OKLAHOMA CITY, Aug. 16, 2011 /PRNewswire/ -- SandRidge Permian
Trust (the Trust) announced today that it has closed its initial
public offering of 34,500,000 common units, including 4,500,000
common units sold pursuant to the exercise of the underwriters'
over-allotment option, representing a 66% beneficial interest in
the Trust. SandRidge Energy, Inc. (NYSE: SD) (SandRidge), as
sponsor of the Trust, owns 4,875,000 common units and 13,125,000
subordinated units convertible into common units. The Trust
has a total of 52,500,000 trust units outstanding. The common
units trade on the New York Stock Exchange under the symbol
"PER."
Gross proceeds of the transaction, before the underwriting
discount, were $621 million. Before
payment of offering expenses, SandRidge received approximately
$584 million as partial consideration
for the conveyance of the royalty interests held by the Trust.
Morgan Stanley & Co. LLC, Raymond
James & Associates, Inc., RBC Capital Markets LLC, and
Wells Fargo Securities, LLC served as joint book-running managers
of the offering. Deutsche Bank Securities Inc., Goldman Sachs &
Co., J.P. Morgan Securities LLC, Robert W. Baird & Co.
Incorporated, Oppenheimer & Co. Inc., Morgan Keegan & Company Inc., Sanders Morris
Harris Inc., Wunderlich Securities, Inc., SunTrust Robinson
Humphrey, Inc., Johnson Rice &
Company L.L.C. and Tuohy Brothers Investment Research, Inc. served
as co-managers. The offering of common units was made only by means
of a prospectus, and the sale of the Trust's common units was made
pursuant to an effective Registration Statement previously filed
with the U.S. Securities and Exchange Commission. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these securities
in any jurisdiction where the offer or sale is not permitted.
A written prospectus meeting the requirements of the Securities
Act of 1933 may be obtained from:
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Morgan
Stanley & Co. LLC
Attn:
Prospectus Dept.
180 Varick
Street, 2nd Floor
New York,
New York 10014
Email:
prospectus@morganstanley.com
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Raymond
James & Associates, Inc.
Attn: Equity
Syndicate
c/o Raymond
James & Associates, Inc.
880 Carillon
Parkway
St.
Petersburg, Florida 33716
Toll free
No.: (800) 248-8863
Email:
Andrea.Borum@RaymondJames.com
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RBC Capital
Markets, LLC
Attn: Equity
Syndicate
Three World
Financial Center
200 Vesey
Street, 8th Floor
New York,
New York 10281
Toll free
No.: (877) 822-4089
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Wells Fargo
Securities, LLC
Attn: Equity
Syndicate Department
375 Park
Avenue
New York,
New York 10152
Toll-free
No.: (800) 326-5897
Email:
cmclientsupport@wellsfargo.com
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About SandRidge Permian Trust:
SandRidge Permian Trust is a Delaware statutory trust formed by SandRidge
Energy, Inc. to own certain royalty interests in oil and natural
gas wells in Andrews County, Texas
producing from the Grayburg/San Andres formation within the Permian
Basin.
About SandRidge Energy, Inc.:
SandRidge Energy, Inc. is an oil and natural gas company
headquartered in Oklahoma City,
Oklahoma, with its principal focus on exploration and
production. SandRidge Energy, Inc. focuses its exploration and
production activities in the Permian Basin, Mid-Continent, West
Texas Overthrust, Cotton Valley Trend in East Texas, Gulf Coast and Gulf of Mexico. SandRidge Energy, Inc.'s
internet address is www.sandridgeenergy.com.
CONTACT:
Kevin R. White
Senior Vice President
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
+1 (405) 429-5515
Michael J. Ulrich, Vice
President
The Bank of New York Mellon Trust Company, N.A.,
as Trustee of SandRidge Permian Trust
919 Congress Avenue, Suite 500
Austin, TX 78701
+1 (512) 236-6599
SOURCE SandRidge Permian Trust