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SANDRIDGE MISSISSIPPIAN TRUST I (OTC: SDTTU) announced that it will not distribute net proceeds from its asset sale to holders of record as of August 13, 2021, due to potential securities litigation liabilities. The Trust's cash reserve will hold these proceeds until the litigation is resolved. As of November 13, 2020, the Trust was required to begin winding up operations due to insufficient cash available for distribution, totaling $815,000 over four quarters. The recent asset sale to SandRidge for $4,850,000 resulted in net proceeds of $4,500,000, which will also be reserved for liabilities.
SandRidge Mississippian Trust I (OTC: SDTTU) announced a quarterly distribution of approximately $0.3 million, or $0.0110 per unit, for the period ending March 31, 2021. However, cash available for distribution for four consecutive quarters totaled $815,000, necessitating the Trust's dissolution and asset sale as of November 13, 2020. SandRidge Exploration and Production has exercised a right of first refusal to acquire the Trust's assets for $4.85 million. Future distributions are uncertain due to liabilities related to ongoing securities litigation, and Trust units are expected to be canceled post-winding up.
SandRidge Mississippian Trust I (OTC: SDTTU) announces a quarterly distribution of approximately $0.1 million, or $0.0029 per unit, for the period ending December 31, 2020. Distribution will occur on or before February 26, 2021. Average natural gas and NGL prices increased, but sales volumes have slightly decreased. The Trust faces a dissolution trigger due to cumulative cash available for distribution being less than $1.0 million. The Trustee will engage in asset sales and expects to wind up operations by Q3 2021, with potential quarterly distributions continuing until then.
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