SandRidge Permian Trust Announces Quarterly Distribution and Distribution of Net Asset Sale Proceeds in August 2021
SANDRIDGE PERMIAN TRUST (OTC Pink: PERS) today announced a distribution of approximately $9.5 million, or $0.182 per unit. This amount reflects (a) the distribution for the three-month period ended June 30, 2021 (which primarily relates to production attributable to the Trust’s royalty interests from March 1, 2021 to May 31, 2021) of approximately $0.4 million, (b) approximately $3.5 million (reflecting payments to the Trust of approximately $0.3 million and approximately $3.2 million) representing payment in full of the remaining unpaid portion of the amount Avalon Energy, LLC (“Avalon”) owed to the Trust relating to the three-month period ended March 31, 2020 (which primarily related to production attributable to the Trust’s royalty interests from December 1, 2019 to February 29, 2020 (the “May 2020 Quarterly Payment”), including accrued interest, and (c) the approximately $5.6 million of net proceeds received from the sale of the Trust’s assets to Montare Resources I, LLC (“Montare”) on June 18, 2021. The distribution is expected to occur on or before August 27, 2021 to holders of record as of the close of business on August 13, 2021.
As the Trust sold its remaining assets to Montare effective July 1, 2021, there will be no further income received by the Trust from oil and gas production. Cash reserves remaining after the distribution on or before August 27, 2021 will be used by the Trustee to complete the winding up process of the Trust, which includes the preparation and filing of a Form 10-Q for the period ended June 30, 2021, the filing of a Form 15 with the Securities and Exchange Commission (“SEC”) to deregister the Trust as a reporting company, notification to the OTC Markets Group of the Trust’s deregistration with the SEC and notice to stop trading of the Trust’s common units, and preparation and issuance of Forms K-1 for all holders of Common Units. If any cash reserves remain following the payment of the Trust’s estimated remaining expenses and liabilities, the Trustee will make a final distribution to unitholders of such amount. The Trust will remain in existence until the winding up process is completed, after which the Trustee will file a certificate of cancellation with the Secretary of State of the State of Delaware.
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