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SandRidge Mississippian Trust I Announces Distribution Of $0.79 Per Unit

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

 
Sales Volumes
Oil (MBbl) 185
Gas (MMcf) 1,568
Combined (MBoe) 446
Average Price
Oil (per Bbl) $ 84.75
Gas (per Mcf) $ 4.06
Average Price - including impact of derivative settlements
and post-production expenses
Oil (per Bbl) $ 93.71
Gas (per Mcf) $ 4.07
Revenues
Royalty income $ 22,005
Derivative settlements 2,574
Expenses   1,571
Income available for distribution prior to incentive calculation 23,008
Less: Incentive distribution to SandRidge   863
Distributable income available to unitholders $ 22,145
Distributable income per unit (28,000,000 units issued and outstanding) $ 0.790905
 

In addition to the initial producing wells, SandRidge, pursuant to a development agreement with the Trust, is obligated to drill, or cause to be drilled, the equivalent of 123 development wells, determined by reference to SandRidge’s net revenue interest in a well and the perforated length of the well, in an area of mutual interest by December 31, 2014. In the event of delays, SandRidge will have until December 31, 2015 to fulfill its drilling obligation.

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