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SandRidge Permian Trust Announces Quarterly Distribution

AUSTIN, Texas, Oct 29, 2015 (BUSINESS WIRE) -- SANDRIDGE PERMIAN TRUST PER, -4.57% today announced a quarterly distribution for the three-month period ended September 30, 2015 (which primarily relates to production attributable to the Trust’s interests from June 1, 2015 through August 31, 2015) of $9.9 million, or $0.250 per Common Unit. The Trust makes distributions on a quarterly basis approximately 60 days after the end of each quarter. The distribution is expected to occur on or before November 27, 2015 to holders of record as of the close of business on November 13, 2015.

During the three-month production period ended August 31, 2015, total sales volumes were lower than initial Trust estimates and oil, natural gas and natural gas liquids (“NGL”) experienced continued depressed pricing. The previous period’s low commodity prices were partially offset by net cash settlements received under the derivatives agreement, whereas no such arrangements were in place for the three-month production period ended August 31, 2015. Additionally, as no additional development wells will be drilled, the Trust’s production is expected to decline each quarter during the remainder of its life.

The Trust owns royalty interests in oil and natural gas properties in the Central Basin Platform of the Permian Basin in Andrews County, Texas 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, NGL and natural gas prices and the amount and timing of the Trust’s administrative expenses, among other factors. Although there is no assurance of any minimum distribution in any quarterly period, during the subordination period (as described in the Trust’s filings), holders of Common Units are entitled to receive an amount up to the “Subordination Threshold” (which varies from quarter to quarter) prior...