Profile: SandRidge Permian Trust (PER.N)
Sandridge Permian Trust, incorporated on December 5, 2011, is a statutory trust formed under the Delaware Statutory Trust Act pursuant to a trust agreement by and among SandRidge Energy, Inc. (SandRidge), as Trustor, The Bank of New York Mellon Trust Company, N.A., as Trustee (the Trustee), and The Corporation Trust Company, as Delaware Trustee (the Delaware Trustee). The Trust holds Royalty Interests in specified oil and natural gas properties in the Permian Basin located in Andrews County, Texas (the Underlying Properties).
The Royalty Interests entitle the Trust to receive 80% of the proceeds from the sale of oil, natural gas liquids (NGL) and natural gas production attributable to SandRidge’s net revenue interest in 517 oil and natural gas wells developed as of April 1, 2011, including 21 wells awaiting completion at that time (the Initial Wells) and 70% of the proceeds from the sale of oil, NGLs and natural gas production attributable to SandRidge’s net revenue interest in 888 development wells drilled (the Trust Development Wells) within an area of mutual interest (AMI).
SandRidge Permian Trust
Suite 500, 919 CONGRESS AVENUE
AUSTIN TX 78701