SandRidge Mississippian Trust I Announces Distribution of $0.683076 Per Unit

  SandRidge Mississippian Trust I Announces Distribution of $0.683076 Per Unit

Business Wire

AUSTIN, Texas -- November 01, 2012

SANDRIDGE MISSISSIPPIAN TRUST I (NYSE: SDT) today announced a quarterly
distribution for the three-month period ended September 30, 2012 (which
primarily relates to production attributable to the Trust’s interests from
June1, 2012 through August31, 2012) of $19.1 million, or $0.683076 per unit.
The Trust makes distributions on a quarterly basis approximately 60 days after
the end of each quarter. The distribution is expected to occur on or before
November29, 2012 to holders of record as of the close of business on November
14, 2012.

During the three-month production period ended August 31, 2012, total sales
volumes increased 10% over the previous three-month period. This increased
volume was due to higher natural gas production, offset by slightly lower oil
production. The additional production was offset by lower realized prices. The
realized price, including the impact of hedges, for natural gas was 24% lower
compared to the previous period and for oil was 3% lower than the previous
period. These lower realized prices more than offset the higher total
production and resulted in distributable income available to unitholders that
was approximately 7% less than the target.

The Trust owns royalty interests created from interests held by SandRidge
Energy, Inc. (“SandRidge”) and its subsidiaries in oil and natural gas
properties in the Mississippian formation in Alfalfa, Garfield, Grant, Major
and Woods counties in Oklahoma and is entitled to receive proceeds from the
sale of production attributable to the royalty interests. As described in the
Trust’s filings with the Securities and Exchange Commission (the “SEC”), the
amount of the quarterly distributions is expected to fluctuate from quarter to
quarter, depending on the proceeds received by the Trust as a result of actual
production volumes, oil and natural gas prices and the amount and timing of
the Trust’s administrative expenses, among other factors. Although there is no
assurance of any minimum distribution in any quarterly period, during the
subordination period (as described in the Trust’s filings), holders of Common
Units will be entitled to receive an amount up to the “Subordination
Threshold” (which varies from quarter to quarter) prior to any distribution
being made for that quarter in respect of the Subordinated Units, all of which
are held by SandRidge. If the amount available for distribution in any
quarterly period is sufficient to distribute an amount equal to the
Subordination Threshold to the holders of all units (including the
Subordinated Units), any additional balance is distributed to holders of all
units pro rata, up to the amount of the Incentive Threshold for the quarter.
Trust units are entitled to receive 50% of any cash available for distribution
in excess of the Incentive Threshold for the quarter. The announced
distribution exceeded the Subordination Threshold, but not the Incentive
Threshold, for the quarter.

Volumes, price and distributable income available to unitholders for the
period were (dollars in thousands, except per unit):

                                                                  
Sales Volumes
Oil (MBbl) (1)                                                        154
Gas (MMcf)                                                            1,567
Combined (MBoe)                                                       415
Average Price
Oil (per Bbl) (1)                                                   $ 83.66
Gas (per Mcf)                                                       $ 2.98
Average Price - including impact of derivative settlements and
post-production expenses
Oil (per Bbl) (1)                                                   $ 95.46
Gas (per Mcf)                                                       $ 3.13
Revenues
Royalty income                                                      $ 17,539
Derivative settlements                                                2,908
Expenses                                                             1,321
                                                                    
Distributable income available to unitholders                       $ 19,126
                                                                    
Distributable income per unit (28,000,000 units issued and          $ 0.683076
outstanding)

(1)  Includes natural gas liquids.

In addition to wells that were producing at the effective date of the
assignment of the royalty interests to the Trust, SandRidge, pursuant to a
development agreement with the Trust, is obligated to drill, or cause to be
drilled, the equivalent of 123 development wells, determined by reference to
SandRidge’s net revenue interest in a well and the perforated length of the
well, in an area of mutual interest by December31, 2015.

During the three-month production period ended August 31, 2012, an average of
five drilling rigs were utilized to drill development wells for the Trust.
Currently, three rigs are drilling Trust development wells, and the present
plan is to average three rigs during the three-month production period ending
November 30, 2012. To date, equivalent development wells producing, or drilled
and perforated for completion, during production periods upon which
distributions are based are as follows:

As of       Equivalent Producing  Additional Drilled  Total Development
             Development Wells      Development Wells*   Wells
5/31/2011    16.4                   3.3                  19.7
8/31/2011    36.5                   1.2                  37.7
11/30/2011   48.5                   0.4                  48.9
2/29/2012    60.6                   1.1                  61.7
5/31/2012    72.5                   0.7                  73.2
8/31/2012    88.7                   0.0                  88.7

*Equivalent development wells that are not producing at the ‘As of’ date but
have been drilled and perforated for completion.

Pursuant to IRC Section 1446, withholding tax on income effectively connected
to a United States trade or business allocated to foreign partners should be
made at the highest marginal rate. Under Section 1441, withholding tax on
fixed, determinable, annual, periodic income from United States sources
allocated to foreign partners should be made at 30% of gross income unless the
rate is reduced by treaty. This 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.
Nominees and brokers should withhold 35% of the distribution made to foreign
partners.

This press release contains statements that are “forward-looking statements”
within the meaning of Section21E 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 amount and date of
any anticipated distribution to unit holders. The anticipated distribution is
based, in part, on the amount of cash received or expected to be received by
the Trust from SandRidge with respect to the relevant period. Any differences
in actual cash receipts by the Trust could affect this distributable amount.
Other important factors that could cause actual results to differ materially
include expenses of the Trust and reserves for anticipated future expenses.
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 I is subject to the risks described in the
Trust’s Annual Report on Form 10-K for the year ended December31, 2011, and
all of its other filings with the SEC. The Trust’s quarterly and other filed
reports are or will be available over the Internet at the SEC’s web site at
http://www.sec.gov.

Contact:

SandRidge Mississippian Trust I
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell, 1-512-236-6531