Exhibit 10.7.7

Execution Version

AMENDMENT NO. 7

and

SCHEDULED DETERMINATION

OF THE BORROWING BASE

dated as of October 15, 2009

to the CREDIT AGREEMENT

dated as of November 21, 2006

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

BANC OF AMERICA SECURITIES LLC,

Sole Lead Arranger and Sole Book Manager

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AMENDMENT NO. 7 AND

SCHEDULED DETERMINATION OF THE BORROWING BASE

AMENDMENT AND SCHEDULED DETERMINATION (this “Amendment”) dated as of October 15,
2009 under the Credit Agreement dated as of November 21, 2006 (as amended,
restated, supplemented, or otherwise modified from time to time, the “Credit
Agreement”) among SANDRIDGE ENERGY, INC., a Delaware corporation (f/k/a Riata
Energy, Inc.) (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 definition is hereby added where alphabetically appropriate to
read:

“Convertible Preferred Stock” means the Borrower’s 8.5% Convertible Perpetual
Preferred Stock issued on January 21, 2009, 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 8.5% Convertible Perpetual Preferred Stock.

(b) The definition of “Consolidated EBITDAX” in Section 1.01 of the Credit
Agreement is amended by (i) deleting the word “and” at the end of clause (d)
thereof, (ii) by adding the word “and” at the end of clause (e) thereof and
(iii) by adding the new clause (f) that reads in its entirety as follows:

“cash expenses and restructuring charges (whether cash or non-cash) incurred in
connection with the acquisition of any entity or line of business permitted
hereunder, including, solely in connection with the acquisition of Crusader
Energy Group Inc., bankruptcy expenses;”

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(c) Section 7.06(d) of the Credit Agreement is amended by deleting the word
“and” after the end of clause (ii) thereof and inserting the following new
clause “(iv)” immediately following clause (iii) thereof:

“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 Convertible Preferred Stock issued prior to
October 1, 2009 in an amount not exceeding $8.50 per share per annum; and”

(d) Schedule 3 to the form of Compliance Certificate (Exhibit D of the Credit
Agreement) is amended by adding the following line item after “+ other non-cash
expenses”:

“+ acquisition-related cash expenses and restructuring charges (cash or
non-cash)”

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 $985,350,000 (having previously been reduced from $1,095,000,000 by
operation of Section 7.03(n) of the Credit Agreement).

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.

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
V of the Credit Agreement will be true and correct 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.

 

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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 Required Lenders and the Borrower.

[Signature Pages Follow]

 

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

Proposed, Consented to and Accepted by:

 

ADMINISTRATIVE AGENT

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

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

 

Approved by: BORROWER

 

SANDRIDGE ENERGY, INC. By:     /s/ Dirk M. Van Doren   Name: Dirk M. Van Doren  
Title: Chief Financial Officer

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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LENDERS

 

BANK OF AMERICA, N.A., as Lender By:     /s/ Jeffrey H. Rathkamp   Name: Jeffrey
H. Rathkamp   Title: Managing Director

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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ALLIED IRISH BANKS P.L.C. By:     /s/ Edward M. Fenk   Name: Edward Fenk  
Title: Vice President By:     /s/ James P. Giordano   Name: James Giordano  
Title: Assistant Vice President

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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BARCLAYS BANK PLC

By:     /s/ Sam Yoo   Name: Sam Yoo   Title: Assistant Vice President

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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THE BANK OF NOVA SCOTIA By:     /s/ W. Keith Buchanan   Name: W. Keith Buchanan
  Title: Managing Director

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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BANK OF OKLAHOMA, N.A. By:       Name:   Title:

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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BMO CAPITAL MARKETS FINANCING, INC. By:     /s/ Gumaro Tijerina   Name: Gumaro
Tijerina   Title: Director

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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BNP PARIBAS By:     /s/ Polly Schott   Name: Polly Schott   Title: Director By:
    /s/ Betsy Jocher   Name: Betsy Jocher   Title: Director

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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CALYON NEW YORK BRANCH By:     /s/ Sharada Manne   Name: Sharada Manne   Title:
Director By:     /s/ Mark Roche   Name: Mark Roche   Title: Managing Director

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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COMERICA BANK By:     /s/ Peter L. Sefzik   Name: Peter L. Sefzik   Title:
Senior Vice President

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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COMPASS BANK By:       Name:   Title:

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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CREDIT SUISSE, CAYMAN ISLANDS BRANCH By:     /s/ Nupur Kumar   Name: Nupur Kumar
  Title: Vice President By:     /s/ Kevin Buddhdew   Name: Kevin Buddhdew  
Title: Associate

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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DEUTSCHE BANK TRUST COMPANY AMERICAS By:     /s/ Marcus M. Tarkington   Name:
Marcus M. Tarkington   Title: Director By:     /s/ Enrique Landaeta   Name:
Enrique Landaeta   Title: Vice President

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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FORTIS CAPITAL CORP. By:     /s/ Ilene Fowler   Name: Ilene Fowler   Title:
Director By:     /s/ Stephen R. Staples   Name: Stephen R. Staples   Title:
Director

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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GOLDMAN SACHS BANK USA By:     /s/ Andrew Caditz   Name: Andrew Caditz   Title:
Authorized Signatory

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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JPMORGAN CHASE BANK, N.A. By:     /s/ Michael A. Kamauf   Name: Michael A.
Kamauf   Title: Vice President

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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MIDFIRST BANK By:     /s/ Shawn D. Brewer   Name: Shawn D. Brewer   Title: Vice
President

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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MORGAN STANLEY BANK, N.A. By:       Name:   Title:

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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THE ROYAL BANK OF SCOTLAND PLC By:     /s/ David Slye   Name: David Slye  
Title: Senior Vice President

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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STERLING BANK By:       Name:   Title:

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
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SUMITOMO MITSUI BANKING CORPORATION By:     /s/ Masakazu Hasegawa   Name:
Masakazu Hasegawa   Title: General Manager

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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SUN TRUST BANK By:     /s/ Peter Panos   Name: Peter Panos   Title: Director

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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UNION BANK, N.A. (f/k/a Union Bank of California, N.A.) By:     /s/ Randall
Osterberg   Name: Randall Osterberg   Title: Senior Vice President

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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U.S. BANK NATIONAL ASSOCIATION By:     /s/ Bruce E. Hernandez   Name: Bruce E.
Hernandez   Title: Vice President

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base

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WELLS FARGO BANK, NA By:     /s/ Dustin S. Hansen   Name: Dustin S. Hansen  
Title: Vice President

 

Signature Page to Amendment No. 7 and Scheduled Determination of the Borrowing
Base