SandRidge Mississippian Trust I Announces Distribution of $0.650747 Per Unit

  SandRidge Mississippian Trust I Announces Distribution of $0.650747 Per Unit

Business Wire

AUSTIN, Texas -- January 31, 2013

SANDRIDGE MISSISSIPPIAN TRUST I (NYSE: SDT) today announced a quarterly
distribution for the three-month period ended December 31, 2012 (which
primarily relates to production attributable to the Trust’s interests from
September1, 2012 through November30, 2012) of $18.2 million, or $0.650747
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 March1, 2013 to holders of record as of the close of business on
February 14, 2013.

During the three-month production period ended November 30, 2012, total sales
volumes increased 1% over the previous three-month period. This increased
volume was due to higher natural gas production, offset by slightly lower oil
production. The additional natural gas production was offset by lower realized
prices. The realized price, including the impact of hedges and post production
expenses, for natural gas was 13% lower compared to the previous period.
Overall, the period’s results generated approximately a 10% lower distribution
per unit 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)                                                        151
Gas (MMcf)                                                            1,607
Combined (MBoe)                                                       419
Average Price
Oil (per Bbl) (1)                                                   $ 85.95
Gas (per Mcf)                                                       $ 3.18
Average Price - including impact of derivative settlements and
post-production expenses
Oil (per Bbl) (1)                                                   $ 96.30
Gas (per Mcf)                                                       $ 2.73
Royalty income                                                      $ 18,107
Derivative settlements                                                1,768
Expenses                                                             1,654
Distributable income available to unitholders                       $ 18,221
Distributable income per unit (28,000,000 units issued and          $ 0.650747

(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 November 30, 2012, an average
of three SandRidge 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 February 28, 2013. Additionally, it is anticipated that SandRidge will
satisfy its drilling obligation of 123 Development Wells in the second
calendar quarter of 2013. 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
11/30/2012   101.1                    1.5                    102.6

*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 by
SandRidge Mississippian Trust I to nominees and brokers as provided for under
Treasury Regulation Section 1.1446-4(b), and while specific relief is not
specified for Section 1441 income, this disclosure is intended to suffice.
Nominees and brokers should withhold at the highest marginal rate, currently
39.6% for individuals, on 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


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