May 2018 Investor Presentation

May 2018 Investor Presentation

Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal Securities laws. All statements included in this presentation, other than statements of historical fact, regarding the Company s strategy, goals, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words could, believe, anticipate, intend, estimate, expect, may, continue, predict, potential, project, guidance, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Without limiting the generality of the foregoing, these statements are based on certain assumptions made by the Company based on management s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Although the Company believes that its plans, intentions and expectations reflected in or suggested by the forward-looking statements made in this presentation are reasonable, the Company gives no assurance that actual future results will not differ materially from those forecasted in this presentation. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Each investor must assess and bear the risk of uncertainty inherent in the forward looking statements in this presentation. The Company discloses important factors that could cause its actual results to differ materially from its expectations in the Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company s Form 10-Q for the quarter ended March 31, 2018 and Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission ( SEC ) and its other filings with the SEC. These factors include risks or liabilities assumed as a result of acquisitions, increases in our indebtedness, ability to complete any divestitures or other strategic transactions, ability to meet financial and operating guidance, ability to achieve production targets, successfully manage capital expenditures, and to complete and to test and produce the wells and prospects identified in this presentation; risks related to variations in the market demand for, and prices of, oil and natural gas; uncertainties related to commodity prices, uncertainties about the Company s estimated quantities of oil and natural gas reserves or potential locations; infrastructure for produced water disposal and electricity and current and future ability to dispose of produced water; the adequacy of the Company s capital resources; general economic and business conditions; failure to realize expected value creation from property acquisitions; uncertainties about the Company s ability to replace reserves and economically develop its current reserves; risks related to the concentration of the Company s operations; drilling results; pending litigation; and potential financial losses or earnings reductions from the Company s commodity derivative positions. Accordingly, you should not place undue reliance on any of the Company s forward-looking statements. All forward-looking statements speak only as of the date on which such statements are made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law Midstates Petroleum Company, Inc. l NYSE: MPO 2

Reserve and Non-GAAP Information This presentation also includes historical and forward-looking financial measures that are not in accordance with generally accepted accounting principles ( GAAP ), including Adjusted EBITDA, unlevered free cash flow, adjusted G&A Cash, and PV-10. While management believes such measures are useful for investors because they allow for greater transparency with respect to key financial metrics, they should not be used as a replacement for financial measures that are in accordance with GAAP. We refer to PV-10 as the present value of estimated future net cash flows of estimated proved reserves as calculated in the respective reserve report using a discount rate of 10%. This amount includes projected revenues, estimated production costs and estimated future development costs and estimated cash flows related to future asset retirement obligations. We believe the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. PV-10 should not be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under US GAAP, which is the most directly comparable GAAP financial measure. Additionally, standardized measure is based on proved reserves as of fiscal year end calculated using unweighted arithmetic average first-day-of-the-month prices for the prior 12 months. GAAP does not prescribe any corresponding GAAP measure for PV-10 of reserves adjusted for pricing sensitivities. For these reasons, it is not practicable for us to reconcile PV-10 at strip pricing to GAAP Standardized Measure. Reconciliations of the non-gaap measures used in this presentation are included in the tables attached to the Appendix, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-gaap measures. EBITDA and Unlevered Free Cash Flow are non-gaap measures. Because information reconciling forecasted EBITDA and Unlevered Free Cash Flows to the most comparable GAAP financial measures is unavailable to the company without unreasonable effort, we have not provided reconciliations for forecasted EBITDA and Unlevered Free Cash Flows. Because information reconciling forecasted Adjusted G&A - Cash to the most comparable GAAP financial measure is unavailable to the company without unreasonable effort, we have not provided reconciliations for forecasted Adjusted G&A - Cash. The SEC permits oil and gas companies, in their filings with the SEC, to disclose proved reserves, which are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. SEC rules also permit the disclosure of probable and possible reserves. We disclose proved reserves but do not disclose probable or possible reserves. We may use certain broader terms such as EUR (as defined below) and other descriptions of volumes of potentially recoverable hydrocarbon resources throughout this presentation that the SEC does not permit to be included in SEC filings. These broader classifications do not constitute "reserves" as defined by the SEC, and we do not attempt to distinguish these classifications from probable or possible reserves as defined by SEC guidelines. We define EUR as the cumulative oil and gas production expected to be economically recovered from a reservoir or individual well from initial production until the end of its useful life. Our estimates of EURs and resource potential have been prepared internally by our engineers and management without review by independent engineers. These estimates are, by their nature, more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. We include these estimates to demonstrate what we believe to be the potential for future drilling and production by the Company. Actual locations drilled and quantities that may be ultimately recovered from our properties could differ substantially. In addition, we have made no commitment to drill all of the drilling locations which have been attributed to these quantities. Ultimate recoveries will be dependent upon numerous factors including actual encountered geological conditions, the impact of future oil and gas pricing, exploration and development costs, and future drilling decisions and budgets based upon our future evaluation of risk, returns and the availability of capital and, in many areas, the outcome of negotiation of drilling arrangements with holders of adjacent or fractional interest leases. Estimates of resource potential and other figures may change significantly as development of our properties provides additional data. Our forecast and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells, the undertaking and outcome of future drilling activity, including the type curve utilized in evaluating our proved undeveloped locations and reserves, and activity that may be affected by significant commodity price declines or drilling and completion cost increases. The Company s estimates of total proved reserves at December 31, 2017 are based on reports provided by Cawley, Gillespie & Associates, Inc., independent petroleum engineers. Midstates Petroleum Company, Inc. l NYSE: MPO 3

Key Accomplishments Experienced Leadership As part of the long term post-restructuring plan, the Company appointed David J. Sambrooks as President, Chief Executive Officer and Member of the Board Initiated search for a Chief Financial Officer Implemented market-focused strategy: focusing activity, reducing costs, generating substantial free cash flow, improving liquidity - for maximum optionality Deployed Strategy Prudently developing core Miss Lime assets by reducing rig count to generate substantial free cash flow Rationalized portfolio: announced PSA on Anadarko Basin assets for $58mm and divested of non-core Lincoln County, OK producing properties Enhanced Operational Emphasis Initiated alternate completion pilot program in Miss Lime to test effectiveness of modern completion design in the basin Mitigated SWD injection concerns by continuing to increase non-arbuckle injection capacity and decreasing SWD injection into the Arbuckle formation Solid Financial Foundation Maintained strong, delevered balance sheet Uplisted from NYSE MKT to NYSE big board in May 2017 Amended RBL to improve terms and increase liquidity by approximately $40 million Midstates Petroleum Company, Inc. l NYSE: MPO 4

Premier Mississippian Lime Player High Margin Core Miss Lime with Competitive Returns and a Track Record of Success Midstates is the premier operator in the Mississippian Lime, well positioned in Woods and Alfalfa Counties, OK Large acreage position in the core of the play Demonstrated track record of success in the Mississippian Lime Opportunities to optimize asset performance and reduce costs to improve margins and maximize total returns Midstates Petroleum Company, Inc. l NYSE: MPO 5

Miss Lime Core Expansion Current Drilling Program Focused in Southern Core Expansion Area Western Expansion Area Historical MPO Core Prior drilling schedule concentrated on opportunistically expanding Miss Lime footprint and future inventory through bolt-on farm-in opportunities Southern Core Expansion Area Acreage position largely HBP and locations secured for future exploitation Southern core expansion area generating positive early-time results and completion optimization ongoing Evaluation process underway in western expansion area to improve well performance and increase returns Midstates Petroleum Company, Inc. l NYSE: MPO 6

Year-End 2017 Reserves (Excludes Anadarko) Rationalized 2017 YE reserves to be consistent with market-focused strategy and one rig capital plan for foreseeable future Reduced PUD reserve locations to 139 locations at YE 2017 from 274 locations at YE 2016 due to SEC 5-year PUD development rule Reserve Category Oil (MMbls) Gas (Bcf) NGL (MMbbls) Total (MMboe) (1) PV-10: SEC Pricing (1)(2) (MM) PV-10: Strip Pricing (2)(3) (MM) Miss Lime: PDP 12.6 148.1 11.4 48.6 333.4 354.3 PDNP 1.8 21.6 1.7 7.1 40.2 42.1 PUD 13.9 125.2 9.7 44.4 131.4 144.2 Total Miss Lime Proved 28.3 294.8 22.8 100.2 $504.9 $540.5 (1) YE 2017 SEC Pricing (2) PV-10 is considered a non-gaap financial measure as defined by the SEC. Please see the reconciliation to the most directly comparable GAAP financial measure included in the Appendix to this presentation. (3) 03.09.2018 Strip Pricing Midstates Petroleum Company, Inc. l NYSE: MPO 7

SWD Update SWD System Currently Utilizes 10 Arbuckle And 11 Non-Arbuckle Disposal Wells Arbuckle formation wells currently capped at 15,000 bbl/day per well Permitted injection capacity of 372k bbls/day (1) Currently injecting ~40% of produced water into non-arbuckle Zones Looped system allows for water to be diverted to any of our operated wells, minimizing risk to continued operations Midstates Petroleum Company, Inc. l NYSE: MPO (1) Subject to operational constraints 8

Sale of Anadarko Basin Assets Accretive Sale of Non-Core Assets for $58 million Anadarko Basin PSA signed, effective January 1, 2018 ~89,000 (1)(2) net acres primarily Cleveland formation in a mature area with minimal development since 2014 Expected close date by May 31, 2018 Sale price of $58 million represents a forward adjusted EBITDA multiple of 4.6x, accretive to the Company s current adjusted EBITDA multiple of 2.6x Proceeds from sale will be used to pay down a portion of the outstanding RBL borrowings (1) As of 01.31.2018 Midstates Petroleum Company, Inc. l NYSE: MPO (2) Non-inclusive of ~5,000 net acres in NW STACK 9

Moving Midstates Forward Midstates Petroleum Company, Inc. l NYSE: MPO 10

Midstates Focus Generate Substantial Free Cash Flow Miss Lime Operational Excellence Extensive Cost Reduction Program Strategic Opportunities High-graded development program in delineated areas Reduced headcount ~35%; annual G&A expense savings of $3-5mm Selective M&A transactions that increase shareholder value Drilling & Completion design optimization Expected annual interest expense savings of ~$6mm after RBL paydown post Anadarko sale Potentially return capital to stockholders through stock repurchases and/or dividends Base production enhancement Capturing over $3 million in annualized savings to LOE Exploit NW STACK or other in basin opportunities Midstates Petroleum Company, Inc. l NYSE: MPO 11

Improving Asset Performance High-Grading Drilling Program Focusing D&C program on optimizing well returns Concentrating on delineated areas to reduce risk and improve certainty Reviewing Drilling and Completion Designs New eyes and expertise reviewing completion designs to optimize returns Drilling first 2-mile laterals well in mid-2018 Optimize Base Production Improving identification and remediation of down and underperforming wells - minimizing well downtime Artificial lift optimization underway to improve down hole pump run times reduce workover costs and improve efficiency Midstates Petroleum Company, Inc. l NYSE: MPO 12

Focus Capital in Miss Lime Core 2018 drilling program populated with high-graded opportunities in delineated areas, focused on optimizing capital returns 2018 Focus Area 2018 focus area generating positive early-time results and completion optimization ongoing Testing 2-mile laterals in mid-2018 to further improve well economics Opportunities to expand inventory at attractive costs Midstates Petroleum Company, Inc. l NYSE: MPO 13

Near Term Opportunities Near-by & In-the-Section Prospects Multiple horizons to exploit/explore within and near-by current Miss Lime asset area NW STACK Assets 45 section position in Dewey County, OK Strategic options for this acreage are under evaluation Midstates Petroleum Company, Inc. l NYSE: MPO 14

Strategic Opportunities Midstates Petroleum Company, Inc. l NYSE: MPO 15

Potential M&A Opportunities Operational Synergies Improving operational costs with economy of scale in and around the Mississippian Lime play Consolidated corporate structure and field operations for reduced G&A costs Sensible organizational structure with effective leadership Financial Performance Protecting Midstates clean balance sheet Improved access to capital markets Substantially increase free cash flow generation Access Hidden Value Integration of best practices to increase operational efficiencies Exploit underappreciated assets Midstates Petroleum Company, Inc. l NYSE: MPO 16

SandRidge Energy Merger Proposal Significant Acreage Overlap Provides Substantial Operating Efficiencies e Fo rd Clark K iowa Comanche Pro Forma Mid-Con Asset Map P ratt Sedgwick Kingman Barber Sumner Harper Cowley Asset Base Highlights Pro forma asset base to include ~459,000 net Miss Lime acres ~77,000 net NW STACK acres ~121,000 net North Park acres p scomb emphill Harper Ellis Roger Mills Midstates Petroleum SandRidge Energy W oodward W oods Dewey Custer Major Blaine A lfalfa Kingfisher Canadian Grant G a rfield Logan Oklahoma Midstates Petroleum Company, Inc. l NYSE: MPO 17 No ble Kay Payne Lincoln Pawnee Osage Core Woods and Alfalfa, OK Miss Lime acreage position is primarily HBP with infrastructure in place MPO demonstrated track record of success Continue to optimize asset performance and improve margins SD NW STACK assets currently being de-risked through a DrillCo partnership and other operator activity North Park asset evaluated post-2018 program for allocation of capex or free cash flow

Key Takeaways Market-focused strategy: focusing activity, reducing costs, generating substantial free cash flow, improving liquidity - for maximum optionality Miss Lime Operational Excellence Populate drill schedule with high-graded opportunities in delineated areas - enhancing capital returns Drilling & Completion design optimization Initiatives underway to enhance base production by reducing well downtimes and improving under-performing wells Extensive Cost Reduction Program Evaluating opportunities to reduce overall cost structure to further improve EBITDA margins and maximize full-cycle returns Reduced annual G&A expense by $3-5mm in Jan 2018 Capturing over $3mm in annualized savings to LOE Anticipate ~$6mm annual interest savings after RBL paydown post Anadarko sale Strategic Opportunities Options to exploit NW STACK and/or other in basin opportunities Selective M&A transactions that increase shareholder value Potentially return capital to stockholders through stock repurchases and/or dividends Midstates Petroleum Company, Inc. l NYSE: MPO 18

Appendix Midstates Petroleum Company, Inc. l NYSE: MPO 19

2018 Guidance (Excludes Anadarko Basin assets) Production Guidance Operational CAPEX Guidance $MM Production (Boe/d) 16,000 18,000 Operational Capital Expenditures $100 - $120 Price Differential Guidance Oil (per Bbl) $0.70 NGL (realized % of WTI) 40% Gas inclusive of G&T (1) (per Mcf) $1.35 Cost Guidance per BOE Lease Operating Expense (2) $6.50 - $7.50 Severance & Other Taxes $1.50 - $2.00 Adjusted G&A - Cash (3) $2.50 - $3.25 1) Updated the presentation of its 2018 full year guidance to provide production price differential guidance that includes costs incurred for gathering and transportation, which is consistent with its presentation of revenue after the adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ( ASU 2014-09 ) as noted in the Form 10-Q for the quarter ended March 31, 2018. Inclusive of Gathering & Transportation expenses that were previously represented separately under Cost Guidance per BOE at $1.75 - $2.25 per BOE. 2) Includes expense workover 3) Adjusted G&A Cash is a non-gaap financial measure as it excludes from G&A non-cash compensation and other non-recurring items, but includes capitalized general and administrative costs. The most directly comparable GAAP measure for Adjusted G&A cash is General and Administrative Expense. See page 3 Midstates Petroleum Company, Inc. l NYSE: MPO 20

2018 Guidance Reconciliation Full Year 2018 Guidance (Miss Lime Only) Mississippian Lime Q1 2018 Actuals Anadarko Basin Total Company Production (Boe/d) 16,000-18,000 15,518 3,717 19,235 Operational Capital Expenditures ($MM) $100 - $120 $32 $0 $32 Price Differentials Oil (per Bbl) $0.70 $0.21 $1.48 $0.47 NGL (realized % of WTI) 40% 42% 39% 41% Gas inclusive of G&T (1) (per Mcf) $1.35 $1.29 $1.45 $1.32 Cost Guidance per BOE Lease Operating Expense (2) $6.50 - $7.50 $7.88 $11.37 $8.56 Severance & Other Taxes $1.50 - $2.00 $1.51 $2.26 $1.65 Adjusted G&A - Cash (3) $2.50 - $3.25 $3.12 N/A $2.52 1) Updated the presentation of its 2018 full year guidance to provide production price differential guidance that includes costs incurred for gathering and transportation, which is consistent with its presentation of revenue after the adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ( ASU 2014-09 ) as noted in the Form 10-Q for the quarter ended March 31, 2018. Inclusive of Gathering & Transportation expenses that were previously represented separately under Cost Guidance per BOE at $1.75 - $2.25 per BOE. 2) Includes expense workover 3) Adjusted G&A Cash is a non-gaap financial measure as it excludes from G&A non-cash compensation and other non-recurring items, but includes capitalized general and administrative costs. The most directly comparable GAAP measure for Adjusted G&A cash is General and Administrative Expense. See page 3 Midstates Petroleum Company, Inc. l NYSE: MPO 21

Reconciliation of PV-10 to the Standardized Measure Midstates refers to PV-10 as the present value of estimated future net cash flows of estimated proved reserves as calculated in the respective reserve report using a discount rate of 10%. This amount includes projected revenues, estimated production costs and estimated future development costs and estimated cash flows related to future asset retirement obligations ( ARO ). PV-10 is a financial measure defined under GAAP. Accordingly, the following table reconciles total PV-10 to the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. Midstates believes the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. PV-10 is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of our estimated proved reserves. PV-10 should not be considered in isolation or as a substitute for the standardized measure of discounted future net cash flows as defined under US GAAP. Additionally, standardized measure is based on proved reserves as of fiscal year end calculated using unweighted arithmetic average first-day-of-the-month prices for the prior 12 months. GAAP does not prescribe any corresponding GAAP measure for PV-10 of reserves adjusted for pricing sensitivities. For these reasons, it is not practicable for us to reconcile PV-10 at strip pricing to GAAP Standardized Measure. The following table provides a reconciliation of PV-10 to the standardized measure of discounted cash flows (in thousands): As of December 31, 2017 As of December 31, 2016 PV-10... $ 558,133 $ 578,155 Present value of future income tax, discounted at 10%... (8,890) (48,205) Standardized measure of discounted future net cash flows... $ 549,243 $ 529,950 Midstates Petroleum Company, Inc. l NYSE MKT: MPO 22

Midstates Petroleum Company, Inc. l NYSE: MPO 23