SandRidge Mississippian Trust I
SDTTU
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- SandRidge Mississippian Trust I (OTC: SDTTU) is a statutory trust that holds royalty interests in specified oil and natural gas properties located in the Mississippian formation in Alfalfa, Garfield, Grant, and Woods counties in north-central Oklahoma. The Trust entitles unitholders to receive a majority of the net proceeds from the sale of production of crude oil, natural gas, and natural gas liquids attributable to these royalty interests, which encompass both vertical and horizontal wells targeting carbonate reservoirs; distributions to unitholders were calculated quarterly based on actual production volumes, commodity prices, and administrative expenses. The Trust does not engage in drilling, operations, or development activities, relying instead on operators such as affiliates of SandRidge Energy, Inc. for well management and revenue collection. Founded on December 30, 2010, and headquartered in Houston, Texas, with trustee services provided by The Bank of New York Mellon Trust Company, N.A., the Trust primarily serves investors seeking passive exposure to Mid-Continent hydrocarbon cash flows without direct operational risks or capital commitments. Its operations were geographically concentrated in Oklahoma's Mid-Continent region, with no subsidiaries or parent company relationships beyond its formation by SandRidge Energy, Inc. In April 2021, the Trustee sold the Trust's royalty interests, retaining net proceeds as cash reserves to cover potential liabilities, including those from ongoing securities litigation; production proceeds ceased accruing after April 1, 2021. On October 27, 2025, following resolution of the Duane & Virginia Lanier Trust v. SandRidge Mississippian Trust I litigation with no appeals filed by the October 14, 2025 deadline, the Trust announced its final distribution of $5,735,127, or $0.2048 per unit (from 28 million outstanding units), payable on or before November 14, 2025 to holders of record as of November 7, 2025, releasing the withheld 2021 sale proceeds and remaining reserves after provisions for winding-up expenses. Post-distribution, Trust units will be delisted from trading and canceled, with the Trust's existence terminating upon filing a certificate of cancellation in Delaware, expected before year-end 2025.