Exhibit 10.4

Execution Version

AMENDMENT NO. 3

and

SCHEDULED DETERMINATION

OF THE BORROWING BASE

dated as of April 20, 2011

to the

AMENDED AND RESTATED

CREDIT AGREEMENT

dated as of April 22, 2010

among

SANDRIDGE ENERGY, INC.

as the Borrower,

BANK OF AMERICA, N.A.,

as Administrative Agent, Swing Line Lender and L/C Issuer

and

The Other Lenders Party Thereto

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AMENDMENT NO. 3 AND

SCHEDULED DETERMINATION OF THE BORROWING BASE

AMENDMENT AND SCHEDULED DETERMINATION (this “Amendment”) dated as of April 20,
2011 under the Amended and Restated Credit Agreement dated as of April 22, 2010
(as amended, restated, supplemented, or otherwise modified from time to time,
the “Credit Agreement”) among SANDRIDGE ENERGY, INC., a Delaware corporation
(the “Borrower”), each LENDER from time to time party thereto and BANK OF
AMERICA, N.A., as Administrative Agent (the “Administrative Agent”), Swing Line
Lender and L/C Issuer.

WHEREAS, the parties hereto desire to amend the Credit Agreement as set forth
herein; and

WHEREAS, the Administrative Agent proposes to continue the current Borrowing
Base amount in accordance with the Scheduled Determination procedure set forth
in Section 2.05 of the Credit Agreement;

NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1. Defined Terms. Unless otherwise specifically defined herein, each
term used herein that is defined in the Credit Agreement has the meaning
assigned to such term in the Credit Agreement. Each reference to “hereof”,
“hereunder”, “herein” and “hereby” and each other similar reference and each
reference to “this Agreement” and each other similar reference contained in the
Credit Agreement shall, after this Amendment becomes effective, refer to the
Credit Agreement as amended hereby.

SECTION 2. Amendments to the Credit Agreement. The Credit Agreement is hereby
amended as follows:

(a) The following new defined terms are added to Section 1.01 in appropriate
alphabetical position:

“7% Convertible Preferred Stock” means the Borrower’s 7% Convertible Perpetual
Preferred Stock issued on November 10, 2010, par value $0.001 per share,
liquidation preference of $100 per share and with the terms set forth in the
Certificate of Designation of the 7% Convertible Perpetual Preferred Stock.

“Permitted Debt Restrictions” means, an instrument or instruments governing
indebtedness which imposes limitations on or requirements with respect to
Indebtedness, Restricted Payments or Liens of the type described in Section 7.09
that are substantially the same as or less restrictive than the corresponding
limitations or requirements, if any, with respect to such matters contained in
any of the Principal Debt Obligations.

 

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(b) All references to the defined term “Consolidated EBITDAX” in the Credit
Agreement shall instead be references to “Consolidated EBITDA”.

(c) The initial clause (c) in the definition of Consolidated EBITDAX is amended
by (x) changing the comma after the word “depletion” to “or” and (y) deleting
the phrase “or exploration”.

(d) The definition of Principal Debt Obligations is amended to read as follows:

“Principal Debt Obligations” means all existing long-term debt issued by the
Borrower including the (i) Senior Floating Rate Notes due 2014, (ii) 9.875%
Senior Notes due 2016, (iii) 8.0% Senior Notes due 2018, (iv) 8.75% Senior Notes
due 2020 and (v) 7.5% Senior Notes due 2021.

(e) Section 7.06(d) is amended by (x) deleting the word “and” at the end of
clause (i), (y) changing the semicolon at the end of clause (ii) to “; and” and
(z) adding the following new clause (iii):

(iii) so long as no Default, Event of Default or Borrowing Base Deficiency
exists at the time of such payment, the Borrower may pay regular semi-annual
cash dividends on shares of its 7% Convertible Preferred Stock in an amount not
exceeding $7.00 per share per annum;

(f) Clause (y) of the initial parenthetical in Section 7.09 is amended to read
“(y) Permitted Debt Restrictions”.

SECTION 3. Proposal to Continue the Current Borrowing Base. Based on the
Engineering Report and other information concerning the businesses and
properties of the Borrower and its Subsidiaries (including their Oil and Gas
Properties and the reserves and production relating thereto) received pursuant
to Sections 2.05(b)(i) and 6.01(d) of the Credit Agreement by the Administrative
Agent from the Borrower, the Administrative Agent, pursuant to Sections
2.05(b)(i) and 2.05(b)(iii) of the Credit Agreement, hereby proposes to the
Lenders for their approval to continue the current amount of the Borrowing Base,
which is $790,000,000.

SECTION 4. Approval by Lenders. In accordance with Section 2.05(b)(iii) of the
Credit Agreement, the undersigned Lenders hereby approve the continuation of the
current amount of the Borrowing Base as proposed by the Administrative Agent
under Section 3 above.

 

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SECTION 5. Representations of the Borrower. The Borrower represents and warrants
that, both before and immediately after giving effect to this Amendment pursuant
to Section 8 hereof, (i) the representations and warranties set forth in Article
5 of the Credit Agreement will be true and correct in all material respects and
(ii) no Default or Event of Default will have occurred and be continuing.

SECTION 6. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

SECTION 7. Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. Delivery of an
executed counterpart of a signature page of this Amendment by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement.

SECTION 8. Effectiveness. This Amendment shall become effective on and as of the
date hereof provided that the Administrative Agent shall have received
counterparts hereof signed by each of the Borrower and (i) with respect to
Section 2, the Required Lenders and (ii) with respect to Section 4, the
Super-Majority Lenders.

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the date first above written.

 

SANDRIDGE ENERGY, INC. By:   /s/ James D. Bennett   Name:   James D. Bennett  
Title:   Chief Financial Officer

 

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BANK OF AMERICA, N.A., as Administrative Agent

By:   /s/ Alan Tapley   Name:   Alan Tapley   Title:   Assistant Vice President

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BANK OF AMERICA, N.A., as a Lender, Swing Line Lender and L/C Issuer

By:   /s/ Jeffrey H. Rathkamp   Name:   Jeffrey H. Rathkamp   Title:   Managing
Director

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BARCLAYS BANK PLC By:   /s/ Allen Huang   Name:   Allen Huang   Title:  
Assistant Vice President

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ROYAL BANK OF CANADA By:   /s/ Don J. McKinnerney   Name:   Don J. McKinnerney  
Title:   Authorized Signatory

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THE ROYAL BANK OF SCOTLAND PLC By:   RBS Securities Inc., as agent By:   /s/
Sandra Aultman   Name:   Sandra Aultman   Title:   Director

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UNION BANK N.A. By:   /s/ Whitney Randolph   Name:   Whitney Randolph   Title:  
Vice President

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WELLS FARGO BANK, NA By:   /s/ Catherine Stacy   Name:   Catherine Stacy  
Title:   Assistant Vice President

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THE BANK OF NOVA SCOTIA By:   /s/ John Frazell   Name:   John Frazell   Title:  
Director

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BNP PARIBAS By:   /s/ Russell Otts   Name:   Russell Otts   Title:   Director
By:   /s/ Andrew Ostrov   Name:   Andrew Ostrov   Title:   Director

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CAPITAL ONE BANK, N.A. By:   /s/ Matthew L. Molero   Name:   Matthew L. Molero  
Title:   Vice President

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CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By:   /s/ Mark Roche   Name:   Mark Roche   Title:   Managing Director By:   /s/
Michael Willis   Name:   Michael Willis   Title:   Managing Director

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DEUTSCHE BANK TRUST COMPANY AMERICAS

By:   /s/ Michael Getz   Name:   Michael Getz   Title:   Vice President By:  
/s/ Paul O’Leary   Name:   Paul O’Leary   Title:   Director

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JPMORGAN CHASE BANK, N.A. By:   /s/ Mark E. Olson   Name:   Mark E. Olson  
Title:   Authorized Officer

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BANK OF SCOTLAND PLC By:   /s/ Julia R. Franklin   Name:   Julia R. Franklin  
Title:   Assistant Vice President

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SUN TRUST BANK By:   /s/ Gregory C. Magnuson   Name:   Gregory C. Magnuson  
Title:   Vice President

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UBS LOAN FINANCE, LLC

By:   /s/ Mary E. Evans   Name:   Mary E. Evans   Title:   Associate Director
By:   /s/ Irja R. Otsa   Name:   Irja R. Otsa   Title:   Associate Director

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COMERICA BANK By:   /s/ Dustin S. Hansen   Name:   Dustin S. Hansen   Title:  
Senior Vice President

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CITIBANK, N.A. By:   /s/ John F. Miller   Name:   John F. Miller   Title:  
Attorney-in-Fact

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ALLIED IRISH BANKS P.L.C. By:   /s/ Vaughn Buck   Name:   Vaughn Buck   Title:  
Director By:   /s/ Mark Connelly   Name:   Mark Connelly   Title:   Senior Vice
President

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COMPASS BANK By:   /s/ Ian Payne   Name:   Ian Payne   Title:   Vice President

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CREDIT SUISSE AG, Cayman Islands Branch (f/k/a CREDIT SUISSE, Cayman Islands
Branch), as Lender By:   /s/ Nupur Kumar   Name:   Nupur Kumar   Title:   Vice
President By:   /s/ Rahul Parmar   Name:   Rahul Parmar   Title:   Associate

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KEYBANK NATIONAL ASSOCIATION By:   /s/ David Morris   Name:   David Morris  
Title:   Vice President

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BANK OF OKLAHOMA, N.A. By:   /s/ Mike Weatherholt   Name:   Mike Weatherholt  
Title:   Assistant Vice President

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BANK OF MONTREAL By:   /s/ Kevin Utsey   Name:   Kevin Utsey   Title:   Director

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SUMITOMO MITSUI BANKING CORPORATION By:   /s/ Masakazu Hasegawa   Name:  
Masakazu Hasegawa   Title:   General Manager

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GOLDMAN SACHS BANK USA By:   /s/ Lauren Day   Name:   Lauren Day   Title:  
Authorized Signatory

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MIDFIRST BANK By:   /s/ Steve A. Griffin   Name:   Steve A. Griffin   Title:  
Senior Vice President

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MORGAN STANLEY BANK, N.A. By:   /s/ Frank Jolley   Name:   Frank Jolley   Title:
  Authorized Signatory