Document:

Term Overriding Royalty Interest Conveyance

 Exhibit 10.5 
 TERM OVERRIDING ROYALTY INTEREST CONVEYANCE (PUD) 
 This TERM OVERRIDING
ROYALTY INTEREST CONVEYANCE (this “Conveyance”) from SandRidge Exploration and Production, LLC, a Delaware limited liability company, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406
(“Assignor”) to Mistmada Oil Company, Inc., an Oklahoma corporation, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73012-6406 (“Assignee”), is delivered to be effective as of 12:01 a.m., Central Time,
January 1, 2011 (the “Effective Time”). All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in Article II below. 

ARTICLE I 

CONVEYANCE 

Section 1.01 The Grant. For and in consideration of good and valuable consideration paid by Assignee to Assignor, the receipt
and sufficiency of which are hereby acknowledged, Assignor does hereby BARGAIN, SELL, GRANT, CONVEY, TRANSFER, ASSIGN, SET OVER, and DELIVER unto Assignee, subject to the terms of this Conveyance and for the Term, as an overriding royalty interest
(the “Royalty Interest”), an undivided interest in and to all Minerals in, under and that may be produced and saved from the Target Formation underlying the Subject Lands through the wellbores of the Development Wells, sufficient to
cause Assignee to receive the Assignee Minerals. 
 Section 1.02 Non-Operating, Non-Expense Bearing Interest. The
Royalty Interest conveyed hereby is a non-operating, non-expense-bearing overriding royalty interest for a limited term in and to the Subject Interests, free of all cost, risk and expense of production, operations and marketing. In no event shall
Assignee ever be liable or personally obligated for payment of any cost, expenses or liabilities attributable to the Subject Interests (or any part thereof) or incurred in connection with the production, saving or marketing of Assignee Minerals,
subject, however, to Assignor’s right hereinafter provided to deduct Chargeable Costs in determining Assignee Proceeds, which right shall be solely a matter of deduction from the proceeds from the sale of Assignee Minerals and not a personal
obligation of Assignee. This Conveyance is a conveyance of an interest in real property. 
 Section 1.03 Term. The
term of the Royalty Interest (the “Term”) shall begin at the Effective Time and end at December 31, 2030 (the “Termination Date”). At the end of the Term, all of Assignee’s interest in and to the Royalty
Interest shall automatically terminate and immediately revert to and revest in Assignor. 
 Section 1.04 Habendum
Clause. TO HAVE AND TO HOLD the Royalty Interest, together with all and singular the rights and appurtenances thereto in anywise belonging, unto Assignee, its successors and assigns, for the Term, subject to terms and provisions of this
Conveyance. 

 Section 1.05 Warranty. 

(a) The Warranty. Assignor warrants to Assignee, its successors and assigns, that the Royalty Interest is free of all Encumbrances
created by, through, or under Assignor, but not otherwise, except for the Permitted Encumbrances. 
 (b) Remedies. In the
event of a breach of the foregoing warranty, Assignee’s sole remedy shall be to receive payment on each applicable Quarterly Payment Date, out of Assignor’s Net Share of Minerals from other Development Wells in excess of that subject to
the Royalty Interest and the royalty interest created pursuant to the Perpetual PUD Conveyance (the “Assignor Retained Minerals”), subject to offset as provided below and without interest (except such interest payable under this
Conveyance on payments made after the applicable due date as described in Section 5.02 below), of an amount equal to the difference between (x) Assignee Proceeds that Assignee would have received with respect to such Development Well in
the applicable Computation Period if such warranty had not been breached and (y) Assignee Proceeds that Assignee actually received during that Computation Period with respect to that Development Well, to the extent such difference is
attributable to the breach of the warranty, but not to the extent that such difference is attributable to any other cause, and any such amounts of Assignor Retained Minerals shall be treated as Assignee Minerals. 

(c) Right of Offset. If any Subject Interest ever proves to be larger as of the Effective Date than the Subject Interest reflected
in Exhibit A and if, as a result, Assignee receives a greater amount of Assignee Minerals (or the proceeds from the sale thereof) with respect to that Subject Interest than Assignee would otherwise have received if the Subject Interest had
been the size reflected on Exhibit A, then such increased amounts, whenever received by Assignee, may be treated by Assignor as a credit or offset (without interest) against any amounts payable to Assignee under Section 1.05(b).

 (d) DISCLAIMER. EXCEPT FOR THE WARRANTIES OF TITLE GIVEN IN SECTION 1.05(a), ASSIGNOR MAKES THIS CONVEYANCE AND
ASSIGNS THE ROYALTY INTEREST WITHOUT RECOURSE, COVENANT OR WARRANTY OF TITLE OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. ANY COVENANTS OR WARRANTIES IMPLIED BY STATUTE OR LAW BY THE USE HEREIN OF THE WORDS “GRANT”,
“CONVEY” OR OTHER SIMILAR WORDS ARE HEREBY EXPRESSLY DISCLAIMED, WAIVED AND NEGATED. WITHOUT LIMITING THE GENERALITY OF THE TWO PRECEDING SENTENCES, ASSIGNEE ACKNOWLEDGES THAT ASSIGNOR HAS NOT MADE, AND ASSIGNOR HEREBY EXPRESSLY
DISCLAIMS AND NEGATES, AND ASSIGNEE HEREBY EXPRESSLY WAIVES, ANY REPRESENTATION OR WARRANTY, EXPRESS, IMPLIED, AT COMMON LAW, BY STATUTE OR OTHERWISE RELATING TO (i) PRODUCTION RATES, RECOMPLETION OPPORTUNITIES, DECLINE RATES OR THE QUALITY,
QUANTITY OR VOLUME OF THE RESERVES OF MINERALS, IF ANY, ATTRIBUTABLE TO THE SUBJECT INTERESTS, (ii) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY, (iii) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE,
(iv) ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, AND (v) ANY AND ALL IMPLIED WARRANTIES EXISTING UNDER ANY APPLICABLE LEGAL REQUIREMENT; IT BEING THE EXPRESS INTENTION OF BOTH

  
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ASSIGNEE AND ASSIGNOR THAT THE ROYALTY INTEREST IS HEREBY ASSIGNED TO ASSIGNEE ON AN “AS IS” AND “WHERE IS” BASIS WITH ALL FAULTS, AND THAT ASSIGNEE HAS MADE OR CAUSED TO BE
MADE SUCH INSPECTIONS AS ASSIGNEE DEEMS APPROPRIATE. ASSIGNOR AND ASSIGNEE AGREE THAT, TO THE EXTENT REQUIRED BY APPLICABLE LEGAL REQUIREMENTS TO BE EFFECTIVE, THE DISCLAIMERS OF CERTAIN WARRANTIES CONTAINED IN THIS SECTION ARE
“CONSPICUOUS” DISCLAIMERS FOR THE PURPOSES OF ANY APPLICABLE LEGAL REQUIREMENT. 
 (e) Substitution of
Warranty. This instrument is made with full substitution and subrogation of Assignee in and to all covenants of warranty by Third Persons (other than Affiliates of Assignor) heretofore given or made with respect to the Development Wells, the
Subject Interests or any part thereof or interest therein. 
 Section 1.06 Reconveyance of Excess Acreage. After the
Drilling Obligation Completion Date, Assignee shall, on request, execute, acknowledge and deliver to Assignor a recordable instrument (reasonably acceptable to Assignor) that reconveys to Assignor the Royalty Interest except with respect to all
Subject Minerals in, under and that may be produced from any wellbore of any Development Well. 
 ARTICLE II 

DEFINITIONS 
 This Article II defines certain capitalized words, terms, and phrases used in this Conveyance. Certain other capitalized words, terms, and phrases used in this Conveyance are defined elsewhere in
this Conveyance. 
 “Affiliate” means, for any specified Person, another Person that controls, is controlled
by, or is under common control with, the specified Person. “Control”, in the preceding sentence, refers to the possession by one Person, directly or indirectly, of the right or power to direct or cause the direction of the
management and policies of another Person, whether through the ownership of voting securities, by contract, or otherwise. 

“AMI Area” means that area described in Exhibit A to the Development Agreement. 

“Assignee” is defined in the introductory paragraph to this Conveyance and also includes all permitted successors and
assigns of Assignee. 
 “Assignee Minerals” is defined in Section 3.01. 

“Assignee Proceeds” means proceeds received by Assignor for the account of Assignee, as Assignee’s marketing and
payment agent and representative, from the sale of Assignee Minerals under this Conveyance less Chargeable Costs calculated in accordance with Section 3.03. 
 “Assignor” is defined in the introductory paragraph to this Conveyance and also includes all permitted successors and assigns of Assignor. 

  
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 “Assignor Conveyances” means this Conveyance, the Term PDP Conveyance, the
Perpetual PDP Conveyance and the Perpetual PUD Conveyance. 
 “Assignor Retained Minerals” is defined in
Section 1.05(b). 
 “Assignor’s Net Revenue Interest” means the interest, stated as a decimal
fraction, in Subject Minerals production from a Development Well attributable to the Subject Interests in that Development Well, net of Production Burdens. 
 “Assignor’s Net Share of Minerals” means the share of Subject Minerals from each Development Well that is attributable to Assignor’s Net Revenue Interest in that Development
Well determined prior to giving effect to this Conveyance. 
 “Bbl” means one stock tank barrel, or 42 U.S.
gallons liquid volume, in reference to Oil or Gas Liquids. 
 “Business Day” means any day that is not a
Saturday, Sunday, a holiday determined by the New York Stock Exchange, Inc. as “affecting ‘ex’ dates” or any other day on which national banking institutions in New York, New York are closed as authorized or required by law.

 “Chargeable Costs” is defined in Section 3.02(a). 

“Closing Time” means 12:01 a.m. Central Time, on April 12, 2011. 

“Computation Period” means each calendar quarter commencing at the Effective Time, with each calendar quarter being
deemed to have begun at 12:01 a.m. Central Time on the first day of such calendar quarter and to have ended at 12:00 a.m. Central Time on the first day of the next calendar quarter, except for (a) the first Computation Period, which shall be
deemed to have begun at the Effective Time and to have ended at 12:00 a.m. Central Time on July 1, 2011, and (b) the final Computation Period, which shall be deemed to have begun at 12:01 a.m. Central Time on the first day of the calendar
quarter in which the Termination Date occurs and to have ended at the Termination Date. 
 “Conveyance” is
defined in the introductory paragraph to this Conveyance. 
 “Development Agreement” means that certain
Development Agreement between SandRidge, Assignor and the Trust dated as of even date herewith. 
 “Development
Well” has the meaning given such term in the Development Agreement. 
 “Drilling Obligation Completion
Date” has the meaning given to such term in the Development Agreement. 
 “Effective Time” is defined
in the introductory paragraph to this Conveyance. 

  
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 “Encumbrance” means any mortgage, lien, security interest, pledge, charge,
encumbrance, limitation, preferential right to purchase, consent to assignment, irregularity, burden or defect. 

“Excess Costs” means, in any Computation Period, the excess of Chargeable Costs associated with Assignee Minerals for
that Computation Period over the amount determined by multiplying Assignor’s Net Share of Minerals produced during the Computation Period by the Sales Price for that Computation Period. Excess Costs shall bear interest at the Prime Interest
Rate from the end of the Computation Period in which such costs were incurred to the date that Assignor recovers such amounts from Assignee Proceeds. 
 “Excluded Assets” means (a) those oil and gas wells that are the subject of the Term PDP Conveyance and the Perpetual PDP Conveyance and (b) those oil and gas wells that are
described in Exhibit B. 
 “Fair Value” means, with respect to any portion of the Royalty Interest
to be released pursuant to Section 11.02 in connection with a sale or release of any Development Well or Subject Interests, an amount of net proceeds which could reasonably be expected to be obtained from the sale of such portion of the Royalty
Interest to a party which is not an Affiliate of either the Assignor or Assignee on an arms’-length negotiated basis, taking into account relevant market conditions and factors existing at the time of any such proposed sale or release, such net
proceeds to be determined by deducting Assignee’s proportionate share of sales costs, commissions and brokerage fees, if any (based on the ratio of (i) the fair market value of the portion of the Royalty Interest being released to
(ii) the fair market value of the Development Wells and Subject Interests being transferred (including the value of the Royalty Interest being released)). 
 “Farmout Agreements” means any farmout agreement, participation agreement, exploration agreement, development agreement or any similar agreement. 

“Force Majeure” is defined in Section 12.02. 

“Gas” means natural gas and all other gaseous hydrocarbons or minerals, including helium, but specifically excluding any
Gas Liquids. 
 “Gas Liquids” means those natural gas liquids and other liquid similar hydrocarbons, including
ethane, propane, butane and natural gasoline, and mixtures thereof, that are removed from a gas stream by the liquids extraction process of any field facility or gas processing plant and delivered by the facility or plant as natural gas liquids.

 “Governmental Authority” means the United States of America, any state, commonwealth, territory, or
possession thereof, and any political subdivision of any of the foregoing, including courts, departments, commissions, boards, bureaus, agencies and other instrumentalities. 
 “Legal Requirement” means any law, statute, ordinance, decree, requirement, order, judgment, rule, or regulation of, including the terms of any license or permit issued by, any
Governmental Authority. 

  
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 “MMBtu” means one million British thermal units. 

“Mcf” means one thousand cubic feet of Gas, and “MMcf” means one million cubic feet of Gas, measured
and expressed in each case at the same temperature, pressure, and other conditions of measurement (a) provided in any contract for the purchase of Gas from the Subject Interests or, (b) if no such contract exists, provided by applicable
state law for purposes of reporting production to Governmental Authorities. 
 “Minerals” means Oil, Gas and
Gas Liquids. 
 “Mortgage” has the meaning given such term in the Development Agreement. 

“Non-Affiliate” means, for any specified Person, any other Person that is not an Affiliate of the specified Person.

 “Notice” means any notice, advice, invoice, demand or other communication required or permitted by this
Conveyance. 
 “Oil” means crude oil, condensate and other liquid hydrocarbons recovered by field equipment or
facilities, excluding Gas Liquids. 
 “Party,” when capitalized, refers to Assignor or Assignee.
“Parties,” when capitalized, refers to Assignor and Assignee. 
 “Permitted Encumbrances”
means: 
 (a) the Production Burdens; 
 (b) contractual obligations arising under operating agreements, Farmout Agreements, production sales contracts, leases, assignments and other similar agreements that may affect the Subject Interests;

 (c) pooling and unitization agreements, declarations, orders or Legal Requirements to secure payment of amounts not yet
delinquent; 
 (d) liens that arise in the normal course of operations, such as liens for unpaid taxes, statutory liens securing
unpaid suppliers and contractors, and contractual liens under operating agreements, in any case, that are not yet delinquent or, if delinquent, are being contested in good faith in the normal course of business; 

(e) conventional rights of reassignment that obligate Assignor to reassign all or part of any Subject Interest to a Third Person if
Assignor intends to release or abandon such interest before the expiration of the primary term or other termination of such interest; 
 (f) easements, rights-of-way, servitudes, permits, surface leases, surface use restrictions and other surface uses and impediments on, over or in respect of the Subject Interests that are not such as to
interfere materially with the operation, value or use of the Subject Interests; 

  
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 (g) rights reserved to or vested in any Governmental Authority to control or regulate any
Subject Interests in any manner, and all applicable Legal Requirements; 
 (h) the terms of the instruments creating the Subject
Interests and Subject Lands; and 
 (i) the Mortgage; 
 provided that such aforementioned encumbrances are of the type and nature customary in the oil and gas industry and do not, alone or in the aggregate, materially and adversely affect the operation, value
or use of any Subject Interests, and all to the extent, and for so long as, such Permitted Encumbrances are otherwise valid and enforceable against the Subject Interests, without recognizing, expressly or by implication, any rights or interests in
any Third Person or Governmental Authority that such Third Person or Governmental Authority does not otherwise lawfully possess. 
 “Perpetual PDP Conveyance” means that certain Perpetual Overriding Royalty Interest Conveyance (PDP) by and between Assignor and the Trust, dated effective as of the Effective Time.

 “Perpetual PUD Conveyance” means that certain Perpetual Overriding Royalty Interest Conveyance (PUD) by and
between Assignor and the Trust, dated effective as of the Effective Time. 
 “Person” means any natural person,
corporation, partnership, trust, estate, or other entity, organization or association. 
 “Post Production Cost
Charge” is defined in Section 3.02(b). 
 “Prime Interest Rate” is defined in
Section 5.02(b). 
 “Production Burdens” means, with respect to any Subject Lands, Subject Interests or
Subject Minerals, all royalty interests, overriding royalty interests, production payments, net profits interests and other similar interests that constitute a burden on, are measured by, or are payable out of the production of Minerals or the
proceeds realized from the sale or other disposition thereof. 
 “Quarterly Payment Date” is defined in
Section 5.01(b). 
 “Reasonably Prudent Operator Standard” means the standard of conduct of a reasonably
prudent oil and gas operator in the AMI Area under the same or similar circumstances, acting with respect to its own property and disregarding the existence of the Royalty Interest as a burden on such property. 

“Royalty Interest” is defined in Section 1.01. 

  
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 “Sales Price” means the price received by Assignor for Assignee Minerals
determined in accordance with the following provisions: 
 (a) “sale” refers to any sale, exchange or other
disposition of Assignee Minerals for value, the value of such Minerals that is exchanged or otherwise disposed of for valuable consideration being the sales price that Assignor receives for any such Minerals sold pursuant to Section 4.01 for
any such Minerals; 
 (b) amounts of money not paid to Assignor when due by any purchaser of Assignee Minerals (for example,
Taxes or other amounts withheld or deducted by any such purchaser) shall not be included within the Sales Price until actually received by, or credited to the account of, Assignor; 

(c) advance payments and prepayments for future deliveries of Assignee Minerals shall be included within the Sales Price, without
interest, when that volume of Minerals subject to the advance payments or prepayments is actually produced; 
 (d) loan proceeds
received by Assignor shall not be treated as a component of the applicable Sales Price; and 
 (e) if a controversy or possible
controversy exists, whether by reason of any statute, order, decree, rule, regulation, contract or otherwise, between Assignor and any purchaser of Assignee Minerals or any other Person, about the correct Sales Price of any Assignee Minerals, about
deductions from the Sales Price, about Assignor’s right to receive the proceeds of any sale of Assignee Minerals, or about any other matter, then monies withheld by the purchaser or deposited by it with an escrow agent or if Assignor receives
any monies and promptly deposits such monies with a Third Person escrow agent as a result of such controversy, such monies shall not be included within the Sales Price until received by or returned to Assignor, as applicable. 

“SandRidge” means SandRidge Energy, Inc., a Delaware corporation. 

“Subject Interests” means Assignor’s undivided interests in the Subject Lands as described on Exhibit A, whether as
lessee under leases, as an owner of the Subject Minerals (or the right to extract such Minerals) or otherwise, by virtue of which undivided interests Assignor has the right to conduct exploration, drilling, development and Mineral production
operations on the Subject Lands, or to cause such operations to be conducted, or to participate in such operations by paying and bearing all or any part of the costs, risks and liabilities of such operations, to drill, test, complete, equip, operate
and produce wells to exploit the Minerals. The “Subject Interests” (a) may be owned by Assignor pursuant to leases, deeds, operating, pooling or unitization agreements, orders or any other instruments, agreements or documents,
recorded or unrecorded, (b) include any and all extensions or renewals of leases covering the Subject Lands (or any portion thereof) obtained by Assignor, or any Affiliate thereof, within six (6) months after the expiration or termination
of any such lease, and (c) are subject to the Permitted Encumbrances. For the avoidance of doubt, the “Subject Interests” do not include: (i) Assignor’s interests in the Excluded Assets; (ii) Assignor’s rights to
substances other than Minerals; (iii) Assignor’s rights to Minerals (other than Assignee Minerals) under contracts for the purchase, sale, transportation, storage, processing or other handling or disposition of Minerals;
(iv) Assignor’s interests in, or rights to Minerals (other than Assignee Minerals) held in pipelines, gathering systems, storage facilities, processing facilities or other equipment or

  
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facilities; or (v) any additional or enlarged interests in the Development Wells, Subject Lands or Subject Minerals acquired by Assignor after the Closing Time, except (1) to the extent
any such additional or enlarged interest becomes a part of the Subject Interests by amendment to this Conveyance pursuant to Section 3.01 or 3.02 of the Development Agreement, (2) as may result from the operation of the terms of the
instruments creating the Subject Interests, or (3) as may be reflected in extensions and renewals covered by the preceding sentence. 
 “Subject Lands” means the lands subject to or covered by the oil and gas leases described in Exhibit A, insofar and only insofar as they cover the Target Formation, subject to
the exceptions, exclusions and reservations set forth on such Exhibit A. 
 “Subject Minerals”
means all Minerals in and under, and that may be produced, saved and sold from a Development Well, from and after the Effective Time, insofar and only insofar as such Minerals are produced from the Target Formation, subject to the following
exclusions: Minerals that are (a) lost in the production, gathering or marketing of Minerals; (b) used (i) in conformity with ordinary and prudent operations on the Subject Lands, including drilling and production operations with
respect to a Development Well or (ii) in connection with operations (whether on or off the Subject Lands) for processing or compressing the Subject Minerals; (c) taken by a Third Person to recover costs, or some multiple of costs, paid or
incurred by that Third Person under any operating agreement, unit agreement or other agreement in connection with nonconsent operations conducted (or participated in) by that Third Person; and (d) retained by a Third Person for gathering,
transportation, processing or marketing services related to the Subject Minerals in lieu of or in addition to cash payment for such services, to the extent such agreement is permitted under this Conveyance. 

“Target Formation” means (i) with respect to Alfalfa County, Oklahoma, the “Target Formation” being
defined as being the interval between the base of Pennsylvanian-aged Morrow or its stratigraphic equivalent at a depth of 4,833’ and the Devonian-aged Woodford Shale or its stratigraphic equivalent at a depth of 5,344’ in the
SandRidge Energy Dorado SWD 1-32 located in section 32, Township 29 North, Range 9 West (API No. 35003219830000), (ii) with respect to Garfield County, Oklahoma, the “Target Formation” being defined as being the interval between
the base of Pennsylvanian-aged Morrow or its stratigraphic equivalent at a depth of 6,475’ and the Devonian-aged Woodford Shale or its stratigraphic equivalent at a depth of 7,100’ in the Texas American Oil JC Nelson 1 located in section
27, Township 23 North, Range 8 West (API No. 35047223450000), (iii) with respect to Grant County, Oklahoma, the “Target Formation” being defined as being the interval between the base of Pennsylvanian-aged Morrow or its
stratigraphic equivalent at a depth of 5,395’ and the Devonian-aged Woodford Shale or its stratigraphic equivalent at a depth of 6,060’ in the SandRidge Energy Orion 1-22 SWD located in section 22, Township 25 North, Range 5 West (API
No. 35053227710000), (iv) with respect to Major County, Oklahoma, the “Target Formation” being defined as being the interval between the base of Pennsylvanian-aged Morrow or its stratigraphic equivalent at a depth of
6,474’ and the Devonian-aged Woodford Shale or its stratigraphic equivalent at a depth of 7,094’ in the Downey Oil Davis 1 located in section 24, Township 23 North, Range 9 West (API No. 35093215620000) and (v) with respect to
Woods County, Oklahoma, the “Target Formation” being defined as being the interval between the base of Pennsylvanian-aged Morrow or its stratigraphic equivalent at a depth of 5,204’ and the Devonian-aged Woodford Shale or its
stratigraphic equivalent at a depth of 5,704’ in the SandRidge Energy Koppitz SWD 1-31 located in section 31, Township 28 North, Range 13 West (API No. 35151232750000). 

  
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 “Term PDP Conveyance” means that certain Term Overriding Royalty Interest
Conveyance (PDP) by and between Assignor and Assignee, dated effective as of the Effective Time. 
 “Taxes” is
defined in Section 3.02(c). 
 “Term” is defined in Section 1.03. 

“Termination Date” is defined in Section 1.03. 

“Third Person” means a Person other than Assignor or Assignee. 

“Transfer” including its syntactical variants, means any assignment, sale, transfer, conveyance or disposition of any
property; provided, Transfer as used herein does not include the granting of a mortgage on or security interest in Assignor’s interest in any property, including the Development Wells, the Subject Interests and the Subject Lands. 

“Trust” means SandRidge Mississippian Trust I, a Delaware statutory trust. 

“Trustee” means The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws
of the United States of America with its principal place of business in New York, New York, acting not in its individual capacity but solely as trustee of the Trust. 
 ARTICLE III 
 CALCULATION OF ASSIGNEE MINERALS 

Section 3.01 Definition. “Assignee Minerals” is that volume of Minerals with respect to each Development
Well calculated in accordance with the following formula: Twenty-Five Percent (25%) X (Assignor’s Net Share of Minerals). 
 Section 3.02 Chargeable Costs. 
 (a) Definition. For each
Computation Period, “Chargeable Costs” means the sum of (i) the Post Production Cost Charge, plus (ii) Excess Costs from prior Computation Periods, plus (iii) Taxes incurred, accrued or paid by Assignor;
provided, that such costs are actually paid by Assignor during the relevant Computation Period or paid by Assignor during a prior Computation Period and not included in any prior Computation Period’s Chargeable Costs. For the avoidance
of doubt, all costs associated with, incurred or paid in connection with the drilling, testing, completing and equipping for production of the Development Wells shall be borne solely by Assignor and shall not be included as Chargeable Costs.

  
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 (b) Post Production Cost Charge. “Post Production Cost Charge” means
those costs incurred by Assignor (including internal costs and Third Person costs) to gather, store, transport, compress, process, treat, dehydrate and market, as applicable, the Subject Minerals, including any costs as may be required to deliver
such Minerals to market; provided, any costs charged by Assignor and its Affiliates as part of the Post Production Cost Charge shall not materially exceed the costs prevailing in the area where the Subject Minerals are being produced for
similar services and provided, further, with respect to marketing costs, only Non-Affiliate marketing fees and costs shall be included, and marketing costs of Assignor and its Affiliates with respect to any Subject Minerals will be
specifically excluded from the Post Production Cost Charge. Any costs, fees or expenses that are properly charged or allocated to Assignee Minerals pursuant to another provision of this Conveyance (including, as provided for in the definition of
Subject Minerals) shall not be included as part of the Post Production Cost Charge. 
 (c) Taxes.
“Taxes” means general property, ad valorem, production, severance, sales, windfall profit, excise and other taxes, except income taxes, assessed or levied on or in connection with the Subject Interests, the Royalty Interest, this
Conveyance, production of Subject Minerals, Assignor’s Net Share of Minerals, Assignee Minerals (or the proceeds from the sale thereof) or facilities or equipment on the Subject Lands that are used for the production, dehydration, treatment,
processing, gathering or transportation of Subject Minerals, or against Assignor as owner of the Subject Interests or paid by Assignor on behalf of Assignee as owner of the Royalty Interest. 

(d) Operating and Drilling Costs. For the avoidance of doubt, all costs associated with or paid or incurred in connection
with the drilling, testing, completing, developing and operating the Development Wells or otherwise incurred in connection with the ownership or operation of the Subject Interests other than Taxes and Post Production Cost Charges shall be borne
solely by Assignor and shall not be included as Chargeable Costs. 
 Section 3.03 Assignee Proceeds.
“Assignee Proceeds” means, for any Computation Period, (a) the amount of proceeds actually received by Assignor during such Computation Period in respect of Assignee Minerals, with the amount of such proceeds being determined
by multiplying (i) the volume of Assignee Minerals produced (expressed (A) for Gas, in Mcf or MMBtu, (B) for Gas Liquids, in Bbls and (C) for Oil, in Bbls) by (ii) the relevant Sales Price (expressed (A) for Gas, on a
per Mcf or MMBtu basis, (B) for Gas Liquids, on a per Bbl basis and (C) for Oil, on a per Bbl basis), less (b) the Chargeable Costs associated with such Assignee Minerals. 

ARTICLE IV 

MARKETING OF ASSIGNEE MINERALS 
 Section 4.01 Rights and Duties Regarding Sale of Assignee Minerals. Assignor shall market or shall cause to be marketed Assignor’s Net Share of Minerals (including Assignee Minerals) in
good faith and in accordance with the Reasonably Prudent Operator Standard and Section 4.02(d). Assignor shall use its reasonable efforts in connection with any sale of Assignor’s Net Share of Minerals (including Assignee Minerals) to
obtain, as soon as reasonably practicable, full payment for such Minerals; provided, however, that it shall not be considered a breach of Assignor’s marketing duty or standard of conduct for Assignor to market

  
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such Minerals to an Affiliate of Assignor, so long as Assignor does not market such Minerals at a volume-weighted average price lower than the volume-weighted average price upon which Assignor
pays royalties to the owners of the other royalty interests in the Subject Minerals, save and excepting Chargeable Costs provided for in Article III hereof. 
 Section 4.02 Assignee’s Agent and Representative. 
 (a)
Appointment. Assignee appoints Assignor as Assignee’s agent and representative to market and deliver or cause to be marketed and delivered all Assignee Minerals and to collect and receive all payments therefrom under any Minerals
purchase agreement or contract without deduction (except to the extent Chargeable Costs are deducted for any Computation Period). The appointment of Assignor as Assignee’s agent and representative for such purpose is a material item of
consideration to the Parties in connection with the execution and delivery of this Conveyance. Assignee may not remove Assignor from office as Assignee’s agent and representative, except for cause upon a material breach by Assignor of its
duties to Assignee under this Conveyance. 
 (b) Duties and Powers. As Assignee’s agent and representative, Assignor
shall receive all payments for the sale of Assignee Minerals and account to Assignee, receive and make all communications with the purchaser of such Minerals, and otherwise act and speak for Assignee in connection with the sale of Assignee Minerals.
Third Persons may rely conclusively on the authority of Assignor to market Assignee Minerals, and with respect to Third Persons only, Assignee shall be conclusively bound by the acts of Assignor in connection with the sale of Assignee Minerals. It
shall not be necessary for Assignee to join Assignor in the execution of any division order, transfer order or other instrument, agreement or document relating to the sale of Assignee Minerals. Third Persons may pay all Assignee Proceeds for the
sale of such Minerals directly to Assignor, without the necessity of any joinder by or consent of Assignee or any inquiry into the use or disposition of such proceeds by Assignor. In no event, however, shall the authority granted in this
Section 4.02 or elsewhere in this Conveyance relieve Assignor of any liability for breach of this Conveyance. 
 (c)
Prohibited Acts. Assignor may not act for or bind Assignee on any matter, except the marketing and delivery of Assignee Minerals under this Article IV. 
 (d) Standard of Conduct. In exercising its powers and performing its duties as Assignee’s agent and representative, Assignor shall act in good faith and in accordance with the Reasonably
Prudent Operator Standard. It shall not be a violation of such standard of conduct for Assignor (i) to sell Assignor’s Net Share of Minerals or Assignee Minerals to an Affiliate pursuant to any purchase agreement or contract, or
(ii) to delegate some or all of Assignor’s duties as Assignee’s agent and representative to its Affiliates (so long as such Affiliates perform in good faith and in accordance with the Reasonably Prudent Operator Standard), with
Assignor remaining liable to Assignee for the performance of such duties. 
 (e) Termination of Authority. Assignor may
not resign as Assignee’s agent and representative without the prior written consent of Assignee, except that Assignor may resign as Assignee’s agent and representative without such consent with respect to any Subject Interests assigned,
sold, transferred or conveyed by Assignor in accordance with the terms of this 

  
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Conveyance. If such sale is made subject to the Royalty Interest, Assignor must cause the purchaser to assume the duties of Assignee’s agent and representative with respect to the Subject
Interests acquired by that purchaser and to be bound by the provisions of this Article IV. 
 Section 4.03 Delivery
of Subject Minerals. Assignor (whether or not it is serving as Assignee’s agent and representative) shall deliver or cause to be delivered Assignor’s Net Share of Minerals (including Assignee Minerals) to the purchasers thereof.

 Section 4.04 Processing. Assignor may, or may by contract cause a Third Person to, dehydrate, separate, treat,
compress or otherwise process Assignor’s Net Share of Minerals (including Assignee Minerals) and may commit any of the Subject Interests (including the Royalty Interest attributable thereto) to an agreement for processing Minerals (pursuant to
which, for example, the plant owner or operator receives a portion of the Subject Minerals or plant products therefrom or proceeds of the sale thereof as a fee for processing), so long as (a) Assignor enters into such processing arrangements in
good faith and in accordance with the Reasonably Prudent Operator Standard and (b) any such processing arrangements entered into with Affiliates of Assignor contain rates and charges that are comparable to the prevailing charges for similar
services in the applicable area. Assignee shall be bound by such arrangements and shall permit Assignor’s Net Share of Minerals (including Assignee Minerals) to be processed by Assignor or its contractor. Assignee shall not, however, be
personally liable for any costs or risks associated with such processing operations, but Assignee shall indirectly suffer the energy content reduction and volume reductions associated with processing through corresponding reductions in the content
and volumes of Assignee Minerals. 
 ARTICLE V 
 PAYMENT 
 Section 5.01 Obligation to Pay. 

(a) The Obligation. After each Computation Period and on or before the Quarterly Payment Date for that Computation Period, Assignor
shall tender to Assignee the Assignee Proceeds for the applicable Computation Period, plus, to the extent applicable, (i) all of the proceeds to be paid to Assignee from the sale of Assignee Minerals produced during any prior Computation
Periods, to the extent not previously paid to Assignee for such prior Computation Periods, (ii) any damages payable to Assignee under Section 1.05(b) (subject to the right of set-off in Section 1.05(c)) during the most recently
completed Computation Period, and (iii) any amounts (including any interest earned thereon) that were previously deposited with a Third Person escrow agent in accordance with Section 5.01(d) and subsequently determined by Assignor to be
validly owing to Assignee. All such amounts shall be transmitted to Assignee by Assignor by means of wire transfer of funds to a bank account specified by Assignee pursuant to written instructions which shall remain in effect until and unless
changed by subsequent written notice to Assignor. 
 For purposes of determining the amount of Assignee Proceeds for any Computation Period, if,
when calculating Assignee Minerals for any Computation Period, Assignor is unable to determine the precise volume of Minerals produced, sold and attributable to Assignor’s Net Share of Minerals, then Assignor shall, in good faith and in
accordance with the Reasonably 

  
 13 

 
Prudent Operator Standard, estimate the volume of such Minerals produced, sold and attributable to Assignor’s Net Share of Minerals. Assignor shall adjust the calculation of Assignee
Proceeds upward or downward, as the case may be, in the next or subsequent Computation Periods to reflect the difference between the estimated volume of Minerals established pursuant to this Section 5.01(a) and the actual volume of Minerals
produced, sold and attributable to Assignor’s Net Share of Minerals in the Computation Period for which such estimate was made. 
 (b) Quarterly Payment Date. “Quarterly Payment Date” for each Computation Period means the forty-fifth (45th) day after the end of such Computation Period or, for the last
Computation Period, the forty-fifth (45th) day after the Termination Date. If such day is not a Business Day, the Quarterly Payment Date shall be the next Business Day. 
 (c) No Segregated Account. Prior to the Quarterly Payment Date, all amounts received by Assignor from the sale of Assignor’s Net Share of Minerals and Assignee Minerals, as applicable, for any
Computation Period shall be held by Assignor in one of its general bank accounts and Assignor will not be required to maintain a segregated account for such funds. 
 (d) Disputed Proceeds. If Assignor receives any amounts of money from the sale of Assignee Minerals that is subject to controversy or, in the reasonable opinion of Assignor, possible controversy,
Assignor shall promptly deposit the money with a Third Person escrow agent in a segregated interest-bearing account. Such amount shall not be treated as a portion of Assignee Proceeds so long as it remains with such escrow agent, but shall be
treated as a portion of Assignee Proceeds, along with the accrued interest, when received from such escrow agent and paid over to Assignee. 
 Section 5.02 Interest on Past Due Payments. 
 (a) Obligation to
Pay. Any Assignee Proceeds or other amounts of money not paid by Assignor to Assignee when due shall bear, and Assignor will pay, interest at the Prime Interest Rate on the overdue amount commencing on the sixth (6th) day after such due
date until such amount is paid. 
 (b) Definition. “Prime Interest Rate” means the lesser of
(i) the rate of interest per annum publicly announced from time to time by The Bank of New York Mellon Trust Company, N.A. as its “prime rate” in effect at its principal office in New York City (each change in the Prime Rate to be
effective on the date such change is publicly announced), with the understanding that such bank’s “prime rate” may be one of several base rates, may serve as a basis upon which effective rates are from time to time calculated for
loans making reference thereto, and may not be the lowest of such bank’s base rates or (ii) the maximum rate of interest permitted under applicable Legal Requirement. 

Section 5.03 Overpayments and Refunds. 
 (a) Overpayments. If Assignor ever pays Assignee more than the amount of money then due and payable to Assignee under this Conveyance, Assignee shall not be obligated to return the overpayment, but
Assignor may at any time thereafter deduct from Assignee Proceeds and retain for its own account an amount equal to the overpayment. 

  
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 (b) Refunds. If Assignor is ever legally obligated to pay any Third Person, including
any Minerals purchaser or Governmental Authority, any refund, interest, penalty or other amount of money, because any payment of Assignee Proceeds received by Assignor for the account of Assignee exceeded, or allegedly exceeded, the amount due or
lawful under any applicable contract, Legal Requirement, or other obligation, Assignor may thereafter deduct from Assignee Proceeds and retain for its own account an amount equal to such payment. 

Section 5.04 Protection of Assignee Proceeds. It is the intent of Assignor and Assignee that Assignee is an “interest
owner” with an interest separate and distinct from that of Assignor within the meaning and for the purposes of the Oil and Gas Owners’ Lien Act of 2010, Okla. Stat. tit. 52, § 549.1, et. seq., and that Assignee is
entitled to all the benefits of such Act. 
 ARTICLE VI 

RECORDS AND REPORTS 
 Section 6.01 Books, Records and Accounts. 
 (a) Obligation to
Maintain. Assignor shall maintain true and correct books, records and accounts of (i) all transactions required or permitted by this Conveyance and (ii) the financial information necessary to effect such transactions, including the
financial information needed to calculate each installment of Assignee Proceeds. 
 (b) Right of Inspection. Assignee or
its representative, at Assignee’s expense, may inspect and copy such books, records and accounts in the offices of Assignor during normal business hours and upon reasonable notice. 

Section 6.02 Statements. 
 (a) Quarterly Statements. On each Quarterly Payment Date, Assignor shall deliver to Assignee a statement showing the computation of Assignee Minerals and Assignee Proceeds for the applicable
Computation Period. 
 (b) Annual Statements. On the first Quarterly Payment Date after the end of each calendar year and
on the Quarterly Payment Date after the Termination Date, such statement shall also show the computation of Assignee Proceeds for the preceding calendar year or, for the Quarterly Payment Date after the Termination Date, for the portion of the
calendar year from 12:01 a.m. Central Time on January 1 of that same year through the Termination Date. 
 (c) Contents
of Statements. Without limiting the generality of the foregoing provisions in this Section 6.02, each statement delivered by Assignor to Assignee pursuant to this Section 6.02 shall state, for the relevant period, (i) the total
volumes of Subject Minerals produced from the Subject Lands, (ii) the total volumes of Assignor’s Net Share of Minerals, (iii) the total volumes of Assignee Minerals, (iv) the applicable Sales Price, (v) the Chargeable
Costs, (vi) the amount of Assignee Proceeds due and payable for the relevant period and (vii) the amounts of money, if any, due and payable by any purchaser of the Subject Minerals or Assignee Minerals, the nonpayment of which resulted in
a reduction in Assignee Proceeds for the relevant period. 

  
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 Section 6.03 Assignee’s Exceptions to Quarterly Statements. If Assignee
takes exception to any item or items included in any quarterly statement required by Section 6.02, Assignee must notify Assignor in writing within sixty (60) days after Assignee’s receipt of such quarterly statement. Such Notice must
set forth in reasonable detail the specific charges complained of and to which exception is taken. Adjustments shall be made for all complaints and exceptions that are justified. Notwithstanding anything to the contrary herein, all matters reflected
in Assignor’s statements for the preceding calendar year (or portion thereof) that are not objected to by Assignee in the manner provided by this Section 6.03 shall be deemed correct as rendered by Assignor to Assignee. 

Section 6.04 Other Information. 
 (a) Disclosure. At Assignee’s request, subject to applicable restrictions on disclosure and transfer of information, Assignor shall give Assignee and its designated representatives reasonable
access in Assignor’s office during normal business hours to all title, geological (to the extent not prohibited by any applicable license agreement), Development Well and production data in Assignor’s possession or Assignor’s
Affiliates’ possession, relating to operations on the Subject Interests. 
 (b) Disclaimer of Warranties and
Liability. Assignor makes no representations or warranties about the accuracy or completeness of any data, reports, studies or other information made available to Assignee and shall have no liability to Assignee or any other Person resulting
from such data, studies, reports or other information. 
 (c) No Attribution. Assignee shall not, in any securities
filings or reports made by Assignee, attribute to Assignor or to the consulting engineers any reports or studies made available to Assignee, or the contents thereof. 
 (d) Confidentiality. All information furnished to Assignee and its designated representatives pursuant to this Section 6.04 is confidential and for the sole benefit of Assignee and shall not
be disclosed by Assignee or its designated representatives to any other Person, except to the extent that such information (i) is required in any report, statement or testimony submitted to any Governmental Authority having or claiming to have
jurisdiction over Assignee or submitted to bank examiners or similar organizations or their successors, (ii) is required in response to any summons or subpoena or in connection with any litigation, (iii) is reasonably believed to be
required in order to comply with any applicable Legal Requirement to Assignee, (iv) was publicly available or otherwise known to the recipient at the time of disclosure or (v) subsequently becomes publicly available other than through any
act or omission of the recipient; provided, however, with respect to the disclosures with respect to items (i), (ii) and (iii) above, Assignee will notify Assignor prior to any such disclosure in order to provide Assignor an opportunity to
seek to limit any such required disclosure. In connection with the marketing of the Trust’s assets upon termination of the Trust, Assignee and its designated representatives may, on a confidential basis in accordance with this
Section 6.04(d), provide any potential purchaser of such assets with the same information Assignee has access to pursuant to Section 6.04. 

  
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 ARTICLE VII 
 NO LIABILITY OF ASSIGNEE 
 Assignee shall not be personally liable or
responsible under this Conveyance for any cost, risk, liability or obligation associated in any way with the ownership or operation of the Subject Lands, the Subject Interests, the Development Wells or the Subject Minerals. The foregoing sentence
does not restrict the right of Assignor to deduct Chargeable Costs in calculating the volumes of Assignee Minerals or Assignee Proceeds. 
 ARTICLE VIII 
 OPERATIONS 

Section 8.01 Standards of Conduct. Except as otherwise specifically provided in this Conveyance, Assignor shall
(a) operate and maintain the Subject Interests and (b) make elections under each applicable lease, operating agreement, unit agreement, contract for development and other similar instrument or agreement (including elections concerning
abandonment of any Development Well or release of any Subject Interest) in good faith and in accordance with the Reasonably Prudent Operator Standard. 
 Section 8.02 Abandonment of Properties. Nothing in this Conveyance shall obligate Assignor to continue to operate any Development Well or to operate or maintain in force or attempt to maintain
in force any Subject Interest when such Development Well or Subject Interest ceases to produce, or Assignor determines, in accordance with Section 8.01 above, that such Development Well or Subject Interest is not capable of producing Minerals
in paying quantities. The expiration of a Subject Interest in accordance with the terms and conditions applicable thereto shall not be considered to be a voluntary surrender or abandonment thereof. 

ARTICLE IX 

POOLING AND UNITIZATION 
 Section 9.01 Pooling of Subject Interests. Certain Subject Interests have been, or may have been, heretofore pooled and unitized for the production of Minerals. Such Subject Interests are and
shall be subject to the terms and provisions of the applicable pooling and unitization agreements and orders, and the Royalty Interest in each pooled or unitized Subject Interest shall apply to and affect only the Minerals produced from such units
that accrues to such Subject Interest under and by virtue of the applicable pooling and unitization agreements and orders. 

Section 9.02 Pooling and Unitization. 
 (a) Right to Pool. Assignor has the exclusive executive right and power (as between Assignor and Assignee) to pool or unitize any Subject Interest and to alter, change, amend or terminate any
pooling or unitization agreements heretofore or hereafter entered into, as to all or any part of the Subject Lands, as to any one or more of the formations or horizons, and as to any Minerals, upon such terms and provisions as Assignor shall in its
sole discretion deem appropriate. 

  
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 (b) Effect of Pooling. If and whenever through the exercise of such right and power,
or pursuant to any Legal Requirement now existing or hereafter enacted or promulgated, any Subject Interest is pooled or unitized in any manner, the Royalty Interest shall apply to and affect only the Minerals production that accrues to such Subject
Interest under and by virtue of the applicable pooling and unitization agreement or order. It shall not be necessary for Assignee to agree to, consent to, ratify, confirm or adopt any exercise of pooling or unitization of any Subject Interest by
Assignor. 
 ARTICLE X 
 GOVERNMENT REGULATION 
 Section 10.01 Legal Requirements.
Except as provided in Section 10.03, all obligations of Assignor under this Conveyance are, and shall be, subject to all applicable Legal Requirements and the instruments, documents and agreements creating the Subject Interests. 

Section 10.02 Filings. Assignor shall use its reasonable discretion in making filings for itself and on behalf of Assignee
with any Governmental Authority having jurisdiction with respect to matters affecting the Subject Interests, the Subject Lands or the Subject Minerals. 
 Section 10.03 Superseding Effect. By acceptance of this Conveyance, Assignee agrees, for itself and its successors and assigns, immediate and remote, that the timing of payment, accrual of
interest and reporting requirements with respect to the Royalty Interest shall be as provided by the terms of this Conveyance and not as prescribed by the Oklahoma Production Revenue Standards Act, as amended, codified at Title 52,
Section 570.1, et seq. of the Oklahoma Statutes, and any similar Legal Requirement. 
 ARTICLE XI 

ASSIGNMENT AND SALE OF SUBJECT INTERESTS 
 Section 11.01 Assignment by Assignor Subject to Royalty Interest. 
 (a)
Right to Sell. Assignor may not Transfer any interest in the Development Wells, the Subject Interests or any part thereof or any undivided interest therein in violation of Section 11.04. Subject to Section 11.02 and 11.04,
Assignor may from time to time Transfer, mortgage or pledge its interest in the Development Wells, the Subject Interests, or any part thereof or undivided interest therein, if and only if (i) such Transfer, mortgage or pledge is made expressly
subject to and burdened with the Royalty Interest and this Conveyance, (ii) solely in connection with a Transfer other than a Transfer pursuant to a foreclosure on any mortgage or security interest, Assignor has caused the assignee, purchaser,
transferee or grantee of any such transaction to (A) acknowledge that the affected Subject Interests are taken subject to and burdened with the Royalty Interest and this Conveyance and (B) assume and agree to discharge Assignor’s
obligations under this Conveyance with respect to such Subject Interests from and after the actual date of any such Transfer, and (iii) in connection with any Transfer pursuant to a foreclosure on any mortgage or security interest, Assignor has
used commercially reasonable efforts to cause the assignee, purchaser, transferee or grantee of any such transaction to (A) acknowledge that the affected Subject Interests are taken subject to and burdened with the Royalty Interest and this
Conveyance and (B) assume and agree to discharge Assignor’s 

  
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obligations under this Conveyance with respect to such Subject Interests from and after the actual date of any such Transfer. Any assumption and agreement to discharge shall be by appropriate
written instrument for the express benefit of and enforceable by the Assignee. For avoidance of doubt, nothing in Section 11.01(a) is intended to permit any assignee, purchaser, transferee or grantee to acquire any interest in the Development
Wells, the Subject Interests or any part thereof or undivided interest therein without being subject to and burdened with the Royalty Interest and this Conveyance. Assignee shall not be required to recognize any purported Transfer, mortgage or
pledge not made in conformance with this Section 11.01(a) and, notwithstanding any such purported Transfer, mortgage or pledge, Assignor shall remain obligated under this Conveyance just as if such Transfer, mortgage or pledge attempt had not
been made and Assignee shall continue to deal with the Assignor to the exclusion of the purported transferee. Further, to the extent permitted by applicable law, any purported Transfer not made in conformance with this Section 11.01(a) shall be
void and of no effect. 
 (b) Effect of Sale. From and after the actual date of any such Transfer by Assignor made in
full compliance with Section 11.01(a) (and only upon such full compliance), Assignor shall be relieved of all obligations, requirements and responsibilities arising under this Conveyance with respect to the Subject Interests Transferred, as the
same pertain to Assignee Minerals produced from and after (but not prior to) said date of such Transfer. 
 (c) Allocation of
Consideration. Assignee is not entitled to receive any share of the sales proceeds received by Assignor in any transaction permitted by this Section 11.01. 
 (d) Separate Interest. Notwithstanding any provision to the contrary in Article IV, effective on the effective date of any Transfer of any Subject Interest made in full compliance with
Section 11.01(a), Assignee Minerals and Assignee Proceeds shall thereafter be computed separately with respect to such Subject Interests, and the assignee, buyer, transferee or grantee of such Subject Interests shall thereafter serve as
Assignee’s agent and representative under Article IV with respect to such interests and shall pay all corresponding Assignee Proceeds directly to Assignee. 
 Section 11.02 Sale and Release of Properties. 
 (a) Transfer.
Subject to Section 11.04, Assignor may from time to time, Transfer the Development Wells, the Subject Interests, or any part thereof or undivided interest therein, free of the Royalty Interest and this Conveyance provided that the aggregate
Fair Value of all Royalty Interests released with respect to the Assignor Conveyances during any twelve (12) month period shall not exceed $5,000,000. 
 (b) Payments. In connection with any Transfer pursuant to this Section 11.02, Assignor shall remit to Assignee an amount equal to the Fair Value of the Royalty Interest being released.
Assignor shall make such payment to Assignee on the Quarterly Payment Date for the Computation Period in which Assignor receives the payment with respect to any such Transfer of the Subject Interest. 

(c) Release. In connection with any Transfer provided for in Section 11.02(a), Assignee shall, on request, execute,
acknowledge and deliver to Assignor a recordable instrument (reasonably acceptable to Assignor) that releases the Royalty Interest with respect to the Development Well and the related Subject Interests and Subject Lands being Transferred.

  
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 (d) Effect of Sale. From and after the actual date of any such Transfer by Assignor,
Assignor and any assignee, purchaser, transferee or grantee of such Subject Interest shall be relieved of all obligations, requirements and responsibilities arising under the Royalty Interest or this Conveyance with respect to the Development Well
or Subject Interests Transferred, except for those that accrued prior to such date. 
 Section 11.03 Farmouts.

 (a) Farmout. Assignor may from time to time enter into Farmout Agreements with Third Persons with respect to the
Subject Interests. In the event that Assignor enters into any Farmout Agreement with a Third Person, (i) the Royalty Interest and this Conveyance shall only burden Assignor’s retained interest in the Subject Interest after giving effect to
any interest in the Subject Interest that a counterparty to the Farmout Agreement may earn under such Farmout Agreement and (ii) only the Assignor’s retained interest in the Subject Interest will count towards SandRidge’s obligation
to drill Development Wells under the Development Agreement. 
 (b) Release. In connection with Assignor entering into any
Farmout Agreement, Assignee shall, upon request of Assignor, execute, acknowledge and deliver to Assignor a recordable instrument (reasonably acceptable to Assignor) that releases the Royalty Interest and this Conveyance with respect to the Subject
Interests being transferred pursuant to such Farmout Agreement; provided, the Royalty Interest shall still burden the Subject Interest retained by Assignor. 
 Section 11.04 Transfer of Subject Lands. Assignor will not Transfer any Development Well or any of the Subject Interests comprising a part of the Subject Lands pursuant to Sections 11.01
and 11.02 prior to the Drilling Obligation Completion Date, and in the event of any attempted Transfer in violation of this Section 11.04, Assignor shall remain liable and a party hereto, just as if no Transfer attempt had been made, and
Assignee shall continue to deal with Assignor to the exclusion of the purported transferee. Further, to the extent permitted by applicable law, such attempted Transfer in violation of this Section 11.04 shall be void and of no force or effect.
Assignor expressly states and recognizes that the restrictions on transfer imposed on Assignor in this Section 11.04 and in Section 11.01(a) are made in reasonable protection of an interest of the Assignee created hereunder. 

Section 11.05 Change in Ownership. 
 (a) Obligation to Give Notice. No change of ownership or of the right to receive payment of the Royalty Interest, or of any part thereof, however accomplished, shall bind Assignor until notice
thereof is furnished to Assignor by the Person making the transfer and the Person claiming the benefit thereof, and then only with respect to payments made after such Notice is furnished. 

(b) Notice of Sale. Notice of sale, transfer, conveyance or assignment shall consist of a certified copy of the recorded
instrument accomplishing the same. 

  
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 (c) Notice of Other Changes of Ownership. Notice of change of ownership or of the
right to receive payment accomplished in any other manner (e.g., by dissolution of Assignee) shall consist of certified copies of recorded documents and complete proceedings legally binding and conclusive of the rights of all Persons.

 (d) Effect of Lack of Notice. Until such Notice accompanied by such documentation is furnished to Assignor in the
manner provided above, Assignor may, at Assignor’s election, either (i) continue to pay or tender all sums payable on the Royalty Interest in the same manner provided in this Conveyance, precisely as if no such change in interest or
ownership or right to receive payment had occurred or (ii) suspend payment of Assignee Proceeds without interest until such documentation is furnished. 
 (e) Effect of Nonconforming Notices. The kinds of Notice provided by this Section 11.05 shall be exclusive, and no other kind, whether actual or constructive, shall bind Assignor. 

Section 11.06 One Payee. Assignor shall never be obligated to pay Assignee Proceeds to more than one Person. If more than one
Person is ever entitled to receive payment of any part of Assignee Proceeds, Assignor may suspend payments of all Assignee Proceeds until the concurrent owners or claimants of the Royalty Interest or the right to receive payment of Assignee Proceeds
appoint one Person in writing to receive all payments of Assignee Proceeds on their behalf. Assignor may thereafter conclusively rely upon the authority of that Person to receive payments of Assignee Proceeds and shall be under no further duty to
inquire into the authority or performance of such Person. 
 Section 11.07 Rights of Mortgagee. If Assignee executes
a mortgage or deed of trust covering all or part of the Royalty Interest, the mortgagees or trustees therein named or the holders of any obligation secured thereby shall be entitled, to the extent that such mortgage or deed of trust so provides, to
exercise the rights, remedies, powers and privileges conferred upon Assignee by this Conveyance and to give or withhold all consents required to be obtained from Assignee. This Section 11.07 shall not be deemed or construed to impose upon
Assignor any obligation or liability undertaken by Assignee under such mortgage or deed of trust or under the obligation secured thereby. 
 Section 11.08 No Drainage. Subsequent to the Drilling Obligation Completion Date, neither Assignor nor any of its Affiliates shall drill any Mineral well that will have a perforated segment in
the Target Formation that will be within six hundred sixty feet (660’) of any perforated interval of any Development Well which produces oil or gas from the Target Formation. 

ARTICLE XII 

FORCE MAJEURE 
 Section 12.01 Nonperformance. Assignor shall not be responsible to Assignee for any loss or damage to Assignee resulting from any delay in performing or failure to perform any obligation under
this Conveyance (other than Assignor’s obligation to make payments of Assignee Proceeds to Assignee) to the extent such failure or delay is caused by Force Majeure. 

  
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 Section 12.02 Force Majeure. “Force Majeure” means any of the
following, to the extent they are not caused solely by the breach by Assignor of its duty to perform certain obligations under this Conveyance in accordance with the Reasonably Prudent Operator Standard: 

(a) act of God, fire, lightning, landslide, earthquake, storm, hurricane, hurricane warning, flood, high water, washout, tidal wave
or explosion; 
 (b) strike, lockout, or other similar industrial disturbance, act of the public enemy, war, military
operation, blockade, insurrection, riot, epidemic, arrest or restraint of Governmental Authority or people, or national emergency; 
 (c) the inability of the Assignor to acquire, or the delay on the part of any Third Person (other than an Affiliate of the Assignor) in acquiring, materials, supplies, machinery, equipment,
servitudes, right-of-way grants, easements, permits, licenses, approvals or authorizations necessary to enable such Party to perform hereunder; 
 (d) any breakage of or accident to machinery, equipment or lines of pipe, the repair, maintenance, improvement, replacement, alteration to a plant or line of pipe or related facility, the testing of
machinery, equipment or line of pipe, or the freezing of a line of pipe; 
 (e) any Legal Requirement or the affected
Party’s compliance therewith; or 
 (f) any other cause, whether similar or dissimilar to the causes enumerated in
(a) through (e) above, not reasonably within the control of Assignor. 
 Section 12.03 Force Majeure
Notice. Assignor will give Assignee a Notice of each Force Majeure as soon as reasonably practicable after the occurrence of the Force Majeure. 
 Section 12.04 Remedy. Assignor will use its reasonable efforts to remedy each Force Majeure and resume full performance under this Conveyance as soon as reasonably practicable, except that the
settlement of strikes, lockouts or other labor disputes shall be entirely within the discretion of Assignor. 
 ARTICLE XIII

 NOTICE 
 Section 13.01 Written Notice. Except as otherwise provided by this Conveyance, each Notice shall be in writing. 
 Section 13.02 Methods of Giving Notice. Notice may be given by any reasonable means, including email, telecopier, hand delivery, overnight courier or U.S. mail. 

Section 13.03 Charges. All Notices shall be properly addressed to the recipient, with all postage and other charges being
paid by the Party giving Notice. 
 Section 13.04 Effective Date. Notice shall be effective when actually received
by the Party being notified; provided, however, that Notices given by email or telecopy on any day 

  
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other than a Business Day, or on a Business Day but after 5:00 p.m. local time at the location of the Party being notified, shall be deemed received on the next Business Day, unless receipt is
acknowledged prior to the next Business Day. 
 Section 13.05 Addresses. The addresses of the Parties for purposes
of Notice are the addresses in the introductory paragraph to this Conveyance. 
 Section 13.06 Change of Address.
Either Party may change its address to another address within the continental United States by giving ten (10) days’ Notice to the other Party. 
 ARTICLE XIV 
 OTHER PROVISIONS 

Section 14.01 Successors and Assigns. The provisions and conditions contained in this Conveyance shall run with the land and
the respective interests of Assignor and Assignee in the Subject Lands, and, subject to the limitation and restrictions on the assignment or delegation by the Parties of their rights and interests under this Conveyance, this Conveyance binds and
inures to the benefit of Assignor, Assignee and their respective successors, assigns and legal representatives. 

Section 14.02 Governing Law. THIS CONVEYANCE SHALL BE CONSTRUED UNDER AND GOVERNED BY THE LAWS OF THE STATE OF OKLAHOMA
WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PRINCIPLES THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 Section 14.03 Construction of Conveyance. In construing this Conveyance, the following principles shall be followed: 
 (a) no consideration shall be given to the captions of the articles, sections, subsections or clauses, which are inserted for convenience in locating the provisions of this Conveyance and not as an
aid in its construction; 
 (b) no consideration shall be given to the fact or presumption that one Party had a greater or
lesser hand in drafting this Conveyance; 
 (c) the word “includes” and its syntactical variants mean
“includes, but is not limited to” and corresponding syntactical variant expressions; 
 (d) a defined term has
its defined meaning throughout this Conveyance, regardless of whether it appears before or after the place in this Conveyance where it is defined; 
 (e) the plural shall be deemed to include the singular, and vice versa, unless the content otherwise requires; and 
 (f) each exhibit, attachment and schedule to this Conveyance is a part of this Conveyance, but if there is any conflict or inconsistency between the main body of this Conveyance and any exhibit,
attachment or schedule, the provisions of the main body of this Conveyance shall prevail. 

  
 23 

 Section 14.04 No Waiver. Failure of either Party to require performance of any
provision of this Conveyance shall not affect either Party’s right to require full performance thereof at any time thereafter, and the waiver by either Party of a breach of any provision hereof shall not constitute a waiver of a similar breach
in the future or of any other breach or nullify the effectiveness of such provision. 
 Section 14.05 Relationship of
Parties. This Conveyance does not create a partnership, mining partnership, joint venture or relationship of trust or agency (except with respect to Assignor’s agency relationship with respect to those matters set forth in Articles IV and V
above) between the Parties. 
 Section 14.06 Further Assurances. Each Party shall execute, acknowledge and deliver
to the other Party all additional instruments and other documents reasonably required to describe more specifically any interests subject hereto, to vest more fully in Assignee the Royalty Interest conveyed (or intended to be conveyed) by this
Conveyance, or to evidence or effect any transaction contemplated by this Conveyance. Assignor shall also execute and deliver all additional instruments and other documents reasonably required to transfer interests in state, federal or Indian lease
interests in compliance with applicable Legal Requirements or agreements. Upon expiration of the Term, Assignee shall, on request, execute, acknowledge and deliver to Assignor sufficient numbers of recordable instruments releasing all of the Subject
Lands from this Conveyance. 
 Section 14.07 The 12:01 A.M. Convention. Except as otherwise provided in this
Conveyance, each calendar day, month, quarter and year shall be deemed to begin at 12:01 a.m. Central Time on the stated day or on the first day of the stated month, quarter or year, and to end at 12:00 a.m. Central Time on the next day or on first
day of the next month, quarter or year, respectively. 
 Section 14.08 Counterpart Execution. This Conveyance may be
executed in any number of counterparts, all of which are identical except that to facilitate filing and recording, counterparts to be filed and recorded in the appropriate records of each county may have included in Exhibit A only those portions of
Exhibit A that contain descriptions of the lands and leases located in said county. Every counterpart of this Conveyance shall be deemed to be an original for all purposes, and all such counterparts together shall constitute one and the same
instrument. An executed counterpart of this Conveyance containing the full text to the entire Exhibits and Annexes is recorded in the real property records of Alfalfa County, Oklahoma. Counterparts of this Conveyance with all portions of Exhibit A
attached thereto will be kept at the offices of Assignor and Assignee at the addresses indicated above. As between the Parties, any signature hereto delivered by a Party by facsimile transmission or email pdf. shall be deemed an original hereto.

 Section 14.09 Present and Absolute Conveyance. It is the express intention of Assignor and Assignee that the
Royalty Interest is, and shall be construed for all purposes as, a present, fully-vested and absolute conveyance. 

  
 24 

 Section 14.10 Tax Treatment. Notwithstanding that this Royalty Interest may be a
real property interest for purposes of applicable state law, the Parties agree to treat this Royalty Interest as a mortgage loan for federal income tax purposes pursuant to Section 636(a) of the Code (and for the purposes of any similarly
calculated state income or franchise taxes) but for no other purposes, and the Parties agree (a) to file all federal income tax and state income tax and franchise tax returns consistent with this Section 14.10, (b) to use a comparable
yield of 10% per month for purpose of Treasury Regulation Section 1.1275-4(b) and (c) to utilize the “projected payment schedule” provided for in Treasury Regulation Section 1.1275-4(b) and attached hereto as
Schedule 14.10 for purposes of reporting income and deductions (and adjustments thereto) in respect of the Royalty Interest. For avoidance of doubt, the parties acknowledge that Assignor (and not Assignee) is entitled to all tax credits and
other applicable tax attributes attributable to this Royalty Interest and the production of Minerals attributable thereto. 

Section 14.11 Severability. In case any provision, covenant or obligation under this Conveyance is held to be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions, covenants or obligations of this Conveyance are declared to be severable and not in any way affected or impaired thereby. 

[Remainder of page intentionally left blank.] 

  
 25 

 IN WITNESS WHEREOF, each Party has caused this Conveyance to be executed in its name and
behalf and delivered on the date or dates stated in the acknowledgment certificates appended to this Conveyance, to be effective as of the Effective Time. 

 

			
	SandRidge Exploration and Production, LLC
		
	By:	 	 /s/ James D. Bennett

		 	Name: James D. Bennett
		 	Title:   Executive Vice President and
            Chief Financial
Officer

  

			
	Mistmada Oil Company, Inc.
		
	By:	 	 /s/ James D. Bennett

		 	Name: James D. Bennett
		 	Title:   Executive Vice President and
            Chief Financial Officer

  

[Signature Page to the Term Conveyance (PUD)] 

			
	 STATE OF OKLAHOMA
	  	 §

		  	 §

	 COUNTY OF OKLAHOMA
	  	 §

This instrument was acknowledged before me on March 31, 2011, by James D. Bennett as Executive Vice President and Chief
Financial Officer of SandRidge Exploration and Production, LLC, a Delaware limited liability company, on behalf of said limited liability company. 
 WITNESS my hand and official seal this 31st day of March, 2011. 
  

	
	 /s/ Janis L. Roberts

	NOTARY PUBLIC,
	 State of Oklahoma

	 Janis L. Roberts

	(printed name)

 My commission expires: 

May 22, 2012 
 [SEAL] 

  

[Acknowledgment Page to the Term Conveyance (PUD)] 

			
	 STATE OF OKLAHOMA
	  	 §

		  	 §

	 COUNTY OF OKLAHOMA
	  	 §

This instrument was acknowledged before me on March 31, 2011, by James D. Bennett as Executive Vice President and Chief
Financial Officer of Mistmada Oil Company, Inc., an Oklahoma corporation, on behalf of said corporation. 
 WITNESS my hand and official seal
this 31st day of March, 2011. 
  

	
	 Janis L. Roberts

	NOTARY PUBLIC,
	 State of Oklahoma

	 Janis L. Roberts

	(printed name)

 My commission expires: 

May 22, 2012 
 [SEAL] 

  

[Acknowledgment Page to the Term Conveyance (PUD)] 

 Exhibit A 

(Subject Lands) 

 Exhibit B 

(Excluded Assets) 

 Schedule 14.10 

(Tax Schedule)Administrative Services Agreement

 Exhibit 10.6 
 ADMINISTRATIVE SERVICES AGREEMENT 
 This Administrative Services Agreement
(this “Agreement”) by and between SandRidge Energy, Inc., a Delaware corporation, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (the “Company”), and SandRidge Mississippian Trust I, a
statutory trust formed under the laws of the State of Delaware (the “Trust”) is delivered to be effective as of 12:01 a.m., Central Time, January 1, 2011 (the “Effective Time”). All capitalized terms not otherwise
defined herein shall have the meanings ascribed to such terms in Article I below. 
 WHEREAS, pursuant to that certain Term
Overriding Royalty Interest Conveyance (PDP), that certain Term Overriding Royalty Interest Conveyance (PUD), that certain Perpetual Overriding Royalty Interest Conveyance (PDP) and that certain Perpetual Overriding Royalty Interest Conveyance
(PUD), each effective as of the Effective Time (collectively, the “Conveyances”), SandRidge Exploration and Production, LLC has caused to be conveyed to the Trust or Mistmada Oil Company, Inc., an Oklahoma corporation (the
“Company Subsidiary”), as applicable, overriding royalty interests in certain oil and natural gas properties located in Alfalfa, Garfield, Grant, Major and Woods Counties, Oklahoma (the “Royalty Interests”);

 WHEREAS, the Company Subsidiary has assigned all of its Royalty Interests to the Trust, and consequently the Trust holds all
of the Royalty Interests; and 
 WHEREAS, in connection with the Conveyances, the Company has agreed to provide certain
administrative services for the Trust in exchange for an administrative services fee as described herein. 
 NOW, THEREFORE, in
consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intended to be legally bound hereby, it is agreed as follows:

 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. As used in this
Agreement, the following terms have the respective meanings set forth below: 
 “AAA” has the meaning set forth in
Section 2.06. 
 “Administrative Services Fee” has the meaning set forth in Section 3.01. 

“Affiliate” means, for any specified Person, another Person that controls, is controlled by, or is under common control with,
the specified Person. “Control,” in the preceding sentence, refers to the possession by one Person, directly or indirectly, of the right or power to direct or cause the direction of the management and policies of another Person, whether
through the ownership of voting securities, by contract or otherwise. 

 “Agreement” has the meaning set forth in the introductory paragraph to this
Agreement. 
 “Business Day” means any day that is not a Saturday, Sunday, a holiday determined by the New York Stock
Exchange, Inc. as “affecting ‘ex’ dates” or any other day on which national banking institutions in New York, New York are closed as authorized or required by law. 

“Claimant” has the meaning set forth in Section 2.06. 

“Company” has the meaning set forth in the introductory paragraph to this Agreement. 

“Company Subsidiary” has the meaning set forth in the recitals to this Agreement. 

“Conveyances” has the meaning set forth in the recitals to this Agreement. 

“Development Agreement” means that certain Development Agreement, effective as of the Effective Time, between the Company,
SandRidge Exploration and Production, LLC, and the Trust, as the same may be amended from time to time. 
 “Effective
Time” has the meaning set forth in the introductory paragraph to this Agreement. 
 “External Expenses” means the
actual out-of-pocket fees, costs and expenses incurred by the Company in connection with the provision of the Services. 

“Force Majeure” shall mean any cause beyond the reasonable control of the Company, including acts of God, strikes, lockouts,
acts of the public enemy, wars or warlike action (whether actual or impending), arrests and other restraints of government (civil or military), blockades, embargoes, insurrections, riots, epidemics, landslides, lightning, earthquakes, fires,
sabotage, tornadoes, named tropical storms and hurricanes, and floods, civil disturbances, terrorism, mechanical breakdown of machinery or equipment, explosions, confiscation or seizure by any government or other public authority, any order of any
court of competent jurisdiction, regulatory agency or governmental body having jurisdiction. 
 “Person” means any
natural person, corporation, partnership, trust, estate or other entity, organization, or association. 
 “Registration
Rights Agreement” means that certain Registration Rights Agreement, dated as of April 12, 2011, by and between the Trust and the Company. 
 “Respondent” has the meaning set forth in Section 2.06. 

“Royalty Interests” has the meaning set forth in the recitals to this Agreement. 

  
 2 

 “Rules” has the meaning set forth in Section 2.06. 

“Services” has the meaning set forth in Section 2.01. 

“Special Provision” has the meaning set forth in Section 2.06. 

“Termination Date” has the meaning set forth in Section 5.01. 

“Trust” has the meaning set forth in the introductory paragraph to this Agreement. 

“Trust Agreement” means the Amended and Restated Trust Agreement of the Trust, dated as of April 12, 2011 (as may be
amended from time to time), among SandRidge Energy, Inc., the Trustee and Corporation Trust Company, as Delaware Trustee. 

“Trustee” means The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws of the
United States of America with its principal place of business in New York, New York, as trustee, acting not in its individual capacity but solely as trustee of the Trust. 
 Section 1.02 Construction. Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; (c) the terms “include,” “includes,”
“including” or words of like import shall be deemed to be followed by the words “without limitation;” and (d) the terms “hereof,” “herein” or “hereunder” refer to this Agreement as a whole and
not to any particular provision of this Agreement. The headings contained in this Agreement are for reference purposes only, and shall not affect in any way the meaning or interpretation of this Agreement. 

ARTICLE II 

SERVICES 

Section 2.01 Services. Subject to the terms of this Agreement and in exchange for the payments described in
Section 3.01, the Company hereby agrees to provide the Trust with such services as are necessary to fulfill the purposes of the Trust as set forth in Section 2.02 of the Trust Agreement, such other administrative services of similar
character and scope to the foregoing and any other administrative services that may be required to satisfy the Trust’s obligations under the Registration Rights Agreement, that the Trust may reasonably request the Company provide during the
term of this Agreement, including such accounting, bookkeeping and informational services as may be necessary for the preparation of reports the Trust is or may be required to prepare and/or file in accordance with applicable tax and securities
laws, exchange listing rules and other requirements, including reserve reports, tax returns and Forms K-1 (all of the foregoing being herein called the “Services”). 

Section 2.02 Performance of Services by Others. The parties hereby agree that in discharging the Company’s obligations
under this Agreement, the Company may, in its sole discretion, engage any other Person, including its Affiliates, to perform the Services (or any part of the Services) on its behalf and that, subject to the Company’s right to reimbursement for

  
 3 

 
External Expenses in accordance with this Agreement, the performance of the Services (or any part of the Services) by any such Person shall be treated as if the Company performed such Services
itself. Notwithstanding the foregoing, nothing contained herein shall relieve the Company of its obligations hereunder. 

Section 2.03 Intellectual Property. Any (a) inventions, whether patentable or not, developed or invented, or
(b) copyrightable material (and the intangible rights of copyright therein) developed, in each case by the Company, its Affiliates or its or their employees in connection with the performance of the Services shall be the property of the
Company; provided, however, that the Trust shall be granted an irrevocable, royalty-free, non-exclusive and non-transferable right and license to use such inventions or material; and provided further, however, that the Trust shall only be granted
such a right and license to the extent such grant does not conflict with, or result in a breach, default or violation of a right or license to use such inventions or material granted to the Company by any Person other than an Affiliate of the
Company. Notwithstanding the foregoing, the Company will use all commercially reasonable efforts to grant such right and license to the Trust. 
 Section 2.04 Independent Status. It is expressly acknowledged by the parties hereto that each party is an “independent contractor” and nothing in this Agreement is intended nor shall
be construed to create an employer/employee, joint venture or partnership relationship, or to allow any party to exercise control or direction over the other party. Except as required in connection with the performance of the Services, neither the
Company nor any agent, employee, servant, contractor or subcontractor of the Company or any of its Affiliates shall have the authority to bind the Trust to any contract or arrangement. Neither the Trust nor the Trustee shall be liable for the
salary, wages or benefits, including workers’ compensation insurance and unemployment insurance, of any employee, agent, servant, contractor or subcontractor of the Company or its Affiliates by virtue of this Agreement. The Company shall not be
a fiduciary with respect to the Trust and shall owe no fiduciary duties or liabilities to the Trust. 
 Section 2.05
Warranties; Limitation of Liability. The Company will use commercially reasonable efforts to provide the Services in a good and workmanlike manner in accordance with the sound and prudent practices of providers of similar services. EXCEPT AS SET
FORTH IN THE PRECEDING SENTENCE, THE COMPANY MAKES NO (AND HEREBY DISCLAIMS AND NEGATES ANY AND ALL) WARRANTIES OR REPRESENTATIONS WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE SERVICES. IN NO EVENT WILL THE COMPANY OR ANY OF ITS AFFILIATES BE
LIABLE TO ANY OF THE PERSONS RECEIVING ANY SERVICES OR TO ANY OTHER PERSON FOR ANY EXEMPLARY, PUNITIVE, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES RESULTING FROM ANY ERROR IN THE PERFORMANCE OF SUCH SERVICES, REGARDLESS OF
WHETHER THE PERSON PROVIDING SUCH SERVICES, ITS AFFILIATES OR OTHERS MAY BE WHOLLY, CONCURRENTLY, PARTIALLY OR SOLELY NEGLIGENT OR OTHERWISE AT FAULT, EXCEPT TO THE EXTENT SUCH EXEMPLARY, PUNITIVE, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR
SPECIAL DAMAGES ARE PAID BY THE PARTY INCURRING SUCH DAMAGES TO A PERSON THAT IS NOT A PARTY TO THIS AGREEMENT. THE PROVISIONS OF THIS SECTION 2.05 WILL SURVIVE TERMINATION OF THIS AGREEMENT. 

  
 4 

 Section 2.06 Disputes. ANY DISPUTE, CONTROVERSY OR CLAIM THAT MAY ARISE BETWEEN
OR AMONG THE COMPANY (ON THE ONE HAND) AND THE TRUST (ON THE OTHER HAND) IN CONNECTION WITH OR OTHERWISE RELATING TO THIS AGREEMENT, THE NATURE OR QUALITY OF THE SERVICES, THE CALCULATION OR ALLOCATION OF THE ADMINISTRATIVE SERVICES FEE OR EXTERNAL
EXPENSES OR THE APPLICATION, IMPLEMENTATION, VALIDITY OR BREACH OF THIS AGREEMENT, SHALL BE FINALLY, CONCLUSIVELY AND EXCLUSIVELY SETTLED BY BINDING ARBITRATION IN OKLAHOMA CITY, OKLAHOMA (IF NO SUCH OFFICE EXISTS, IN THE DALLAS, TEXAS OFFICE OF
AAA) IN ACCORDANCE WITH THE COMMERCIAL ARBITRATION RULES (THE “RULES”) OF THE AMERICAN ARBITRATION ASSOCIATION OR ANY SUCCESSOR THERETO (“AAA”) THEN IN EFFECT. THE COMPANY AND THE TRUST HEREBY EXPRESSLY WAIVE THEIR
RIGHT TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO TRIAL BY JURY, WITH RESPECT TO ANY MATTER SUBJECT TO ARBITRATION PURSUANT TO THIS SECTION 2.06. EITHER THE COMPANY OR THE TRUST MAY BRING AN ACTION, INCLUDING A SUMMARY OR EXPEDITED PROCEEDING,
IN ANY COURT HAVING JURISDICTION, TO COMPEL ARBITRATION OF ANY DISPUTE, CONTROVERSY OR CLAIM TO WHICH THIS SECTION 2.06 APPLIES. EXCEPT WITH RESPECT TO THE FOLLOWING PROVISIONS (THE “SPECIAL PROVISIONS”) WHICH SHALL APPLY WITH
RESPECT TO ANY ARBITRATION PURSUANT TO THIS SECTION 2.06, THE INITIATION AND CONDUCT OF ARBITRATION SHALL BE AS SET FORTH IN THE RULES, WHICH RULES ARE INCORPORATED IN THIS AGREEMENT BY REFERENCE WITH THE SAME EFFECT AS IF THEY WERE ACTUALLY PRINTED
HEREIN. 
 (a) In the event of any inconsistency between the Rules and the Special Provisions, the Special Provisions shall
control. References in the Rules to a sole arbitrator shall be deemed to refer to the tribunal of arbitrators provided for under subparagraph (c) below in this Section 2.06. 

(b) The arbitration shall be administered by AAA. 
 (c) The arbitration shall be conducted by a tribunal of three arbitrators. Within ten days after arbitration is initiated pursuant to the Rules, the initiating party or parties (the
“Claimant”) shall send written notice to the other party or parties (the “Respondent”), with a copy to the Oklahoma City, Oklahoma office of AAA (if no such office exists, to the Dallas, Texas office of AAA),
designating the first arbitrator (who shall not be a representative or agent of any party but may or may not be an AAA panel member and, in any case, shall be reasonably believed by the Claimant to possess the requisite experience, education and
expertise in respect of the matters to which the claim relates to enable such person to completely perform arbitral duties). Within ten days after receipt of such notice, the Respondent shall send written notice to the Claimant, with a copy to the
Oklahoma City, Oklahoma office of AAA (if no such office exists, to the Dallas, Texas office of AAA) and to the first arbitrator, designating the second arbitrator (who shall not be a representative or agent of any party, but may or may not be an
AAA panel member and, in any case, shall be reasonably believed by the Respondent to possess the requisite experience, education and expertise in respect of the matters to which the claim relates to enable such person to competently perform arbitral
duties). Within ten days after such 

  
 5 

 
notice from the Respondent is received by the Claimant, the Respondent and the Claimant shall cause their respective designated arbitrators to select any mutually agreeable AAA panel member as
the third arbitrator. If the respective designated arbitrators of the Respondent and the Claimant cannot so agree within said ten day period, then the third arbitrator will be determined pursuant to the Rules. For purposes of this Section 2.06,
the Company (on the one hand) and the Trust (on the other hand) shall each be entitled to the selection of one arbitrator. Prior to commencement of the arbitration proceeding, each arbitrator shall have provided the parties with a resume outlining
such arbitrator’s background and qualifications and shall certify that such arbitrator is not a representative or agent of any of the parties. If any arbitrator shall die, fail to act, resign, become disqualified or otherwise cease to act, then
the arbitration proceeding shall be delayed for fifteen days and the party by or on behalf of whom such arbitrator was appointed shall be entitled to appoint a substitute arbitrator (meeting the qualifications set forth in this Section 2.06)
within such fifteen day period; provided, however, that if the party by or on behalf of whom such arbitrator was appointed shall fail to appoint a substitute arbitrator within such fifteen day period, the substitute arbitrator shall be a neutral
arbitrator appointed by the AAA arbitrator within fifteen days thereafter. 
 (d) All arbitration hearings shall be commenced
within one hundred twenty days after arbitration is initiated pursuant to the Rules, unless, upon a showing of good cause by a party to the arbitration, the tribunal of arbitrators permits the extension of the commencement of such hearing; provided,
however, that any such extension shall not be longer than sixty days. 
 (e) All claims presented for arbitration shall be
particularly identified and the parties to the arbitration shall each prepare a statement of their position with recommended courses of action. These statements of position and recommended courses of action shall be submitted to the tribunal of
arbitrators chosen as provided hereinabove for binding decision. The tribunal of arbitrators shall not be empowered to make decisions beyond the scope of the position papers. 
 (f) The arbitration proceeding will be governed by the substantive laws of the State of New York and will be conducted in accordance with such procedures as shall be fixed for such purpose by the tribunal
of arbitrators, except that (i) discovery in connection with any arbitration proceeding shall be conducted in accordance with the Federal Rules of Civil Procedure and applicable case law, (ii) the tribunal of arbitrators shall have the
power to compel discovery and (iii) unless the parties otherwise agree and except as may be provided in this Section 2.06, the arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. §§ 1-16, to the exclusion
of any provision of state law or other applicable law or procedure inconsistent therewith or which would produce a different result. The parties shall preserve their right to assert and to avail themselves of the attorney-client and
attorney-work-product privileges, and any other privileges to which they may be entitled pursuant to applicable law. No party to the arbitration or any arbitrator may compel or require mediation and/or settlement conferences without the prior
written consent of all such parties and the tribunal of arbitrators. 
 (g) The tribunal of arbitrators shall make an
arbitration award as soon as possible after the later of the close of evidence or the submission of final briefs, and in all cases the award shall be made not later than thirty days following submission of the matter. The finding and decision of a
majority of the arbitrators shall be final and shall be binding upon the parties. 

  
 6 

 
Judgment upon the arbitration award or decision may be entered in any court having jurisdiction thereof or application may be made to any such court for a judicial acceptance of the award and an
order of enforcement, as the case may be. The tribunal of arbitrators shall have the authority to assess liability for pre-award and post-award interest on the claims, attorneys’ fees, expert witness fees and all other expenses of arbitration
as such arbitrators shall deem appropriate based on the outcome of the claims arbitrated. Unless otherwise agreed by the parties to the arbitration in writing, the arbitration award shall include findings of fact and conclusions of law. 

(h) Nothing in this Section 2.06 shall be deemed to (i) limit the applicability of any otherwise applicable statute of
limitations or repose or any waivers contained in this Agreement, (ii) constitute a waiver by any party hereto of the protections afforded by 12 U.S.C. § 91 or any successor statute thereto or any substantially equivalent state law,
(iii) restrict the right of the Trustee to make application to any state or federal district court having jurisdiction in Oklahoma City, Oklahoma to appoint a successor Trustee or to request instructions with regard to any provision in this
Agreement when the Trustee is unsure of its obligations thereunder, or (iv) apply to the Delaware Trustee (as defined in the Trust Agreement). 
 The provisions of this Section 2.06 will survive termination of this Agreement. 
 ARTICLE III 
 ADMINISTRATIVE SERVICES FEE; REIMBURSEMENT OF EXPENSES

 Section 3.01 Administrative Services Fee; Reimbursement of External Expenses. 

(a) The Trust shall pay to the Company an annual administrative services fee of $200,000 (the “Administrative Services Fee”),
which shall be paid in immediately available funds and in equal quarterly installments, on or before the 45th day following each calendar quarter. In the event that this Agreement is terminated during a calendar quarter pursuant to
Section 5.01, the amount of the Administrative Services Fee for such calendar quarter shall be based upon the pro rata portion of the Administrative Services Fee that shall have accrued during such quarter up to and including the Termination
Date. 
 (b) In addition to the Administrative Services Fee, the Trust shall reimburse the Company on or before the 45th day
following each calendar quarter for all reasonable and necessary External Expenses associated with the provision of Services in the preceding quarter as set forth in a reasonably detailed invoice provided by the Company to the Trust on or before the
15th day following each calendar quarter. 
 Section 3.02 Set-Off. In the event that the Company or any of its
Affiliates owes the Trust a sum certain in an uncontested amount under any other agreement, then any such amounts may, in the sole discretion of the Company, be aggregated and the Trust and the Company (and the Company’s Affiliates, as the case
may be) shall discharge their obligations by netting those amounts against any amounts owed by the Trust to the Company under this Agreement. 

  
 7 

 ARTICLE IV 
 FORCE MAJEURE 
 Section 4.01 Force Majeure. The Company’s
obligation under this Agreement shall be excused when and to the extent its performance of that obligation is prevented due to Force Majeure. The Company shall promptly notify the Trustee that it is prevented from performing its obligations by
reason of Force Majeure and shall exercise due diligence to end its inability to perform as promptly as practicable. Notwithstanding the foregoing, the Company shall not be required to settle any strike, lockout or other labor dispute in which it or
any of its Affiliates may be involved. 
 ARTICLE V 

MISCELLANEOUS 
 Section 5.01 Term and Termination. 
 (a) This Agreement shall become
effective on the date of this Agreement and shall continue until the date (the “Termination Date”) that is the earliest of: 
 (i) the date the Trust shall have dissolved and commenced winding up its business and affairs in accordance with Section 9.02 of the Trust Agreement; 

(ii) the date that all of the Conveyances have been terminated or are no longer held by the Trust; 

(iii) the date that either the Company or the Trustee may designate by delivering a written notice no less than 90
days prior to such date, provided that the Company’s drilling obligations under the Development Agreement shall have been completed by such date; provided further, however, that the Company shall not terminate this Agreement except in
connection with the Company’s transfer of some or all of the Subject Interests (as defined in the Conveyances) and then only with respect to the Services to be provided with respect to the Subject Interests being transferred, and only upon the
delivery to the Trustee of an agreement of the transferee of such Subject Interests, reasonably satisfactory to the Trustee, in which such transferee assumes the responsibility to perform the Services relating to the Subject Interests being
transferred; and 
 (iv) the date as mutually agreed by the parties to this Agreement. 

(b) Upon termination of this Agreement in accordance with this Section 5.01(a)(i) or (ii), all rights and obligations under this
Agreement shall cease except for (i) obligations that expressly survive termination of this Agreement, (ii) liabilities and obligations that have accrued prior to the Termination Date, including the obligation to pay any amounts that have
become due and payable prior to such Termination Date and (iii) the obligation to pay any portion of the Administrative Services Fee that has accrued prior to such Termination Date, even if such portion has not become due and payable at such
time. Upon termination of this Agreement in accordance with Section 5.01(a)(iii), the Company’s obligations to provide Services shall cease only with respect to the Subject Interests transferred, and shall otherwise continue unabated. In

  
 8 

 
the event that the Company terminates this Agreement with respect to Subject Interests transferred in accordance with Section 5.01(a)(iii), the Administrative Services Fee shall be
proportionately reduced, unless the Company certifies to the Trustee that such transfer of the Subject Interests will not result in a material decrease in the Company’s costs of providing the Services to the Trust with respect to the remaining
Subject Interests. 
 Section 5.02 Notice. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand delivery, by facsimile, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by hand delivery, (ii) upon
confirmation, if made by facsimile, (iii) one Business Day after being deposited with such courier, if made by overnight courier or (iv) on the date indicated on the notice of receipt, if made by first-class mail, to the parties as
follows: 
  

	 	(a)	if to the Trust or the Trustee, to: 

 SandRidge Mississippian Trust I 
 c/o The Bank of New York Mellon
Trust Company, N.A. 
 Institutional Trust Services 

919 Congress Avenue, Suite 500 

Austin, Texas 78701 
 Attention: Mike J. Ulrich 
 Facsimile No.: (512) 479-2253

 With a copy to: 
 Bracewell & Giuliani LLP 
 111 Congress Avenue 

Suite 2300 
 Austin, Texas 78701 
 Attention: Thomas W. Adkins 

Facsimile No.: (512) 479-3940 
  

	 	(b)	if to the Company, to: 

 SandRidge Energy, Inc. 
 123 Robert S. Kerr Avenue 

Oklahoma City, OK 73102-6406 
 Attention: Philip T. Warman 
 Facsimile No.: (405) 429-5983

 With a copy to: 
 Covington & Burling LLP 
 1201 Pennsylvania Avenue, N.W.

 Washington, D.C. 20004 

Attention: David H. Engvall 
 Facsimile No. (202) 778 5307 
 or to such other address as such Person may have furnished to
the other Persons identified in this Section 5.02 in writing in accordance herewith. 

  
 9 

 Section 5.03 Entire Agreement; Supersedure; Third Party Beneficiaries. This
Agreement, together with all other agreements and documents contemplated to be executed and delivered in connection with the transactions contemplated hereby, constitutes the entire agreement of the parties relating to the matters contained herein,
superseding all prior contracts or agreements, whether written or oral, relating to the matters contained herein. This Agreement does not confer upon any Person, other than the parties hereto, any rights or remedies. 

Section 5.04 Effect of Waiver or Consent. Except as otherwise provided in this Agreement, a waiver or consent, express or
implied, to or of any breach or default by any party in the performance by that party of its obligations under this Agreement is not a consent or waiver to or of any other breach or default in the performance by that party of the same or any other
obligations of that party under this Agreement. 
 Section 5.05 Amendment or Modification. This Agreement may be
amended or modified from time to time only by a written instrument executed by each of the parties to this Agreement. 

Section 5.06 Assignment. Except as provided in Section 2.02, and except for any transfer of the rights of the Trustee
hereunder to a successor trustee of the Trust, no party to this Agreement shall have the right to assign its rights or obligations under this Agreement without the written consent of the other party to this Agreement. 

Section 5.07 Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all
parties to this Agreement had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 
 Section 5.08 Severability. If any provision of this Agreement or the application thereof to any party to this Agreement or circumstance shall be held invalid or unenforceable to any extent,
the remainder of this Agreement and the application of such provision to the other party to this Agreement or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law. 

Section 5.09 Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each
party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this
Agreement and all such transactions. 
 Section 5.10 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PRINCIPLES THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

  
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 Section 5.11 Limitation of Trustee’s Liability. It is expressly understood
and agreed by the Parties hereto that (a) this Agreement is executed and delivered by the Trustee not individually or personally, but solely as Trustee in the exercise of the powers and authority conferred and vested in it and (b) under no
circumstances shall the Trustee be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement. 

[Remainder of page deliberately left blank] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

					
	SandRidge Energy, Inc.
		
	By:	 	 /s/ James D. Bennett

		 	Name:	 	James D. Bennett
		 	Title:	 	 Executive Vice President and

Chief Financial Officer

  
 [Signature
Page to Administrative Services Agreement] 

 
					
	SandRidge Mississippian Trust I
		
	By:	 	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	 /s/ Michael J. Ulrich

		 	Name:	 	Michael J. Ulrich
		 	Title:	 	Vice-President

  
 [Signature
Page to Administrative Services Agreement]

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