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SandRidge Mississippian Trust I Announces Quarterly Distribution


SANDRIDGE MISSISSIPPIAN TRUST I (NYSE:SDT) today announced a quarterly
distribution for the three-month period ended December 31, 2018 (which
primarily relates to production attributable to the Trust's interests
from September 1, 2018 to November 30, 2018) of approximately $1.2
million, or $0.0439 per unit. The Trust makes distributions on a
quarterly basis on or about the 60th day following the completion of
each quarter. The distribution is expected to occur on or before
February 22, 2019 to holders of record as of the close of business on
February 8, 2019.

During the three-month production period ended November 30, 2018,
combined sales volumes were higher than the previous period and natural
gas prices increased. This increase, however, was offset by a decrease
in oil and natural gas liquids ("NGL") prices. As no additional
development wells will be drilled, the Trust's production is expected to
decline each quarter during the remainder of its life.

As announced on December 19, 2018, commencing with this distribution,
the Trustee intends to withhold the greater of $35,000 or 3.5% of the
funds otherwise available for distribution each quarter to gradually
increase existing cash reserves by a total of approximately $425,000.
The calculated withholding for this distribution is approximately
$45,000. This cash is reserved to pay or provide for the payment of
future known, anticipated or contingent expenses or liabilities.

The Trust owns royalty interests in oil and natural gas properties in
the Mississippian formation in Alfalfa, Garfield, Grant and Woods
counties in Oklahoma and is entitled to receive proceeds from the sale
of production attributable to the royalty interests. As described in the
Trust's filings with the Securities and Exchange Commission (the "SEC"),
the amount of the quarterly distributions is expected to fluctuate from
quarter to quarter, depending on the proceeds received by the Trust as a
result of actual production volumes, oil, natural gas and NGL prices and
the amount and timing of the Trust's administrative expenses, among
other factors. All Trust unitholders share distributions on a pro rata

Volumes, average prices and distributable income available to
unitholders for the period were (dollars in thousands, except per unit):

Sales Volumes
Oil (MBbl) 11
NGL (MBbl) 20
Natural Gas (MMcf) 326
Combined (MBoe) 85
Average Price
Oil (per Bbl) $ 64.36
NGL (per Bbl) $ 30.18
Natural Gas (per Mcf) $ 2.20
Natural Gas (per Mcf) including impact of post-production expenses $ 1.48
Revenues $ 2,024
Expenses   751
Distributable income $ 1,273
Additional cash reserve   45
Distributable income available to unitholders $ 1,228
Distributable income per unit (28,000,000 units issued and
$ 0.0439

Pursuant to IRC Section 1446, withholding tax on income effectively
connected to a United States trade or business allocated to foreign
partners should be made at the highest marginal rate. Under Section
1441, withholding tax on fixed, determinable, annual, periodic income
from United States sources allocated to foreign partners should be made
at 30% of gross income unless the rate is reduced by treaty. This is
intended to be a qualified notice by SandRidge Mississippian Trust I to
nominees and brokers as provided for under Treasury Regulation Section
1.1446-4(b), and while specific relief is not specified for Section 1441
income, this disclosure is intended to suffice. Nominees and brokers
should withhold at the highest marginal rate on the distribution made to
foreign partners.

This press release contains statements that are "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. All statements contained in this press release,
other than statements of historical facts, are "forward-looking
statements" for purposes of these provisions. These forward-looking
statements include the amount and date of any anticipated distribution
to unitholders, and the Trustee's planned withholding of funds to
increase cash reserves for future known, anticipated or contingent
expenses or liabilities of the Trust. The anticipated distribution is
based, in part, on the amount of cash received or expected to be
received by the Trust from SandRidge Energy, Inc. ("SandRidge") with
respect to the relevant period. Any differences in actual cash receipts
by the Trust could affect this distributable amount. The amount of such
cash received or expected to be received by the Trust (and its ability
to pay distributions) has been and will be significantly and negatively
impacted by prevailing low commodity prices, which could remain low for
an extended period of time or decline further. Other important factors
that could cause actual results to differ materially include expenses of
the Trust and reserves for anticipated future expenses. Statements made
in this press release are qualified by the cautionary statements made in
this press release. Neither SandRidge nor the Trustee intends, and
neither assumes any obligation, to update any of the statements included
in this press release. An investment in Common Units issued by SandRidge
Mississippian Trust I is subject to the risks described in the Trust's
Annual Report on Form 10-K for the year ended December 31, 2017, and all
of its other filings with the SEC. The Trust's annual, quarterly and
other filed reports are or will be available over the Internet at the
SEC's website at

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