SandRidge Permian Trust Announces Quarterly Distribution

SANDRIDGE PERMIAN TRUST (NYSE: PER) today announced a quarterly distribution for the three-month period ended June 30, 2020 (which primarily relates to production attributable to the Trust’s interests from March 1, 2020 to May 31, 2020) of approximately $652,000, or $0.012 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 August 31, 2020 to holders of record as of the close of business on August 17, 2020.

During the three-month production period ended May 31, 2020, combined sales volumes were lower than the previous period and oil prices decreased. 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 $190,000 or 3.5% of the funds otherwise available for distribution each quarter to gradually increase existing cash reserves by a total of approximately $2,275,000. The withholding for this distribution is $190,000. This cash is reserved to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust.

As previously disclosed, on December 27, 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 December 24, 2019. If the Trust is unable to regain compliance with the applicable standards within a cure period that concludes on September 5, 2020, 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 following market close on September 5, 2020 and that shortly thereafter trading of the Trust units likely would be transferred to the over‑the-counter market.