4 Bcf/well9,900 Acres65% CO2

46 Bcf1 Well11,000’75% CO2

39 Bcf2 Wells17,000’75% CO2

11 Bcf1 Well12,800’67% CO2

Ellenburger Model4.1 Tcf90 Wells46 Bcf/well28,800 Acres (320 acre spacing)80% CO2

Key Considerations:Significant CO2 bearing reserves existCO2 percentage and depth of Ellenburger varies across the basinSandRidge CO2 3P reserves

• Ellenburger 3P reserves can be calculated within known boundaries of Piñon

• Ellenburger average wet gas EURs are consistent on bothsides of the leading thrust

Plan to drill and test Ellenburger in 2008

SandRidge Deep ProductionAverage Depth ~ 17,000’

110 Bcf2 Wells22,000’84% CO2

16161616

SWEET AND UPPER CAB MAP SHOWING ACREAGE

Successfully Expanded Lower Cab

Area & Deepening Success

~20,000 acres to date

Successfully Expanded Upper Cab

Significant wells and better than expected CO2 %

~30,000 acres to date

Longfellow 8-31

10 Mmcfpd @ 2000 FTP ~60 days

NSAI ~20 Bcfe

171717171717

UPPER CABALLOS & ELLENBURGER (CO2) TYPE CURVES

Type Curve ParametersUpper Caballos Ellenburger

CO2 % 70% 80%Initial Rate (Mcfe/month) 89,600 750,000Hyperbolic decline (initial) 20%Exponential decline (final) 13.5% 13.5%Gross Well Costs $2,413m $15,000mGross Wet Reserves (Mmcfe) 7,000 46,000 Gross Methane Reserves (Mmcfe) 2,195 9,200Drilling & Completion Costs ($/Mcfe) $1.46/Mcfe $2.04/McfeROR @ $8.00/Mmbtu NYMEX 51% 33%

Upper Caballos Ellenburger

Note: Ellenburger ROR Sensitivity

with 75% CO2 = 55%: with 70% CO2 = 82%

with $.50/mcfe of CO2 revenue 80% CO2 = 56%

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 14 Year 15 Year 16 Year 17Year 13 Year 18 Year 19 Year 20

181818

OILFIELD SERVICES

We own and/or operate a total of 44 land drilling rigs

SandRidge directly owns and operates 32 land drilling rigs

Through Larclay L.P. (JV with Clayton Williams), we own or operate 12 drilling rigs

Our Oilfield Services business provides the equipment and labor necessary to facilitate the exploration and production activities of SandRidge

Objective is to increase efficiency, and therefore reduce finding costs

The Oilfield Services division also provides services that complement SandRidge’s exploration and production operations

Location and road construction, trucking, roustabout services, pulling units, coiled tubing units, rental tools and air drilling equipment

The Oilfield Services business employs ~2,000 people across all service segments

19

Capital Spending: Focused on E & P – at least 80% of budget

Acquisitions: Major acquisitions are not central to Business Plan

Hedging: Opportunistically 30 – 85%

Financial Leverage: Total debt to book capital – range of 33% to 50%

Investor Relations: Bear Stearns Global Oil & Gas Conference 2008New York City, New York (March 19-20)

2008 Credit Suisse Global Leveraged Finance ConferencePhoenix, Arizona (March 25-27)

Howard Weil 36th Annual Energy ConferenceNew Orleans, Louisiana (April 6-10)

FINANCIAL POLICY

20

UPSTREAM GROWTHAverage Daily Production (Mmcfe/d)

PV-10 ($ in millions)

CAGR: 50% CAGR: 22%

CAGR: 54%

201380 498

8001,002

1,516

0

300

600

900

1,200

1,500

1,800

2002 2003 2004 2005 2006 2007

78.794.9

126.3144.4

175.9

0.0

30.0

60.0

90.0

120.0

150.0

180.0

210.0

2003 2004 2005 2006 2007

411846 1,065

1,905 1,734

3,550

0

800

1,600

2,400

3,200

4,000

2002 2003 2004 2005 2006 2007

Reserves (Bcfe)

212121212121

Drilling ReserveReplacement

784%

Drilling Finding Cost$1.61/Mcfe

(503.2 Bcfe ¤ $808.7 MM capex)

RESERVE MOVEMENT

All in Finding Cost$1.99/Mcfe

(578.7 Bcfe ¤ $1,150.6 MM capex)

* 96.9% INDEPENDENTLY ENGINEERED

2222222222

PV10 CHANGE

22

$5.64/Mcf

$57.75/Bbl

$6.795/Mcf

$92.50/Bbl

23

HEDGING2007:

Production 64.2 Bcfe (53% or 34.2 Bcfe hedged at $7.90/Mcf)2008:

Approximately 76% of production hedged at $8.83/Mcfe

Note: As of February 26, 2008; See Appendix for additions since previous publication

2008 2009Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year

Natural Gas Swaps:Volume (Bcf) 15.45 17.90 16.88 15.64 65.87 5.40 0.91 0.00 0.00 6.31

Swap $8.65 $7.69 $8.10 $8.47 $8.21 $8.82 $8.10 NM NM $8.72

Crude Oil Hedges:Swap Volume (Mmbbls) 0.20 0.27 0.23 0.23 0.92 0.00 0.00 0.00 0.00 0.00

Swap $95.71 $95.04 $94.33 $93.17 $94.55 NM NM NM NM NMCollar Volume (Mmbbls) 0.02 0.02 0.03 0.03 0.10 0.00 0.00 0.00 0.00 0.00

Collar: High $83.35 $83.35 $82.60 $82.60 $82.93 NM NM NM NM NMCollar: Low $50.00 $50.00 $50.00 $50.00 $50.00 NM NM NM NM NM

Total CompanyVolume (Bcfe) 16.76 19.65 18.39 17.15 71.95 5.40 0.91 0.00 0.00 6.31Average Hedged Price $9.21 $8.41 $8.71 $9.07 $8.83 $8.82 $8.10 NM NM $8.72% Natural Gas 92% 91% 92% 91% 92% 100% 100% NM NM 100%

% of Total Production Hedged 76% 5%

24

Other$504%

Exploration and Production

$81158%

Midstream$745%

Oil Field Services$1239%

Land and Seismic$33924%

PetroSourceE&P + L&S

$262%

Non-WTOE&P + L&S

$25322%

Piñon and WTO L&S$27824%

Piñon and WTO E&P$59352%

PetroSourceE&P + L&S

$333%

Non-WTOE&P + L&S

$28526%

Piñon and WTO L&S$15114%

Piñon and WTO E&P$62357%

Land and Seismic$19416%

Oil Field Services$524%

Midstream$1079%

Exploration and Production

$89772%

24

2007A & 2008E CAPITAL EXPENDITURES OUTLOOK

Total: $1,250 million Total: $1,091 million

2007A Capital ExpendituresTotal: $1,397 million

2008E Capital Budget 2008E E&P (incl. L&S) Capital Budget

2007A E&P (incl. L&S) Capital ExpendituresTotal: $1,151 million

$1,091MM E&P and L&S Combined

$1,151MM E&P and L&S Combined

25

FUNDING HISTORY & PROJECTIONS

4-Yr Total(in milllions) 2005A 2006A 2007A 2008E '05 thru '08E

Total Debt Raised ($54) $743 ($1) $631 $1,320

Total Equity Raised $173 $489 (a) $1,113 $0 $1,775Total Capital Raised $119 $1,232 $1,112 $631 $3,094

% Equity Raised 145% 40% 100% 0% 57%

Key Ratios:TD / EBITDA 0.7x 3.7x 2.7x 2.7xTD / Mcfe $0.14 $1.06 $0.70 $0.86TD / Total Capital 13% 49% 32% 43%

(a) Includes $459MM of preferred less $51MM of dividends through Q2 2008

26

MANAGEMENT OWNERSHIP AS OF DECEMBER 31, 2007

Percentage Common Preferred Total of Fully

(in millions) Shares Shares Shares Diluted

Tom L. Ward (including shares held by family trust) 39.5 2.7 42.1 25.7%Other Board of Directors & Executive Officers (a) 16.9 0.0 16.9 10.3% Total Board of Directors & Executive Officers 56.3 2.7 59.0 36.0%

Other Employees Issued 0.4 0.0 0.4 0.2%Employees Restricted 1.6 0.0 1.6 1.0% Total Board, Executive Officers, and Employees 58.4 2.7 61.0 37.2%

Common Stock (b) (c) 83.5 0.0 83.5 50.9%Preferred Stock 0.0 19.6 19.6 11.9% Fully Diluted Shares 141.8 22.3 164.1 100.0%

(a) Includes shares held by affiliates of directors(b) Includes previous 144A shares; 16.2 million 144A shares issued; some owned by Tom L. Ward, Other Board of Directors, Executive Officers, and Other Employees(c) Includes IPO Shares; Tom L. Ward purchased 4.17 million IPO shares; Other Board of Directors & Executive Officers purchased approximately 0.4 milion IPO shares

Appendix

28282828282828

APPENDIX: RESERVES AND PRODUCTION SUMMARY

(1) As of December 31, 2007

(2) December 2007 Average

Total Net Proved Reserves (1)

1.516 Tcfe (85.5% Gas)Total Net PV10 (1)

$3,550.5 million

Total Net Production (2)

234.5 Mmcfepd

292929

APPENDIX: ACREAGE BASE AND DRILLING LOCATIONSIdentified Drilling Locations

(4,594) Net Acreage

(822,287)

Net Wells Drilled in 2007(274.7)

Gross Wells Drilled in 2007(316)

Note: Pie-Chart does not include 828 Piceance locations. Note: Pie-Chart does not include 15,686 Piceance net acres.

30

APPENDIX: TERM LOANBorrower: SandRidge Energy, Inc.

Facility: Senior Unsecured Term Loan

Amount: $1.0 billion aggregate

Fixed Rate Tranche Floating Rate Tranche Blended Rate

Maturity: 8 years (2015) 7 years (2014)

Interest Rate: 8.625% Libor + 362.5 bps 7.797%(fixed @ 6.26%) (a)

Optional redemption: Non-call 4 years Non-call 2 years

Toggle feature (Fixed Rate tranche only):

Exchange:

Exchange step-up:

Covenants: Customary incurrence based covenants similar to recent senior unsecured E&P debt offerings

Use of Proceeds:

(a) Fixed floating portion of Term Loan from April 1, 2008 through April 1, 2011 at 6.26%

During the first four years, prior to the start of each interest rate period, the Company may elect to pay interest: i) entirely in cash, or ii) entirely in additional Loans, with such election increasing the applicable interest rate by 75 bps for the period

By April 30, 2008, the Company will offer to exchange the Loans into 144A senior unsecured notes with registration rights

If the exchange offer is not made by April 30, 2008, the interest rate will increase by 25 bps every 90 days up to a maximum step-up of 50 bps

Together with new private placement of $320 million of common equity, repay Bridge Loan Facility and Senior Secured Credit Facility indebtedness, pre-fund 2007 capital spending and general corporate purposes

31

APPENDIX: PREFERRED STOCKIssuer: SandRidge Energy, Inc.

Amount / Issue: $458.7 million of Convertible Preferred Stock

Security: None

Use of Proceeds: Partially fund the acquisition of NEG

Dividends:

Maturity: May 15, 2013 (if not converted)

Lock Up: Later of 60 days or January 1, 2008

Forced Conversion:

If stock trades at less than 1.5x the Conversion Price, then:

Time Period CostUntil May 15, 2011 $71.1 million*After May 15, 2011 [Months to maturity/12] x $71.1 million

* $71.1 million = $458.7 x 0.155 (2 years of dividend payments)

Initial Conversion Price: $21.00 per share of Preferred (each Preferred convertible into 10.0 common shares) (a)

(a) Ares transaction caused an adjustment of conversion price to approximately $20.5918 per Preferred Share (each Preferred convertible into approximately 10.2 common shares)

7.75% in quarterly cash payments, or at the company’s option, payment in kind at 9.25%. Also, preferred participates in any dividends declared on the common stock

Starting 180 days after an IPO, the company may force conversion of the Preferred into common stock if the common stock trades at or above the Conversion Price for at least 20 trading days for any 30 consecutive trading day period, subject to other requirements; provided, however, that a Conversion Option Payment be made. If the common stock trades at 150% of the Conversion Price for at least 20 trading days for any 30 consecutive trading day period, then no Conversion Option Payment is due upon forced conversion

32

APPENDIX: PREFERRED STOCKShares Issued

November 2006

Shares Issued 2,136,668Price per Share $210Total Amount $448,700,280

Conversion Price: $21.00

March 2007 (Common to Preferred)

Shares Issued 47,619Price per Share $210Total Amount $9,999,990

New Total Amount $458,700,270

Current Conversion Price (following Ares transaction): $20.5918

Shares (issuable upon conversion) 22,275,871

Financial Statements December December2006 2007

Issued 2,136,668 shares at $210 par value $448.7 $448.7Offering Expense (9.3) (9.3)Conversion (47,619 shares) 0.0 9.7Accretion of Offering Expense 0.2 1.7

Total $439.6 $450.7

33

APPENDIX: TOP 20 DRILLERS IN U.S. AND TEXAS

Top 20 Drillers in U.S. Top 20 Drillers in Texas

Source: Smith International (Week Ending Friday, February 29, 2008)

Rank CompanyTotal Rigs

1 Chesapeake 1382 Devon 683 XTO 674 EOG 595 Encana 466 SandRidge 407 Anadarko 398 Conoco Phillips 389 Williams 3010 Newfield 2811 Cimarex 26- Seeco 26

13 BP America 25- Samson 25

15 Apache 20- El Paso 20

17 Forest 1918 Pioneer 18- Range 18

20 Marathon 17

Rank CompanyTotal Rigs

1 Chesapeake 732 Devon 523 XTO 504 SandRidge 395 EOG 376 Anadarko 207 Encana 188 Pioneer 189 Samson 1810 Cimarex 1611 Forest 1612 Burlington 1113 Endeavor 1014 Quicksilver 1015 Apache 916 Newfield 917 Range 918 El Paso 819 Henry 820 Linn 8

34

APPENDIX: RIG FLEET

Rig # Capacity (ft)

DrawworksSize - HP

LocationLocationDrawworksSize - HP

Capacity (ft)

Rig #

LocationDrawworksSize - HP

Capacity (ft)

Rig #

LARIAT LARCLAY

1 6,500 600 WTO 17 8,500 525 W.Texas 21 11,500 1,300 LA2 5,000 400 Stacked 18 8,500 525 WTO 23 11,500 1,300 LA3 9,000 600 Repairs 19 9,000 600 WTO 25 11,500 1,300 WTO4 15,000 1,500 WTO 20 8,500 600 Repairs 27 11,500 1,300 WTO5 10,000 550 WTO 22 11,500 1,300 WTO 29 20,000 2,000 WTO6 5,500 450 Stacked 24 11,500 1,300 WTO 31 11,500 1,300 W. Texas7 8,500 900 WTO 26 11,500 1,300 WTO 32 10,000 1,000 WTO8 10,000 850 WTO 28 11,500 1,300 WTO 33 20,000 2,000 Stacked9 10,000 950 WTO 30 10,000 1,000 WTO 34 10,000 1,000 WTO

10 8,500 525 WTO 38 13,500 1,000 WTO 35 10,000 1,000 WTO11 6,500 525 W. Texas 39 13,500 1,000 WTO 36 10,000 1,000 WTO12 8,500 650 WTO 40 13,500 1,000 WTO 37 10,000 1,000 WTO13 7,000 800 WTO 41 13,500 1,000 Yard - Rigging Up - - - -14 8,500 525 WTO 42 13,500 1,000 Yard - Rigging Up - - - -15 8,500 525 Repairs 43 12,000 1,000 W. Texas - - - -16 8,500 525 WTO 44 12,000 1,000 W. Texas - - - -

25 112 Rigs Under Evaluation 13 0

Yard - Rigging Up 2 0Waiting on Location 0 Waiting on Location 0

32 Total Rigs 12

Note: Schedule is current as of February 26, 2008

Total Rigs

Current Active RigsCurrent Active RigsRigs under EvaluationRigs Idle/ Being Repaired Rigs Idle/ Being Repaired

Yard - Rigging Up