SandRidge Mississippian Trust II Announces That There Will Be No Further Distribution to Trust Unitholders

Rhea-AI Summary

SANDRIDGE MISSISSIPPIAN TRUST II (OTC: SDRMU) announced the cessation of distributions to unitholders as its funds, totaling $1,230,013, have been depleted due to final expenses related to the Trust's winding up. The units will be delisted and canceled, with the winding up process expected to conclude by December 31, 2021. The Trust held royalty interests in oil and natural gas properties across several counties in Oklahoma and Kansas, entitled to proceeds from production sales.

Positive

• None.

Negative

• Cessation of distributions to unitholders due to depletion of cash reserves.
• Trust units to be removed from trading and canceled.

HOUSTON--(BUSINESS WIRE)-- SANDRIDGE MISSISSIPPIAN TRUST II (OTC: SDRMU) today announced that there will be no further distribution to unitholders, as the Trust’s final expenses, including the expenses relating to the winding up and termination of the Trust, have exhausted the cash reserves of $1,230,013 previously withheld by the Trustee for the payment of future known, anticipated or contingent expenses or liabilities of the Trust following the distribution to unitholders in November 2020.

The Trust units will be removed from trading and cancelled following this press release. 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 will occur on or before December 31, 2021.

The Trust owned royalty interests in oil and natural gas properties in the Mississippian formation in Alfalfa, Grant, Kay, Noble and Woods counties in northern Oklahoma and Barber, Comanche, Harper and Sumner counties in southern Kansas and was entitled to receive proceeds from the sale of production attributable to the royalty interests.

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 timing of the cancellation of the Trust. 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 Mississippian Trust II is subject to the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, the Trust’s Quarterly Report on Form 10-Q for the period ended June 30, 2020, and all of its other filings with the SEC. The Trust’s annual, quarterly and other filed reports are available over the Internet at the SEC’s website at http://www.sec.gov.

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SandRidge Mississippian Trust II

The Bank of New York Mellon Trust Company, N.A., as Trustee

Sarah Newell

1(512) 236-6555

Source: SandRidge Mississippian Trust II

FAQ

Why is Sandridge Mississippian Trust II suspending distributions to unitholders?

The Trust is suspending distributions because its cash reserves of $1,230,013 have been exhausted due to final expenses related to its winding up.

What will happen to the Trust units of SDRMU?

The Trust units will be removed from trading and canceled following the announcement.

When is the expected completion date for the winding up of Sandridge Mississippian Trust II?

The winding up process is expected to be completed on or before December 31, 2021.

What assets did Sandridge Mississippian Trust II hold?

The Trust owned royalty interests in oil and natural gas properties located in several counties in Oklahoma and Kansas.

Are there any outstanding payments or liabilities for Sandridge Mississippian Trust II?

The Trust has exhausted its funds and will not make further distributions, indicating it has settled any known, anticipated, or contingent expenses.