Document:

Form of Derivatives Agreement

 Exhibit 10.8 
 DERIVATIVES AGREEMENT 
 dated as of 

[                      
              ], 2011 
 between 

SANDRIDGE ENERGY, INC., 
 and 
 SANDRIDGE MISSISSIPPIAN TRUST I 

 This DERIVATIVES AGREEMENT, dated as of
[                    ], 2011, is between SandRidge Energy, Inc., a Delaware corporation (“SandRidge”), and SandRidge Missippian
Trust I, a Delaware statutory trust (the “Trust”). 
 R E C I T A L S 

WHEREAS, the Trust is governed by that certain Amended and Restated Trust Agreement by and among SandRidge Energy, Inc., Corporation
Trust Company, as Delaware trustee, and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”); 

WHEREAS, SandRidge Exploration and Production, LLC (“SandRidge Sub”), a Delaware limited liability company and a wholly-owned
subsidiary of SandRidge, has conveyed (or caused to be conveyed) to the Trust certain royalty interests pursuant to (i) that certain Term Overriding Royalty Interest Conveyance (PDP), (ii) that certain Term Overriding Royalty Interest
Conveyance (PUD), (iii) that certain Perpetual Overriding Royalty Interest Conveyance (PDP), (iv) that certain Perpetual Overriding Royalty Interest Conveyance (PUD) and (v) that certain Assignment of Overriding Royalty Interest, in
each case effective as of 12:01 a.m., Central Time, January 1, 2011 (collectively, the “Conveyances”), pursuant to which SandRidge Sub will from time to time distribute cash proceeds to the Trust; 

WHEREAS, SandRidge has entered into commodity derivatives transactions with certain counterparties; 

WHEREAS, SandRidge and Trust desire to allocate among themselves certain of the economic benefits and costs associated with certain of
these transactions; 
 NOW, THEREFORE, in consideration of the premises herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 DEFINITIONS; TERMS GENERALLY 
 Section 1.01 Definitions. As used herein, terms defined above have the meanings given such terms above and the following terms have the following meanings: 

“Agreement” means this Derivatives Agreement, as the same may be amended, supplemented or otherwise modified from time to time.

 “Business Day” means a day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or required by law to remain closed. 
 “CS Trade Documents” means the ISDA Master Agreement dated as
of January 30, 2008 between SandRidge and Credit Suisse Energy LLC, including the Schedule thereto and each Confirmation entered into thereunder, in each case as in effect on the date hereof. 

“Confirmations” means the collective reference to each Confirmation attached hereto as Exhibit A. 

  
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 “Counterparties” means the collective reference to Deutsche Bank AG, London
Branch, Credit Suisse Energy LLC and Royal Bank of Canada. 
 “DB Trade Documents” means the ISDA Master Agreement
dated as of January 8, 2010 between SandRidge and Deutsche Bank AG, London Branch, including the Schedule thereto and each Confirmation entered into thereunder, in each case as in effect on the date hereof. 

“Defaulting Party” means, with respect to any Trade on any date of determination, any Person: (a) that is a
“Defaulting Party” or an “Affected Party” with respect to such Trade on such date under the applicable Trade Documents (as such terms are defined therein) or (b) in respect of which a “Potential Event of Default”
or an “Event of Default” has occurred and is continuing on such date under the applicable Trade Documents (as such terms are defined therein). 
 “Excluded Amount” means any amount payable by one party to another party pursuant to any Trade Documents on account of indemnity or reimbursement obligations (including additional amounts owing
in respect of tax gross up obligations), costs, fees, expenses (including, without limitation, attorneys fees) or default interest. 
 “Illegality” has the meaning specified in the applicable Trade Documents; provided that the term “Illegality” when used herein in reference to any Trade will only be deemed to
have occurred with respect to such Trade if either (a) the Counterparty is an “Affected Party” (as defined in the applicable Trade Documents) with respect to such Illegality; or (b) both (i) SandRidge is an “Affected
Party” (as defined in the applicable Trade Documents) with respect to such Illegality and (ii) the Trust would have been an “Affected Party” (as defined in the applicable Trade Documents) with respect to such Illegality if it
were a party to such Trade. 
 “Illegality Termination Payment” means any Termination Payment that becomes due and
payable as the result of the termination of any Trade prior to the stated termination date thereof based on the occurrence of an Illegality. 
 “Period End Date” means March 31, June 30, September 30 and December 31 of each calendar year. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, governmental authority or other entity. 
 “Quarterly Payment Date” means, with respect to any Quarterly
Period, the date that is forty-five (45) days after the last day of such Quarterly Period. 
 “Quarterly Period”
means each period from but excluding one Period End Date to and including the next Period End Date. 
 “RBC Trade
Documents” means the ISDA Master Agreement dated as of April 14, 2009 between SandRidge and Royal Bank of Canada, including the Schedule thereto and each Confirmation entered into thereunder, in each case as in effect on the date hereof.

  
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 “SandRidge Gross Up Amount” means, in relation to any Scheduled Payments or any
Illegality Termination Payments required to be made by the Counterparties during any Quarterly Period, an amount equal to the sum of all such Scheduled Payments or Illegality Termination Payments, as the case may be, that were due and payable by the
Counterparties but not paid by the Counterparties to SandRidge during such Quarterly Period (a) on account of the exercise of any right of netting or set-off against (i) obligations owed by SandRidge or its affiliates to the Counterparties
or their affiliates under agreements or instruments other than the Trade Documents or (ii) any obligation of SandRidge to pay an Excluded Amount pursuant to the Trade Documents; or (b) to the extent that any Counterparty (i) set-off
any such Scheduled Payments or Illegality Termination Payments, as the case may be, against any posted collateral held by SandRidge (or any obligation of SandRidge to transfer that posted collateral) or (ii) withheld payment of any such
Scheduled Payments or Illegality Termination Payments, as the case may be, up to the value of any posted collateral held by SandRidge. 
 “Scheduled Payment” means, with respect to any Trade, the net payment required to be made by one party thereto to the other party thereto on a “Payment Date” or a “Settlement
Payment Date” pursuant to the related Confirmation, without giving effect to the existence of any “Potential Event of Default”, “Event of Default” or the designation of an “Early Termination Date” (as such terms
are defined in the applicable Trade Documents) or any right of setoff, counterclaim or defense, and excluding, for the avoidance of doubt: (a) any obligation to transfer cash collateral or other collateral, (b) any Termination Payment and
(c) any Excluded Amount. 
 “Termination Payment” means, with respect to any Trade or group of Trades:
(a) the net amount which is due and payable by one party thereto to the other party thereto in respect of the early termination of such Trade or group of Trades, as determined pursuant to the applicable Trade Documents (including, for the
avoidance of doubt, any unpaid amounts), but (b) without giving effect to any right of set-off and/or right to apply any margin, collateral, guarantees or other credit support delivered or held in connection with such Trade, and
(c) excluding any Scheduled Payments (other than unpaid amounts) and any Excluded Amounts. 
 “Trades” means the
collective reference to each transaction evidenced by the Confirmations. 
 “Trade Documents” means the collective
reference to the DB Trade Documents, the CS Trade Documents and the RBC Trade Documents. 
 “Trust Gross Up Amount”
means, in relation to any Scheduled Payments or any Illegality Termination Payments required to be made by SandRidge during any Quarterly Period, an amount equal to the sum of all such Scheduled Payments or Illegality Termination Payments, as the
case may be, that were due and payable by SandRidge but not paid by SandRidge to the Counterparties during such Quarterly Period to the extent that SandRidge (i) set-off any such Scheduled Payments or Illegality Termination Payments, as the
case may be, against any posted collateral held by the Counterparties (or any obligation of the Counterparties to transfer that posted collateral) or (ii) withheld payment of any such Scheduled Payments or Illegality Termination Payments, as
the case may be, up to the value of any posted collateral held by the Counterparties. 

  
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 Section 1.02 Terms Generally. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall
be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise: (a) any reference herein to any law shall be construed as referring to such law as amended, modified, codified or reenacted,
in whole or in part, and in effect from time to time; (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to the restrictions contained in this Agreement); (c) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof and (d) any reference herein to Sections or
Exhibits shall be construed to refer to Sections of, or Exhibits to, this Agreement. 
 ARTICLE II 

PAYMENTS 

Section 2.01 Payments. On the Quarterly Payment Date for each Quarterly Period, commencing with the Quarterly Period ending
June 30, 2011: 
 (a) SandRidge will pay to the Trust an amount equal to the sum of the following (without duplication):
(i) all Scheduled Payments received by SandRidge from the Counterparties under all Trades during such Quarterly Period plus (ii) the SandRidge Gross Up Amount, if any, related to Scheduled Payments required to be made by the Counterparties
to SandRidge under all Trades during such Quarterly Period plus (iii) the amount of any Scheduled Payment required to be made by any Counterparty to SandRidge under any Trade during such Quarterly Period that was not received by SandRidge from
such Counterparty, but only if SandRidge was a Defaulting Party on the date such Scheduled Payment was required to be made by such Counterparty; 
 (b) the Trust will pay to SandRidge an amount equal to the sum of the following: (i) all Scheduled Payments made by SandRidge to the Counterparties under all Trades during such Quarterly Period plus
(ii) the Trust Gross Up Amount, if any, related to Scheduled Payments required to be made by SandRidge to the Counterparties under all Trades during such Quarterly Period, excluding, in the case of both clauses (i) and (ii) of this
subsection (b), any Scheduled Payment made by SandRidge to any Counterparty under any Trade with respect to which SandRidge (x) was a Defaulting Party on the date such Scheduled Payment was required to be made by SandRidge and
(y) continues to be a Defaulting Party on the Quarterly Payment Date; 
 (c) SandRidge will pay to the Trust an amount
equal to the sum of the following: (i) all Illegality Termination Payments received by SandRidge from the Counterparties under all Trades during such Quarterly Period plus (ii) the SandRidge Gross Up Amount, if any, related to Illegality
Termination Payments required to be made by the Counterparties to SandRidge under all Trades during such Quarterly Period; 

(d) the Trust will pay to SandRidge an amount equal to the sum of the following: (i) all Illegality Termination Payments made by
SandRidge to the Counterparties under all Trades during such Quarterly Period plus (ii) the Trust Gross Up Amount, if any, related to 

  
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Illegality Termination Payments required to be made by SandRidge to the Counterparties under all Trades during such Quarterly Period; 

(e) if any Trade has been terminated prior to its stated termination date other than as the result of the occurrence of an Illegality,
then notwithstanding the termination of such Trade, SandRidge will pay to the Trust an amount equal to the sum of each Scheduled Payment that would have become due and payable by the relevant Counterparty to SandRidge during such Quarterly Period if
such Trade had not been so terminated; and 
 (f) if any Trade has been terminated prior to its stated termination date other
than as the result of the occurrence of an Illegality, then notwithstanding the termination of such Trade, the Trust will pay to SandRidge an amount equal to the sum of each Scheduled Payment that would have become due and payable by SandRidge to
the relevant Counterparty during such Quarterly Period if such Trade had not been so terminated. 
 Section 2.02 Netting
of Payments. 
 (a) If, on any Quarterly Payment Date, identical amounts would otherwise be payable by each party to the
other pursuant to Section 2.01, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged. 
 (b) If, on any Quarterly Payment Date, the aggregate amount that would otherwise have been payable by one party pursuant to Section 2.01 exceeds the aggregate amount that would otherwise have been
payable by the other party, then the party that owes the larger aggregate amount must pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 

(c) Any amounts otherwise payable by the Trust to SandRidge under this Agreement may, at SandRidge’s option, be netted against and
subtracted from the amount of cash proceeds otherwise payable by SandRidge Sub to the Trust under the Conveyances. 

Section 2.03 General Conditions. All payments made hereunder shall be made in immediately available funds to the account or
accounts from time to time specified by the relevant payee. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day. SandRidge shall determine the amounts
due to (or from) the Trust under this Agreement, and all such determinations shall (in the absence of manifest error) be final and binding on each party. 
 Section 2.04 Certain Notices. SandRidge shall promptly notify the Trust of the designation of an “Early Termination Date” pursuant to any Trade Document and the termination of any
Trade, and shall provide the Trust with any documentation or other information related thereto as the Trust may reasonably request from time to time. 
 ARTICLE III 
 MISCELLANEOUS 

Section 3.01 Amendments. Any amendment, modification or waiver in respect of this Agreement will only be effective if in
writing (including a writing evidenced by a facsimile 

  
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transmission) and executed by each of the parties hereto. SandRidge will not make any material amendments to the terms of the Trades without the Trust’s consent. 

Section 3.02 No Waiver. No failure on the part of any party to exercise and no delay in exercising, and no course of dealing
with respect to, any right, power or privilege, or any abandonment or discontinuance of steps to enforce such right, power or privilege, under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 
 Section 3.03 Remedies Cumulative; Non-Exclusive; Etc. All rights, powers, privileges, remedies, and recourses granted in this Agreement or otherwise available at law or equity: (a) shall
be cumulative and concurrent; (b) may be pursued separately, successively, or concurrently; (c) may be exercised as often as occasion therefor shall arise, it being agreed that the exercise or failure to exercise or the beginning, or the
abandonment, or the delay of any of same, shall in no event be construed as a waiver or release thereof or of any other right, remedy, or recourse and (d) are intended to be, and shall be, nonexclusive. 

Section 3.04 Successors and Assigns. The provisions of this Agreement shall be binding upon each party and its successors and
permitted assigns and shall inure, together with all the rights and remedies hereunder, to the benefit of such party and its respective successors and assigns; provided that no party may assign, transfer or delegate any of its rights or obligations
under this Agreement without the prior written consent of the other party, and any such purported assignment, transfer or delegation shall be null and void. 
 Section 3.05 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such
provision in any other jurisdiction. 
 Section 3.06 Survival; Revival; Restatement. To the extent that any payments
made hereunder are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person or entity under any bankruptcy law, common law or equitable
cause, then to such extent, the obligations so satisfied shall be revived and continue as if such payment had not been received and the rights, powers and remedies under this Agreement shall continue in full force and effect. In such event, this
Agreement shall be automatically reinstated and each party shall take such action as may be reasonably requested by any other party to effect such reinstatement. 
 Section 3.07 Acknowledgments. 
 (a) Each party hereby acknowledges
that (i) no party has any fiduciary relationship with or duty to any other party arising out of or in connection with this Agreement; (ii) no joint venture is created hereby or otherwise exists by virtue of the transactions contemplated
hereby among the parties hereto; (iii) no other party is acting as a fiduciary or financial or investment advisor for it; (iv) it is not relying upon any representations (whether 

  
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written or oral) of any other party; (v) no other party has given to it (directly or indirectly through any other Person) any advice, counsel, assurance, guarantee, or representation
whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (either legal, regulatory, tax, financial, accounting, or otherwise) of this Agreement; (vi) it has made its own
investment, hedging, and trading decisions based upon its own judgment and upon any advice from such advisors as it has deemed necessary, and not upon any view expressed by the other party; (vii) all trading decisions have been the result of
arm’s length negotiations between the parties; (viii) it has a duty to read the Trade Documents and agrees that it is charged with notice and knowledge of the terms of the Trade Documents; that it has in fact read the Trade Documents and
is fully informed and has full notice and knowledge of the terms, conditions and effects thereof and (ix) it is entering into this Agreement with a full understanding of all of the risks hereof (economic and otherwise) and it is capable of
assuming and willing to assume (financially and otherwise) those risks. 
 (b) Without limiting the applicability of any other
provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy Code”) (including, without limitation, Sections 362, 546, 556, and 560 thereof and the applicable definitions in Section 101 thereof), the parties intend that the
transactions contemplated by this Agreement will constitute “forward contracts” or “swap agreements” as defined in Section 101 of the Bankruptcy Code, and that the parties are entitled to the rights under, and protections
afforded by, Sections 362, 546, 556, and 560 of the Bankruptcy Code. 
 (c) Each party represents to the other party that it is
an “eligible contract participant” within the meaning of the Commodity Exchange Act, Section 1a(12). 

Section 3.08 No Agency Relationship; No Assignment of Trades. Each of the parties hereto acknowledges and agrees that no
agency relationship is created hereby or otherwise exists by virtue of the transactions contemplated hereby among the parties hereto, it being expressly understood and agreed that SandRidge has entered into the Trades and the Trade Documents related
thereto as principal on its own behalf, and SandRidge is not acting as an agent of the Trust with respect to any Trade nor is SandRidge acting in any other capacity on behalf of the Trust, fiduciary or otherwise. Nothing contained herein shall be
interpreted to create or operate as an assignment, transfer or novation of any Trade, any Trading Document or any interest or obligation therein or thereunder. 
 Section 3.09 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 3.10 Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. In making proof of this Agreement, it shall not be necessary to produce or account for any counterpart other than one
signed by the party against which enforcement is sought. Delivery of an executed counterpart of a signature page of this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 Section 3.11 ENTIRE AGREEMENT. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT
BETWEEN THE PARTIES AS TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

Section 3.12 No Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and no other Person
(including, without limitation, any Counterparty) shall have any rights, claims, remedies or privileges hereunder against any party hereto for any reason whatsoever. There are no third party beneficiaries. 

Section 3.13 Tax Hedge Designation. Unless otherwise specifically identified, the Trust hereby identifies and designates this
Agreement and the economic benefits and costs associated with the underlying commodity derivatives transactions as a hedging transaction for tax purposes under Section 1221(a)(7) of the Internal Revenue Code of 1986, as amended and
Section 1.1221-2 of the Treasury regulations promulgated under the Internal Revenue Code. The transactions being hedged are as follows: (i) the sale of approximately 1,308 Bbl per day of oil production during the period of April, 1 2011
through December 31, 2011, 1,240 Bbl per day of oil production during 2012, 1,337 Bbl per day of oil production during 2013, 1,483 Bbl per day of oil production during 2014 and 1,281 Bbl per day of oil production during 2015, and (ii) the
sale of approximately 11,636 MMBtu per day of natural gas production during the period April 1, 2011 through December 31, 2011, the sale of approximately 14,276 MMBtu per day of natural gas production during 2012, the sale of approximately
2,350 MMBtu per day of natural gas production during 2013, the sale of approximately 2,567 MMBtu per day of natural gas production during 2014, and the sale of approximately 2,767 MMBtu per day of natural gas production during 2015, in each case by
SandRidge attributable to the Trust. The risk being hedged is the price movement for oil and natural gas production in the market where SandRidge sells the oil and natural gas. 

  
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 IN WITNESS WHEREOF, intending to be legally bound, each of the parties hereto has caused
this Agreement to be duly executed as of the date first above written. 
  

			
	SandRidge Energy, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to
Derivatives Agreement] 

 IN WITNESS WHEREOF, intending to be legally bound, each of the parties hereto has caused
this Agreement to be duly executed as of the date first above written. 
  

					
	SandRidge Mississippian Trust I
		
	By:	 	The Bank of New York Mellon Trust Company, N.A., as Trustee
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:

 [Signature Page to
Derivatives Agreement] 

 EXHIBIT A 
 CONFIRMATIONSForm of Mortgage

 Exhibit 10.9 
 WHEN RECORDED 
 PLEASE RETURN TO: 
 SandRidge Energy, Inc. 
 Attn: Phillip T. Warman 

123 Robert S. Kerr Avenue 
 Oklahoma City, OK
73102-6406 
  

			
		 	  

		 	Space above for County Recorder’s Use

A POWER OF SALE HAS BEEN GRANTED IN THIS MORTGAGE. A POWER OF SALE MAY ALLOW THE MORTGAGEE TO TAKE THE MORTGAGED PROPERTY AND SELL IT WITHOUT GOING
TO A COURT IN A FORECLOSURE ACTION UPON DEFAULT BY MORTGAGOR UNDER THIS MORTGAGE. 
 MORTGAGE 

FROM 
 SANDRIDGE
EXPLORATION AND PRODUCTION, LLC, 
 as MORTGAGOR 
 TO 
 SANDRIDGE MISSISSIPPIAN TRUST I, 

as MORTGAGEE 

Dated as of                 , 2011 

THIS INSTRUMENT IS TO BE FILED AND RECORDED AS A MORTGAGE IN THE REAL ESTATE RECORDS OF EACH COUNTY IN WHICH THE LANDS DESCRIBED IN EXHIBIT A, OR ANY
PORTION THEREOF, ARE LOCATED. 
 THIS MORTGAGE IS A MORTGAGE ON OIL AND GAS LEASES AND LEASEHOLD ESTATES, AS SUCH, NO REAL ESTATE MORTGAGE
TAX IS DUE. 

 MORTGAGE 
 THIS MORTGAGE (this “Mortgage”) is entered into as of                 , 2011, by SandRidge
Exploration and Production, LLC, a Delaware limited liability company, as mortgagor (“Mortgagor”), whose address for notice is 123 Robert S. Kerr Avenue, Oklahoma City, Oklahoma 73102-6406, and SandRidge Mississippian Trust
I, a statutory trust formed under the laws of the State of Delaware, as mortgagee (“Mortgagee”), whose address for notice is c/o The Bank of New York Mellon Trust Company, N.A., 919 Congress Avenue, Suite 500, Austin Texas
78701. 
 R E C I T A L S: 

A. By means of (1) a Term Overriding Royalty Interest Conveyance (PUD), effective as of January 1, 2011, from Mortgagor to
Mistmada Oil Company, Inc., an Oklahoma corporation (“SandRidge Sub”), a true and correct copy of which is annexed hereto as Annex A-1 and made a part hereof (the “Term Conveyance (PUD)”), (2) an
Assignment of Overriding Royalty Interest, effective as of January 1, 2011, from SandRidge Sub to Mortgagee, a true and correct copy of which is annexed hereto as Annex A-2 and made a part hereof (the “Assignment”), and
(3) a Perpetual Overriding Royalty Interest Conveyance (PUD), effective as of January 1, 2011, from Mortgagor to Mortgagee, a true and correct copy of which is annexed hereto as Annex A-3 and made a part hereof (the “Perpetual
Conveyance (PUD)” and, together with the Term Conveyance (PUD), collectively the “Conveyances”), the “Royalty Interest” (as defined in the Conveyances) has been conveyed and assigned to
Mortgagee from Mortgagor and SandRidge Sub. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Conveyances. 
 B. SandRidge Energy, Inc. (“SandRidge Parent”), the sole member of Mortgagor, has undertaken certain obligations with respect to the properties described in the Conveyances under
that certain Development Agreement, dated as of                 , 2011, between SandRidge Parent, Mortgagor and Mortgagee (the “Development
Agreement”), and Mortgagor is executing this Mortgage to secure the obligations of Mortgagor and SandRidge Parent under the Development Agreement. 
 C. Mortgagee has conditioned its execution and delivery of the Perpetual Conveyance (PUD), the Assignment and the Development Agreement upon the execution and delivery by Mortgagor of this Mortgage, and
Mortgagor has agreed to enter into this Mortgage. 
 NOW, THEREFORE, in order to comply with the terms and conditions of the
Development Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor hereby agrees with Mortgagee as follows: 

ARTICLE I. 

Granting Clauses; Secured Obligations 
 Section 1.1 Grant and Mortgage. Mortgagor, in order to secure the payment and performance of the secured obligations hereinafter referred to and the performance of the

 
obligations, covenants, agreements, warranties and undertakings of Mortgagor hereinafter described, does hereby GRANT, BARGAIN, SELL, ALIEN, CONVEY, TRANSFER, MORTGAGE, ASSIGN, WARRANT, PLEDGE,
HYPOTHECATE and CONFIRM to Mortgagee, its successors and assigns, the following described rights, titles, interests, properties and estates of Mortgagor (sometimes hereinafter collectively referred to as the “Mortgaged
Properties”): all of Mortgagor’s right, title, interest and estate in, to and under the oil, gas or other mineral leases described in Exhibit A attached hereto and made a part hereof (the “Leases”); limited,
however, to such rights in and under the Leases as may be necessary to drill to, complete in and produce and market Hydrocarbons from the Target Formation; but specifically excluding, however, all of Mortgagor’s rights, title, and interests in
and to (i) any oil, gas, water supply, saltwater disposal or other well of any nature whatsoever now or hereafter located on the Subject Lands, including, without limitation any Development Wells (each a “Well” and
collectively, the “Wells”); and (ii) all personal property, fixtures and equipment in or on or acquired or used in connection with the ownership or operation of the Wells or the production, storage, treating,
conditioning, processing, compressing, dehydrating, gathering, transporting or marketing of Hydrocarbons produced from the Wells, or the disposal of saltwater or other substances, produced therefrom. 

TO HAVE AND TO HOLD the Mortgaged Properties unto Mortgagee, and Mortgagee’s successor and assigns, for the benefit of Mortgagee,
upon the terms, provisions and conditions herein set forth. 
 Section 1.2 Assignment of the Mortgaged Properties.

 (a) This Mortgage is also an absolute and unconditional assignment to Mortgagee of the Mortgaged Properties, whether now in
existence or hereafter arising, for the purpose of vesting in Mortgagee, subject to the Permitted Encumbrances (as defined in the Conveyances attached hereto as Annex A-1 and Annex A-3), a perfected mortgage lien in the Mortgaged Properties.
Mortgagor hereby assigns, transfers and sets over to Mortgagee all of the Mortgaged Properties. 
 (b) So long as no default (as
hereinafter defined) has occurred and is then continuing, Mortgagor shall have a license, revocable at the will of Mortgagee following the occurrence and continuation of a default, to enforce the terms of the Leases and exercise Mortgagor’s
rights thereunder. 
 (c) Notwithstanding any legal presumption to the contrary, Mortgagee shall not be obligated by reason of
its acceptance of this assignment to perform any obligation of Mortgagor as lessee under any of the Leases. The acceptance of this assignment shall not constitute a waiver of any rights of Mortgagee under the Development Agreement or the Conveyances
or constitute a cure of any default by Mortgagor or SandRidge Parent thereunder. 
 Section 1.3 Development Agreement
and Other Obligations. This Mortgage is made to secure and enforce the payment and performance of the following, obligations, indebtedness and liabilities: 
 (a) The full performance of all obligations, covenants, agreements and undertakings 

  
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of and by SandRidge Parent from time to time owing to Mortgagee under Article II of the Development Agreement; 
 (b) Any sums advanced or expenses or costs incurred by the Mortgagee (or any receiver appointed hereunder) which are made or incurred pursuant to, or permitted by, the terms hereof, plus interest thereon
at a rate of interest equal to the lesser of (i) five percent (5%) per annum or (ii) the maximum rate permitted under applicable law (the “Applicable Rate”) or otherwise agreed upon, from the date of the
advances or the incurring of such expenses or costs until reimbursed; and 
 (c) Without limiting the generality of the
foregoing, all post-petition interest, expenses, and other duties, damages and liabilities with respect to indebtedness or other obligations described above in this Section 1.3, which would be owed but for the fact that they are unenforceable
or not allowable due to the existence of a bankruptcy, reorganization, or similar proceeding. 
 Section 1.4 Secured
Obligations. The obligations referred to in Section 1.3, and all renewals, extensions and modifications thereof, and all substitutions therefor, in whole or in part, are herein sometimes referred to as the “secured
obligations” or the “obligations secured hereby”. It is contemplated and acknowledged that the secured obligations may include obligations hereafter arising and that this Mortgage shall have effect, as of the
date hereof, to secure all secured obligations, regardless of whether any amounts exist on the date hereof or arise on a later date or, whether having arisen or been advanced, are later repaid in part or in whole and further obligations arise or
advances are made at a later date. 
 Section 1.5 Limitation on Obligations. The Mortgagor and Mortgagee hereby
agree and acknowledge that, as of the date hereof, the maximum amount recoverable under this Mortgage for any failure by SandRidge Parent to perform the obligations described in Section 1.3(a) above is $166,050,000; provided, that such
amount will be adjusted downward, from time to time, pursuant to Section 2.05(d) of the Development Agreement. Mortgagor and Mortgagee further agree and acknowledge that pursuant to Section 1.1 above, the mortgage lien created by this
Mortgage does not cover or extend to any Wells. Accordingly, the mortgage lien created by this Mortgage shall automatically terminate as to each Development Well drilled after the date hereof as the same is completed. Upon Mortgagor’s request
and at Mortgagor’s expense, Mortgagee shall promptly execute and deliver a partial release, which will evidence the release in full of the mortgage lien created by this Mortgage with respect to any Development Well. 

Section 1.6 Maturity Date. The obligations, covenants, agreements and undertakings described in Section 1.3(a) of this
Mortgage are due to be performed on and before December 31, 2014, unless extended pursuant to the terms of the Development Agreement to December 31, 2015 (the “Maturity Date”). 

ARTICLE II.  
 Covenants 
 Section 2.1 Mortgagor warrants, represents, covenants and
agrees that the Mortgaged Properties are free and clear of all liens, security interests and other Encumbrances, 

  
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subject only to the Permitted Encumbrances and that, to Mortgagor’s knowledge, Mortgagor is lawfully seized of the estates and interests granted to Mortgagor under the Leases. This Mortgage
is subject to (but in no event shall this Mortgage be an assumption of) the Permitted Encumbrances, in each case to the extent and only for so long as the same are valid and subsisting and affect title to the Mortgaged Properties. 

Section 2.2 Mortgagor hereby covenants with the Mortgagee as follows: 

(a) Further Assurance. Mortgagor will, on request of Mortgagee, (i) promptly correct any defect, error or omission which may
be discovered in the contents of this Mortgage, or in the execution or acknowledgment of this Mortgage; (ii) execute, acknowledge, deliver and record or file such further instruments and do such further acts as may be necessary, desirable or
proper to carry out more effectively the purposes of this Mortgage; and (iii) execute, acknowledge, deliver, and file or record any document or instrument reasonably requested by Mortgagee to protect the mortgage lien hereunder against the
rights or interests of third persons. Mortgagor shall pay all reasonable costs connected with any of the foregoing. 
 (b)
Name and Place of Business. Mortgagor will not cause or permit any change to be made in its name, identity, limited liability company structure, federal employer identification number or state of organization (whether by merger or otherwise)
unless Mortgagor shall have notified Mortgagee of such change at least ten (10) days prior to the effective date of such change, and shall have first taken all action required by Mortgagee for the purpose of further perfecting or protecting the
mortgage lien in the Mortgaged Properties created hereby. Mortgagor’s exact name is the name set forth in this Mortgage. Mortgagor is a limited liability company organized under the laws of the State of Delaware. 

Section 2.3 Except as permitted in Section 11.02 of the applicable Conveyance, Mortgagor will not Transfer any of the Mortgaged
Properties without the prior written consent of the Mortgagee. If any Mortgaged Property is permitted to be Transferred pursuant to Section 11.02 of the applicable Conveyance, the Mortgagee will promptly execute, acknowledge and deliver a
release of this Mortgage to the extent applicable to such Mortgaged Properties proposed to be Transferred pursuant to Section 11.02 of the applicable Conveyance. 
 ARTICLE III.  
 Remedies Upon Default 

Section 3.1 Default. The term “default” as used in this Mortgage means: 

(a) the failure by SandRidge Parent to perform any obligation required to be performed by it under Section 2.01 of the Development
Agreement on or before the Maturity Date; 
 (b) failure by SandRidge Parent, within thirty (30) days after notice thereof
from the Mortgagee, to cure a breach in the due performance or observance of any other covenant or agreement contained in Article II of the Development Agreement; 
 (c) failure by the Mortgagor, within thirty (30) days after notice thereof from the Mortgagee, to cure a breach in the due performance or observance of any covenant or agreement

  
 - 4 -

 
contained in this Mortgage; or 
 (d) this Mortgage shall fail to
constitute a mortgage lien on any part of the Mortgaged Properties (subject only to Permitted Encumbrances), and such failure is not cured within thirty (30) days after written notice to Mortgagor or Mortgagor otherwise obtains knowledge
thereof. 
 Section 3.2 Remedies. 
 (a) After the occurrence of a default under Section 3.1(a) of this Mortgage, the lien evidenced hereby shall be subject to foreclosure, as Mortgagee may elect, in any manner provided for herein or
provided for or required by law. The existence of any default under Section 3.1(a) can be determined only at the Maturity Date. Accordingly, notwithstanding any provision hereof or of law to the contrary, the secured obligations set forth in
Section 2.01 of the Development Agreement are not subject to accelleration. 
 (b) After the occurrence of a default,
Mortgagee is authorized prior or subsequent to the institution of any foreclosure proceedings to enter upon and to cause its agents to enter upon, the Mortgaged Properties, or any part thereof, and to exercise without interference from Mortgagor any
and all rights which Mortgagor has with respect to the management, possession and operation of the Mortgaged Properties. All costs, expenses and liabilities of every character incurred by Mortgagee in managing such properties shall constitute demand
obligations owing by Mortgagor and constitute a portion of the secured obligations. 
 (c) After the occurrence of a default,
and if such event shall be continuing, Mortgagee shall have the right and power to sell, to the extent permitted by law, at one or more sales, as an entirety or in parcels, as Mortgagee may elect, the Mortgaged Properties, at such place or places
and otherwise in such manner and upon such notice as may be required by law, or, in the absence of any such requirement, as Mortgagee may deem appropriate, and to make conveyance to the purchaser or purchasers. Mortgagee may postpone the sale of all
or any portion of the Mortgaged Properties by public announcement at the time and place of such sale and from time to time thereafter may further postpone such sale by public announcement made at the time of sale fixed by the preceding postponement.
The right of sale hereunder shall not be exhausted by one or any sale, and Mortgagee may make other and successive sales until all of the Mortgaged Properties be legally sold. 
 (d) After occurrence of a default, Mortgagee, in lieu of or in addition to exercising the power of sale hereinabove and hereafter given, may proceed by a suit or suits in equity or at law, for a
foreclosure hereunder or in aid of the execution of any power herein granted, or for the appointment of a receiver pending any foreclosure hereunder or the sale of the Mortgaged Properties, or for the enforcement of any other appropriate legal or
equitable remedy. In addition to all other remedies herein provided for, Mortgagor agrees that after a default has occurred, Mortgagee shall, as a matter of right, be entitled to the appointment of a receiver or receivers to be designated by
Mortgagee for all or any part of the Mortgaged Properties whether such receivership be incident to a proposed sale of such properties (or any of them) or otherwise, and Mortgagor does hereby consent to the appointment of such receiver or receivers,
and to the maximum extent permitted by law, waive any and all rights to notice and hearing regarding such appointment or appointments. 

  
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 (e) Mortgagee shall have the right to become the purchaser at any sale held by Mortgagee or
by any court, receiver or public officer, and shall have the right to credit upon the amount of the bid made therefor the amount payable out of the net proceeds of such sale to it. 

(f) Any sale or sales of the Mortgaged Properties, whether under the power of sale herein granted and conferred or by virtue of judicial
proceedings, shall operate to divest all right, title, interest, claim and demand whatsoever either at law or in equity, of Mortgagor of, in and to the premises and the property sold, and shall be a perpetual bar, both at law and in equity, against
Mortgagor, Mortgagor’s successors or assigns, and against any and all Persons claiming or who shall thereafter claim all or any of the property sold from, through or under Mortgagor, or Mortgagor’s successors or assigns. 

(g) All costs and expenses (including attorneys’ fees) incurred by Mortgagee in protecting and enforcing the rights of Mortgagee
hereunder, shall constitute a demand obligation owing by Mortgagor to Mortgagee, all of which shall constitute a portion of the secured obligations. 
 (h) Any sale by Mortgagee of the Mortgaged Properties may be made in any county in which any part of the Mortgaged Properties to be sold at such sale may be situated. Mortgagee may, from time to time,
postpone the sale by public announcement thereof at the time and place noticed therefor. If the Mortgaged Properties consists of several parcels or interests, Mortgagee may designate the order in which the same shall be offered for sale or sold.
Mortgagor waives all rights to direct the order in which any of the Mortgaged Properties will be sold in the event of any sale under this Mortgage, and also any right to have any of the Mortgaged Properties marshaled upon any sale. 

(i) Notwithstanding any other provisions of this Mortgage, any lease of Minerals covered by this Mortgage which are subject to the
Mineral Leasing Act of 1920 as amended, and the regulations promulgated thereunder, shall not be sold or otherwise disposed of to any party other than the citizens of the United States, or to associations of such citizens or to any corporation
organized under the laws of the United States, or any state or territory thereof that are qualified to own or control interests in such leases under the provisions of such Act and regulations, or to Persons who may acquire ownership or interest in
such leases under the provisions of 30 U.S.C. §184(g) if applicable, as such Act or regulations are now or may be from time to time in effect. 
 (j) Without limitation of any of the foregoing remedies, Mortgagor hereby grants to and confers on Mortgagee the power to sell all or any portion of the Mortgaged Properties in the manner and pursuant to
the procedures set forth in the “Oklahoma Power of Sale Mortgage Foreclosure Act,” 46 O.S. Supp. §§ 40-49, as the same may be hereafter amended and in effect from time to time (the “Oklahoma POS Act”) or
pursuant to other applicable statutory or judicial authority. If no cure is effected within the time limits set forth in the Oklahoma POS Act, Mortgagee may then proceed in the manner and subject to the conditions of the Oklahoma POS Act to send to
Mortgagor and other necessary parties a notice of sale and may sell and convey the Mortgaged Properties in accordance with the Oklahoma POS Act. Mortgagee may foreclose this Mortgage by exercising said power of sale or, at Mortgagee’s sole
option, by judicial foreclosure proceedings as provided by law. No action of Mortgagee based upon the provisions 

  
 - 6 -

 
contained herein or in the Oklahoma POS Act, including, without limitation, the giving of the notice of intent to foreclose by power of sale or the notice of sale, shall constitute an election of
remedies which would preclude Mortgagee from accelerating the secured obligations and pursuing judicial foreclosure before or at any time after commencement of the power of sale foreclosure procedure. Notwithstanding anything contained in this
Mortgage to the contrary, any notices of sale given in accordance with the requirements of the Oklahoma POS Act shall constitute sufficient notice of sale. The conduct of a sale pursuant to a power of sale shall be sufficient hereunder if conducted
in accordance with the requirements of the Oklahoma POS Act and other governmental requirements of the State of Oklahoma in effect at the time of such sale, notwithstanding any other provision contained in this Mortgage to the contrary. In the event
of conflict between the provisions hereof and the Oklahoma POS Act, the Oklahoma POS Act shall control. 
 Section 3.3
Proceeds of Foreclosure. The proceeds of any sale held in foreclosure of the mortgage lien evidenced hereby shall be applied as follows, except as otherwise required by applicable law: 

FIRST, to the payment of all necessary costs and expenses incident to such foreclosure sale, including but not limited to
reasonable attorney’s fees, all court costs and charges of every character in the event foreclosed by suit or any judicial proceeding, if any; 
 SECOND, to be applied to the payment of the secured obligations; and 

THIRD, the remainder, if any there shall be, shall be paid to Mortgagor, or to Mortgagor’s successors or assigns, or such
other Persons as may be entitled thereto by law. 
 Section 3.4 Remedies Cumulative. All remedies herein provided
for are cumulative of each other and of all other remedies existing at law or in equity and are cumulative of any and all other remedies provided for in the Development Agreement, and, in addition to the remedies herein provided, there shall
continue to be available all such other remedies as may now or hereafter exist at law or in equity for the collection of the secured obligations and the enforcement of the covenants herein and the foreclosure of the mortgage lien evidenced hereby,
and the resort to any remedy provided for hereunder or under the Development Agreement or provided for by applicable law shall not prevent the concurrent or subsequent employment of any other appropriate remedy or remedies. 

Section 3.5 Discretion as to Security. Mortgagee may resort to any security given by this Mortgage or to any guaranty of the
obligations secured hereby, in whole or in part, and in such portions and in such order as may seem best to Mortgagee in its sole and uncontrolled discretion, and any such action shall not in any way be considered as a waiver of any of the rights,
benefits, liens or security interests evidenced by this Mortgage. 
 Section 3.6 Mortgagor’s Waiver of Certain
Rights. To the full extent Mortgagor may do so, Mortgagor agrees that Mortgagor will not at any time insist upon, plead, claim or take the benefit or advantage of any law now or hereafter in force providing for any valuation, stay, extension or
redemption, and Mortgagor, for Mortgagor, Mortgagor’s successors and assigns, and for any and all Persons ever claiming any interest in the Mortgaged Properties, 

  
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to the extent permitted by applicable law, hereby waives and releases all rights of valuation, stay of execution, redemption, notice of intention to mature or declare due the whole of the secured
obligations, notice of election to mature or declare due the whole of the secured obligations and all rights to a marshaling of assets of Mortgagor, including the Mortgaged Properties, or to a sale in inverse order of alienation in the event of
foreclosure of the mortgage lien hereby created; provided, however, that in the event of any foreclosure of this Mortgage with respect to the Mortgaged Properties, or any part thereof, appraisement of the Mortgaged Properties is hereby waived or not
waived, at the option of Mortgagee, such option to be exercised at the time of the entry of the foreclosure judgment or any time prior thereto. Mortgagor shall not have or assert any right under any statute or rule of law pertaining to the
marshaling of assets, sale in inverse order of alienation, the exemption of homestead, the administration of estates of decedents or other matters whatever to defeat, reduce or affect the right under the terms of this Mortgage to a sale of the
Mortgaged Properties for the collection of the secured obligations without any prior or different resort for collection, or the right under the terms of this Mortgage to the payment of the secured obligations out of the proceeds of sale of the
Mortgaged Properties in preference to every other claimant whatever. If any law referred to in this section and now in force, of which Mortgagor or Mortgagor’s successors or assigns or any other Persons claiming any interest in the Mortgaged
Properties might take advantage despite this section, shall hereafter be repealed or cease to be in force, such law shall not thereafter be deemed to preclude the application of this section. 

Section 3.7 No Release of Obligations. Neither Mortgagor nor any other Person hereafter obligated for payment of all or any
part of the secured obligations shall be relieved of such secured obligations by reason of (a) the failure of Mortgagee or any other Person so obligated to foreclose the lien of this Mortgage or to enforce any provision hereunder or under the
Development Agreement; or (b) the release, regardless of consideration, of the Mortgaged Properties or any portion thereof or interest therein or the addition of any other property to the Mortgaged Properties. Mortgagee may release, regardless
of consideration, any part of the Mortgaged Properties without, as to the remainder, in any way impairing, affecting, subordinating or releasing the mortgage lien created in or evidenced by this Mortgage or its stature as a first and prior lien and
security interest in and to the Mortgaged Properties, and without in any way releasing or diminishing the liability of any Person liable for the repayment or performance of the secured obligations. For payment of the secured obligations, Mortgagee
may resort to any other security therefor held by Mortgagee in such order and manner as Mortgagee may elect. 
 Section 3.8
Discontinuance of Proceedings. In case Mortgagee shall have proceeded to invoke any right, remedy or recourse permitted hereunder or under the Development Agreement and shall thereafter elect to discontinue or abandon same for any reason,
Mortgagee shall have the unqualified right to do so and, in such an event, Mortgagor and Mortgagee shall be restored to their former positions with respect to the secured obligations, this Mortgage, the Development Agreement, the Mortgaged
Properties and otherwise, and the rights, remedies, recourses and powers of Mortgagee shall continue as if same had never been invoked. 

  
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 ARTICLE IV.  
 Miscellaneous 
 Section 4.1 Filing. This Mortgage is to be
filed for record in the real property records of each county where any part of the Mortgaged Properties is situated. The mailing address of Mortgagor is the address of Mortgagor set forth at the end of this Mortgage and the address of Mortgagee from
which information concerning the mortgage lien hereunder may be obtained is the address of Mortgagee set forth at the end of this Mortgage. Nothing contained in this paragraph shall be construed to limit the scope of this Mortgage. 

Section 4.2 Waivers. Mortgagee may at any time and from time to time in writing waive compliance by Mortgagor with any
covenant herein made by Mortgagor to the extent and in the manner specified in such writing, or consent to Mortgagor’s doing any act which hereunder Mortgagor is prohibited from doing, or to Mortgagor’s failing to do any act which
hereunder Mortgagor is required to do, to the extent and in the manner specified in such writing, or release any part of the Mortgaged Properties or any interest therein from the mortgage lien of this Mortgage. Any party liable, either directly or
indirectly, for the secured obligations or for any covenant herein or in the Development Agreement may be released from all or any part of such obligations without impairing or releasing the liability of any other party. No such act shall in any way
impair any rights or powers hereunder except to the extent specifically agreed to in such writing. 
 Section 4.3 No
Impairment of Security. To the extent allowed by applicable law, the lien, privilege, security interest and other security rights hereunder shall not be impaired by any indulgence, moratorium or release which may be granted including, but not
limited to, any renewal, extension or modification which may be granted with respect to any secured obligations, or any surrender, compromise, release, renewal, extension, exchange or substitution which may be granted in respect of the Mortgaged
Properties, or any part thereof or any interest therein, or any release or indulgence granted to any endorser, guarantor or surety of any secured obligations. 
 Section 4.4 Acts Not Constituting Waiver. Any default may be waived without waiving any other prior or subsequent default. Any default may be remedied without waiving the default remedied.
Neither failure to exercise, nor delay in exercising, any right, power or remedy upon any default shall be construed as a waiver of such default or as a waiver of the right to exercise any such right, power or remedy at a later date. No single or
partial exercise of any right, power or remedy hereunder shall exhaust the same or shall preclude any other or further exercise thereof, and every such right, power or remedy hereunder may be exercised at any time and from time to time. No
modification or waiver of any provision hereof nor consent to any departure by Mortgagor therefrom shall in any event be effective unless the same shall be in writing and signed by Mortgagee and then such waiver or consent shall be effective only in
the specific instances, for the purpose for which given and to the extent therein specified. No notice nor demand on Mortgagor in any case shall of itself entitle Mortgagor to any other or further notice or demand in similar or other circumstances.
Acceptance of any payment in an amount less than the amount then due on any secured obligations shall be deemed an acceptance on account only and shall not in any way excuse the existence of a default hereunder. 

  
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 Section 4.5 Forbearance or Extension. No forbearance and no extension of the
time for the payment of the obligations secured hereby, shall operate to release, discharge, modify, change or affect, in whole or in part, the liability of Mortgagor hereunder for the payment of the obligations or performance of the obligations
secured hereby, or the liability of any other Person hereunder or for the payment of the obligations secured hereby. 

Section 4.6 Place of Payment. All secured obligations which may be owing hereunder at any time by Mortgagor shall be payable
at the place designated in the Development Agreement (or if no such designation is made, at the address of Mortgagee indicated at the end of this Mortgage), or at such other place as Mortgagee may designate in writing. 

Section 4.7 Application of Payments to Certain Obligations. If any part of the secured obligations cannot be lawfully secured
by this Mortgage or if any part of the Mortgaged Properties cannot be lawfully subject to the lien, privilege and security interest hereof to the full extent of such obligations, then all payments made shall be applied on said obligations first in
discharge of that portion thereof which is not secured by this Mortgage. 
 Section 4.8 Compliance With Usury Laws.
It is the intent of Mortgagor and Mortgagee to contract in strict compliance with applicable usury law from time to time in effect. In furtherance thereof, it is stipulated and agreed that none of the terms and provisions contained herein, in the
Development Agreement or in the Conveyances shall ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the maximum amount of interest permitted to be collected, charged, taken, reserved
or received by applicable law from time to time in effect. 
 Section 4.9 Release of Mortgage. In addition to the
partial releases required pursuant to Section 1.5 hereof, if Mortgagor has satisfied its obligations under Article II of the Development Agreement, the mortgage lien created by this Mortgage shall automatically terminate and upon request by
Mortgagor, Mortgagee shall promptly cause satisfaction, discharge and release of this Mortgage to be entered upon the record at the expense of Mortgagor and shall execute and deliver or cause to be executed and delivered such instruments of
satisfaction, reassignment and/or release as may be appropriate. 
 Section 4.10 Notice. All notices, requests,
consents, demands and other communications required or permitted hereunder or under the Development Agreement shall be in writing and, unless otherwise specifically provided in the Development Agreement, shall be deemed sufficiently given or
furnished if delivered by personal delivery, by telefacsimile, by delivery service with proof of delivery, or by registered or certified United States mail, postage prepaid, at the addresses specified at the end of this Mortgage (unless changed by
similar notice in writing given by the particular party whose address is to be changed). Any such notice or communication shall be deemed to have been given (a) in the case of personal delivery or delivery service, as of the date of first
attempted delivery at the address and in the manner provided herein, (b) in the case of telefacsimile, upon receipt, and (c) in the case of registered or certified United States mail, three (3) days after deposit in the mail.
Notwithstanding the foregoing, or anything else in the Development Agreement which may appear to the contrary, any notice given in connection with a foreclosure of the mortgage lien created hereunder, or otherwise in connection with the exercise by
Mortgagee of its rights hereunder or under the 

  
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Development Agreement, which is given in a manner permitted by applicable law shall constitute proper notice; without limitation of the foregoing, notice given in a form required or permitted by
statute shall (as to the portion of the Mortgaged Properties to which such statute is applicable) constitute proper notice. 

Section 4.11 Invalidity of Certain Provisions. A determination that any provision of this Mortgage is unenforceable or
invalid shall not affect the enforceability or validity of any other provision and the determination that the application of any provision of this Mortgage to any Person or circumstance is illegal or unenforceable shall not affect the enforceability
or validity of such provision as it may apply to other Persons or circumstances. 
 Section 4.12 Gender; Titles;
Construction. All references in this Mortgage to articles, sections, subsections and other subdivisions refer to corresponding articles, sections, subsections and other subdivisions of this Mortgage unless expressly provided otherwise. Titles
appearing at the beginning of any of such subdivisions are for convenience only and shall not constitute part of such subdivisions and shall be disregarded in construing the language contained in such subdivisions. The words “this
Mortgage”, “this instrument”, “herein”, “hereof”, “hereunder” and words of similar import refer to this Mortgage as a whole and not to any
particular subdivision unless expressly so limited. Unless the context otherwise requires: “including” and its grammatical variations mean “including without limitation”; “or” is not
exclusive; words in the singular form shall be construed to include the plural and vice versa; words in any gender include all other genders; references herein to any instrument or agreement refer to such instrument or agreement as it may be from
time to time amended or supplemented; and references herein to any Person include such Person’s successors and assigns. All references in this Mortgage to Exhibits and Annexes refer to Exhibits and Annexes to this Mortgage unless expressly
provided otherwise, and all such Exhibits and Annexes are hereby incorporated herein by reference and made a part hereof for all purposes. This Mortgage has been drafted with the joint participation of Mortgagor and Mortgagee and shall be construed
neither against nor in favor of either such party but rather in accordance with the fair meaning hereof. 
 Section 4.13
Recording. Mortgagor will cause this Mortgage and all amendments and supplements thereto and substitutions therefor to be recorded, filed, re-recorded and refiled in such manner and in such places as Mortgagee shall reasonably request and
will pay all such recording, filing, re-recording and refiling taxes, fees and other charges. 
 Section 4.14 Certain
Obligations of Mortgagor. Without limiting Mortgagor’s obligations hereunder, Mortgagor’s liability hereunder and the obligations secured hereby shall extend to and include all post petition interest, expenses and other duties and
liabilities with respect to Mortgagor’s obligations hereunder which would be owed but for the fact that the same may be unenforceable due to the existence of a bankruptcy, reorganization or similar proceeding. 

Section 4.15 Authority of Mortgagee. All Persons shall be entitled to rely on the releases, waivers, consents, approvals,
notifications and other acts of Mortgagee without the joinder of any party other than Mortgagee in such releases, waivers, consents, approvals, notifications or other acts. 
 Section 4.16 Counterparts. This Mortgage may be executed in several 

  
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counterparts, all of which are identical, except that, to facilitate recordation, certain counterparts hereof may include only that portion of Exhibit A and the applicable Exhibit A to the
Conveyances which contains descriptions of the properties located in (or otherwise subject to the recording or filing requirements or protections of the recording or filing acts or regulations of) the recording jurisdiction in which the particular
counterpart is to be recorded, and other portions of Exhibit A and the applicable Exhibit A to the Conveyances shall be included in such counterparts by reference only. All of the counterparts hereof together shall constitute one and the same
instrument. An executed counterpart of this Mortgage containing the full text to the entire Exhibits and Annexes is recorded in the real property records of
[                ] County, Oklahoma. 

Section 4.17 Successors and Assigns. The terms, provisions, covenants, representations, indemnifications and conditions
hereof shall be binding upon Mortgagor, and the successors and assigns of Mortgagor, and shall inure to the benefit of Mortgagee and its respective successors and assigns, and shall constitute covenants running with the Mortgaged Properties. All
references in this Mortgage to Mortgagor or Mortgagee shall be deemed to include all such successors and assigns. 

Section 4.18 FINAL AGREEMENT OF THE PARTIES. THE WRITTEN TRANSACTION DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

Section 4.19 CHOICE OF LAW. WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT MAY CAUSE THE APPLICATION OF LAWS OF ANY
OTHER JURISDICTION, THIS MORTGAGE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF OKLAHOMA. 
 Section 4.20 EXCULPATION PROVISIONS. EACH OF THE PARTIES HERETO SPECIFICALLY AGREES THAT IT HAS A DUTY TO READ THIS MORTGAGE; AND AGREES THAT IT IS CHARGED WITH NOTICE AND KNOWLEDGE OF THE
TERMS OF THIS MORTGAGE; THAT IT HAS IN FACT READ THIS MORTGAGE AND IS FULLY INFORMED AND HAS FULL NOTICE AND KNOWLEDGE OF THE TERMS, CONDITIONS AND EFFECTS OF THIS MORTGAGE; THAT IT HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF ITS CHOICE
THROUGHOUT THE NEGOTIATIONS PRECEDING ITS EXECUTION OF THIS MORTGAGE; AND HAS RECEIVED THE ADVICE OF ITS ATTORNEY IN ENTERING INTO THIS MORTGAGE; AND THAT IT RECOGNIZES THAT CERTAIN OF THE TERMS OF THIS MORTGAGE RESULT IN ONE PARTY ASSUMING THE
LIABILITY INHERENT IN SOME ASPECTS OF THE TRANSACTION AND RELIEVING THE OTHER PARTY OF ITS RESPONSIBILITY FOR SUCH LIABILITY. EACH PARTY HERETO AGREES AND COVENANTS THAT IT WILL NOT CONTEST THE VALIDITY OR ENFORCEABILITY OF ANY EXCULPATORY PROVISION
OF THIS MORTGAGE ON THE BASIS THAT THE 

  
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PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISION OR THAT THE PROVISION IS NOT “CONSPICUOUS.” 
 Section 4.21 Release of Trustee. It is expressly understood and agreed by the parties hereto that (a) this Mortgage is executed and delivered for SandRidge Mississipian Trust I, as Mortgagee
hereunder, by The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) not individually or personally, but solely as Trustee on behalf of SandRidge Mississipian Trust I in the exercise of the powers and authority conferred and
vested in it and (b) under no circumstances shall the Trustee be liable for any liability of the Trust or for any action taken or not taken by the Trust or Trustee under or in connection with this Mortgage. Mortgagor hereby unconditionally and
irrevocably releases the Trustee from any and all claims of Mortgagor, whether now existing or arising in the future, arising out of, based upon, or otherwise related to, any action taken or not taken by the Trust or Trustee under or in connection
with this Mortgage. 

  
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 IN WITNESS WHEREOF, this Mortgage is executed by Mortgagor on the date set forth in the
acknowledgement below, to be effective immediately after the granting of the Conveyances and the Assignment and simultaneously with the execution and delivery of the Development Agreement. 

 

			
	 SANDRIDGE EXPLORATION AND
 PRODUCTION, LLC

		
	By:	 	
		 	Name:
		 	Title:

 The address of Mortgagor is: 

SandRidge Exploration and Production, LLC 
 123
Robert S. Kerr Avenue 
 Oklahoma City, OK 73102-6406 
 Attention: Philip T. Warman 
 Facsimile No.: (405) 429-5983 

With a copy to: 
 McAfee & Taft A
Professional Corporation 
 10th Floor, Two Leadership Square 
 211 N. Robinson 
 Oklahoma City, OK 73102 
 Attention: C. David Stinson, Esq. 
 Facsimile No.: (405) 235-0439 

SIGNATURE PAGE TO MORTGAGE 

 
			
	SANDRIDGE MISSISSIPPIAN TRUST I
		
	By:	 	 The Bank of New York Mellon Trust
 Company, N.A., as Trustee

		
	By:	 	
		 	Name:
		 	Title:

 I do hereby certify that the address of
Mortgagee is: 
 The Bank of New York Mellon Trust Company, N.A. 
 919 Congress Avenue, Suite 500 
 Austin, Texas 78701 

Attn: Michael J. Ulrich 

SIGNATURE PAGE TO MORTGAGE 

					
	STATE OF	 	  
	  	§

					
		 		  	§
	COUNTY OF	 	  
	  	§

 This instrument was acknowledged
before me on                  , 2011, by
                    as
                     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          day of
                , 2011. 
  

			
	  

	NOTARY PUBLIC,
	State of	 	  

	  

	 (printed name)

 

			
	My commission expires:
	  
	 	
	[SEAL]	 	

					
	STATE OF	 	  
	  	§

					
		 		  	§
	COUNTY OF	 	  
	  	§

 This instrument was acknowledged
before me on                  , 2011, by
                    as
                     of The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws of the State
of New York, as Trustee of SandRidge Mississippian Trust I, a Delaware statutory trust, on behalf of said national banking association and said trust. 
 WITNESS my hand and official seal this          day of
                , 2011. 
  

			
	NOTARY PUBLIC,
	State of	 	  

	  

	 (printed name)

 

			
	My commission expires:
	  
	 	
	[SEAL]	 	

 ANNEX A-1 
 COPY OF TERM ROYALTY CONVEYANCE (PUD) 

 ANNEX A-2 
 COPY OF ASSIGNMENT 

 ANNEX A-3 
 COPY OF PERPETUAL ROYALTY CONVEYANCE (PUD) 

 EXHIBIT A 
 MORTGAGED PROPERTIES

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