SandRidge Mississippian Trust I Announces Resolution of Litigation Against the Trust; Final Distribution to Trust Unitholders to be Made in November 2025

HOUSTON--(BUSINESS WIRE)-- SANDRIDGE MISSISSIPPIAN TRUST I (OTC: SDTTU) today announced that no appeal or post-judgment motion was filed in the proceeding styled as Duane & Virginia Lanier Trust v. SandRidge Mississippian Trust I (the “Securities Litigation”) prior to the October 14, 2025 deadline that the court set for such actions, and therefore the Securities Litigation has been concluded.

Accordingly, the Trust today announces a distribution of $5,735,127, or $0.2048 per unit, reflecting the release of (1) the net proceeds from the sale of the Trust’s royalty interests in April 2021, which 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, and (2) the remaining cash reserves previously withheld by the Trustee for the payment of future known, anticipated or contingent expenses or liabilities of the Trust, less amounts reflecting the Trustee’s provision for the remaining winding up expenses of the Trust. The distribution is expected to occur on or before November 14, 2025 to holders of record as of the close of business on November 7, 2025 and will be the final distribution to be made to the Trust unitholders.

As of the date of this press release, 73.0% of the Trust’s total 28,000,000 units outstanding were held by Cede & Co. (The Depository Trust Company’s nominee) as the official unitholder of record. The record date of November 7, 2025 for the final distribution is only applicable to unitholders of record such as Cede & Co., and the ex-date, as set by The Financial Industry Regulatory Authority, Inc., or FINRA, actually determines which street name holders will be eligible to receive this distribution. The ex-date for the final distribution has not been set. FINRA will set the ex‑date after the Trust issues this press release. The Trustee does not set the ex-date, and therefore, investors should contact their broker with any questions about the ex-date for this distribution.

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, which is expected to occur before the end of the year.

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 April 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.

Distributable income was calculated as follows:

Cash and cash equivalents at June 30, 2021(1)	$	7,899,785
Trust administrative expenses (July 1, 2021 – September 30, 2025)(2)	(2,550,141		)
Interest earned (July 1, 2021 – September 30, 2025)	935,484
Provision for remaining winding-up expenses of the Trust	(550,000		)
Distributable income available to unitholders	$	5,735,128	(3)
Distributable income per unit (28,000,000 units issued and outstanding)	$	0.2048	(3)

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(1)		Includes the net proceeds from the sale of the Trust’s royalty interests in April 2021, other cash on hand, and the Trust’s cash reserves for the payment of future known, anticipated or contingent expenses or liabilities. As previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee withheld the greater of $35,000 or 3.5% of the funds otherwise available for distribution each quarter to gradually increase such cash reserves by a total of $425,000. In 2019 and 2020, the Trustee withheld an aggregate of approximately $152,000 and $124,000, respectively, from the funds otherwise available for distribution. In February 2021, in light of the early termination of the Trust, the Trustee withheld approximately $96,000 from the funds otherwise available for distribution, which was the remaining amount needed to reach its targeted cash reserve.
(2)		Trust administrative expenses during these periods primarily reflect payments to the Trustee and the Delaware Trustee, tax return and Schedule K-1 preparation and mailing costs, and registrar and transfer agent fees.
(3)		Distributable income available to unitholders and Distributable income per unit is expected to be slightly higher than the amounts presented here, due to the interest earned between September 30, 2025 and the date of the distribution.

Pursuant to Section 1446 of the Internal Revenue Code of 1986 (the “IRC”), withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons (“ECI”) should be made at the highest marginal rate. Under IRC Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at a 30% rate unless the rate is reduced by treaty. Nominees and brokers should withhold at the highest marginal rate on the distribution made to non-U.S. persons. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by SandRidge Mississippian Trust I, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice.

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 the amount and date of any anticipated distribution to unitholders; and expectations regarding 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

Source: SandRidge Mississippian Trust I