Exhibit 10.1

ISDA_^®

International Swaps and Derivatives Association, Inc.

NOVATION AGREEMENT

dated as of March 13, 2013 among:

MORGAN STANLEY CAPITAL GROUP INC. (the “Remaining Party”),

SANDRIDGE ENERGY, INC. (the “Transferor”)

AND

SANDRIDGE PERMIAN TRUST (the “Transferee”).

The Transferor and the Remaining Party have entered into one or more Transactions as identified in the attached Annex A-2 (each an “Old Transaction”), each evidenced by a Confirmation (an “Old Confirmation”) attached hereto subject to an ISDA Master Agreement dated as of February 22, 2008 (the “Old Agreement”).

The Remaining Party and the Transferee have entered into an ISDA Master Agreement dated as of August 19, 2011 (the “New Agreement”).

With effect from and including April 1, 2013 (the “Novation Date”) the Transferor wishes to transfer by novation to the Transferee, and the Transferee wishes to accept the transfer by novation of, all the rights, liabilities, duties and obligations of the Transferor under and in respect of the Old Transactions insofar as they cover the volumes identified in the attached Annex A-1 (the “Transferred Volumes”), with the effect that the Remaining Party and the Transferee enter into new transactions (each a “New Transaction”) between them and otherwise having economic terms identical to those of the Old Transactions to the extent of the Transferred Volumes, as more particularly described below. The daily Notional Quantity for each New Transaction shall bear the same proportion to the daily Notional Quantity of the related Old Transaction as the Transferred Volumes for such New Transaction has to the total Notional Quantity of the Old Transaction.

The Remaining Party wishes to accept the Transferee as its sole counterparty with respect to the New Transactions.

The Transferor and the Remaining Party wish to have released and discharged, as a result and to the extent of the transfer described above, their respective obligations under and in respect of the Old Transactions.

Accordingly, the parties agree as follows: —

Terms defined in the ISDA Master Agreement as published in 2002 by the International Swaps and Derivatives Association, Inc., (the “2002 ISDA Master Agreement”) are used herein as so defined, unless otherwise provided herein.

With effect from and including the Novation Date and in consideration of the mutual representations, warranties and covenants contained in this Novation Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties) and limited, in each case, to the extent they relate to the Transferred Volumes:

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This Novation Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.

The parties will each pay their own costs and expenses (including legal fees) incurred in connection with this Novation Agreement and as a result of the negotiation, preparation and execution of this Novation Agreement.

No amendment, modification or waiver in respect of this Novation Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system.

This Novation Agreement will be governed by and construed in accordance with the laws of the State of New York without reference to the conflict of laws provisions thereof.

The terms of Section 13(b) of the 2002 ISDA Master Agreement shall apply to this Novation Agreement with references in such Section to “this Agreement” being deemed references to this Novation Agreement alone.

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IN WITNESS WHEREOF the parties have executed this Novation Agreement on the respective dates specified below with effect from and including the Novation Date.

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ANNEX A-1

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