1. Court ruled in favor of SandRidge Mississippian Trust in litigation. 2. Final distribution to unitholders expected once appeal period concludes. 3. Trust units will be canceled after final distribution payment. 4. Trust's earnings linked to oil and gas production fluctuated historically. 5. Forward-looking statements indicate potential cash distributions to unitholders.
The court's ruling may assure investors, leading to restored confidence in SDTTU. Past legal resolutions have positively influenced similar trusts' market performance.
The article directly affects SDTTU by addressing litigation and potential distributions, which are critical for unitholder sentiment and market activity.
The resolution of litigation and expected cash distribution impacts investors' immediate decisions. Past examples show short-term gains related to positive legal outcomes.
SANDRIDGE MISSISSIPPIAN TRUST I (OTC:SDTTU) today announced that on September 11, 2025, the court in the proceeding styled as Duane & Virginia Lanier Trust v. SandRidge Mississippian Trust I (the "Securities Litigation") granted summary judgment in favor of the Trust. The plaintiff has until October 14, 2025 to appeal the court's order. If no appeal or post-judgment motion is filed, at that point the litigation against the Trust would be deemed to be concluded and the Trust would expect to announce shortly thereafter a final distribution to Trust unitholders of the Trust's remaining cash (after payment or provision for remaining Trust expenses), which include the net proceeds from the sale of the Trust's royalty interests in April 2021 that the Trustee had withheld as part of its cash reserve to provide for the Trust's potential liabilities under the Securities Litigation as required by the Delaware Statutory Trust Act.
The Trust units will be removed from trading and cancelled following the payment of the final distribution. The Trust will remain in existence until the filing of a certificate of cancellation with the Secretary of State of the State of Delaware following the completion of the winding up process.
The Trust owned royalty interests in oil and natural gas properties and was entitled to receive proceeds from the sale of production attributable to the royalty interests up to June 1, 2021. As described in the Trust's filings with the Securities and Exchange Commission ("SEC"), the amount of the quarterly distributions fluctuated from quarter to quarter, depending on the proceeds received by the Trust as a result of actual production volumes, oil, natural gas and natural gas liquids prices, and the amount and timing of the Trust's administrative expenses, among other factors. All Trust unitholders share distributions on a pro rata basis.
This press release contains statements that are forward-looking statements. All statements contained in this press release, other than statements of historical facts, are forward-looking statements. These forward-looking statements include expectations regarding the final resolution of the Securities Litigation, the future announcement of a final distribution to Trust unitholders, and the timing of the winding up of the Trust, including the cancellation of the Trust units. Statements made in this press release are qualified by the cautionary statements made above. The Trustee does not intend, and does not assume any obligation, to update any of the statements included in this press release. An investment in common units issued by the Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2020, and all of its other filings with the SEC.
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SandRidge Mississippian Trust I
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555