SandRidge Mississippian Trust I Announces Quarterly Distribution Payable on or Before March 1, 2013; Reports Sales Results for the Quarter Ended November 30, 2012
January 31, 2013 at 09:15 pm
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SandRidge Mississippian Trust I announced a quarterly distribution for the three-month period ended December 31, 2012 (which primarily relates to production attributable to the Trust's interests from September 1, 2012 through November 30, 2012) of $18.2 million, or $0.650747 per 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 March 1, 2013 to holders of record as of the close of business on February 14, 2013.
The company reported sales results for the quarter ended November 30, 2012. During period, total sales volumes increased 1% over the previous three-month period. This increased volume was due to higher natural gas production, offset by slightly lower oil production. The additional natural gas production was offset by lower realized prices. The realized price, including the impact of hedges and post production expenses, for natural gas was 13% lower compared to the previous period. Overall, the period's results generated approximately a 10% lower distribution per unit than the target. The company reported revenue from royalty income of $18.107 million and revenue from derivative settlements of $1.768 million. Sales volume was 151 MBbl and gas of 1,607 MMcf.
SandRidge Mississippian Trust I is a statutory trust formed by and among SandRidge Energy, Inc. (SandRidge), The Bank of New York Mellon Trust Company, N.A., and The Corporation Trust Company. The SandRidge offers a range of services to the Company, including administrative services such as accounting, tax preparation, bookkeeping and informational services performed on behalf of the Trust. The Trust holds Royalty Interests in specified oil and natural gas properties located in the Mississippian formation in Alfalfa, Garfield, Grant and Woods counties in Oklahoma.
SandRidge Mississippian Trust I Announces Quarterly Distribution Payable on or Before March 1, 2013; Reports Sales Results for the Quarter Ended November 30, 2012