SandRidge Mississippian Trust I Announces Quarterly Distribution

SANDRIDGE MISSISSIPPIAN TRUST I (NYSE: SDT) today announced a quarterly distribution for the three-month period ended September 30, 2019 (which primarily relates to production attributable to the Trust’s interests from June 1, 2019 to August 31, 2019) of approximately $0.4 million, or $0.0136 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 November 22, 2019 to holders of record as of the close of business on November 8, 2019.

During the three-month production period ended August 31, 2019, average oil, natural gas and natural gas liquids (“NGL”) prices decreased significantly compared to the three-month period ended May 31, 2019. Combined sales volumes were lower than the previous period. 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 previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee has withheld, and in the future 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 withholding for this distribution is $35,000. This cash is reserved to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities.

As previously disclosed, on May 16, 2019, the Trust received written notification from The New York Stock Exchange (“NYSE”) that the Trust no longer satisfied the continued listing compliance standards set forth under Rule 802.01C of the NYSE Listed Company Manual because the average closing price of the Trust units fell below $1.00 over a 30 consecutive trading-day period that ended May 14, 2019. If the Trust is unable to regain compliance with the applicable standards within a six-month cure period that concludes on November 16, 2019, the NYSE will commence suspension and delisting procedures. As the average 30-day closing price of the Trust units has remained below $1.00 since receipt of the notification, the Trustee expects that the NYSE will delist the Trust units by mid-November 2019 and that shortly thereafter trading of the Trust units likely would be transferred to the over-the-counter market.