SandRidge Permian Trust Announces Distribution of $0.72 Per Unit
October 28 2011 - 9:15AM
Business Wire
SANDRIDGE PERMIAN TRUST (NYSE: PER) today announced a quarterly
distribution for the period from April 1, 2011 through August 31,
2011 of $37.9 million, or $0.722746 per unit. The distribution is
expected to occur on or before November 30, 2011 to holders of
record as of the close of business on November 15, 2011.
The Trust was formed by SandRidge Energy, Inc. ("SandRidge") in
May 2011 to own royalty interests in oil and natural gas properties
leased by SandRidge 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 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 will be entitled to receive an amount up to the
"Subordination Threshold" (which varies from quarter to quarter)
prior to any distribution being made for that quarter in respect of
the Subordinated Units, all of which are held by SandRidge. If the
amount available for distribution in any quarterly period is
sufficient to distribute an amount equal to the Subordination
Threshold to the holders of all units (including the Subordinated
Units), any additional balance is distributed to holders of all
units, up to the amount of the Incentive Threshold for the quarter.
Trust units are entitled to receive 50% of any cash available for
distribution in excess of the Incentive Threshold for the
quarter.
Volumes, price and distributable income available to unitholders
for the period were (dollars in thousands, except per unit):
Sales Volumes Oil (MBbl) (1) 453 Gas (MMcf) 120
Combined (MBoe) 473
Average Price Oil (per Bbl) (1) $
89.14 Gas (per Mcf) $ 3.44
Average Price - including
impact of derivative settlements Oil (per Bbl)(1) $ 91.70
Revenues Royalty income $ 40,794 Derivative
settlements 1,161
Expenses 4,011
Distributable income available to unitholders $ 37,944
Distributable income per unit (52,500,000 units issued
and outstanding) $ 0.722746 (1 ) Includes natural gas
liquids.
SandRidge Energy, Inc., the sponsor of SandRidge Permian Trust
announced that it will host a conference call on November 11, 2011
at 9:00 am CST. The telephone number to access the conference call
from within the U.S. is 866-362-4831 and from outside the U.S. is
617-597-5347. The participant code for the call is 35115230. The
call may also be accessed via the Internet at
http://www.media-server.com/m/p/sy4476in. An audio replay of the
call will be available from November 11, 2011 until 11:59 p.m. EST
on November 18, 2011. The number to access the conference call
replay from within the U.S. is 888-286-8010 and from outside the
U.S. is +1-617-801-6888. The participant code for the replay is
56766876.
This press release contains statements that are "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
"forward-looking statements" for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unit holders. The anticipated
distribution is based, in part, on the amount of cash received or
expected to be received by the Trust from SandRidge with respect to
the relevant period. Any differences in actual cash receipts by the
Trust could affect this distributable amount. Other important
factors that could cause actual results to differ materially
include expenses of the Trust and reserves for anticipated future
expenses. Statements made in this press release are qualified by
the cautionary statements made in this press release. Neither
SandRidge nor the Trustee intends, and neither assumes any
obligation, to update any of the statements included in this press
release. An investment in Common Units issued by SandRidge Permian
Trust is subject to the risks described in the Trust's Quarterly
Report on Form 10-Q for the quarter ended June 30, 2011, and all of
its other filings with the SEC. The Trust's quarterly and other
filed reports are or will be available over the Internet at the
SEC's web site at http://www.sec.gov.
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