SandRidge Permian Trust Announces Pricing of Initial Public Offering

/PRNewswire/ -- SandRidge Permian Trust (the Trust) announced today that it has priced its initial public offering of 30,000,000 common units at a price per common unit of $18.00. The 30,000,000 common units being sold in the offering represent a 57% beneficial interest in the Trust. The underwriters have 30 days to exercise an option to purchase an additional 4,500,000 common units from the Trust to cover over-allotments, if any. Following completion of the offering, SandRidge Energy, Inc. (NYSE: SD) (SandRidge), as sponsor of the Trust, will own 9,375,000 common units and 13,125,000 subordinated units convertible into common units, assuming no exercise of the underwriters' option, and the Trust will have a total of 52,500,000 trust units outstanding. The common units have been approved for listing on the New York Stock Exchange, and will trade under the symbol "PER." The offering, which is subject to customary closing conditions, is expected to close on or about August 16, 2011.

The Trust will own royalty interests conveyed to it by SandRidge that will entitle the Trust to a percentage of the proceeds received by SandRidge from the production of hydrocarbons from currently producing wells and development wells to be drilled by SandRidge on approximately 15,900 net acres in the Permian Basin in Andrews County, Texas.

Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., RBC Capital Markets LLC, and Wells Fargo Securities, LLC are serving as joint book-running managers of this offering. Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Robert W. Baird & Co. Incorporated, Oppenheimer & Co. Inc., Morgan Keegan & Company Inc., Sanders Morris Harris Inc., Wunderlich Securities, Inc., SunTrust Robinson Humphrey, Inc., Johnson Rice & Company L.L.C. and Tuohy Brothers Investment Research, Inc. are serving as co-managers. This offering of common units is being made only by means of a prospectus. A written prospectus meeting the requirements of the Securities Act of 1933 may be obtained from:

A Registration Statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction where the offer or sale is not permitted.

About SandRidge Permian Trust:

SandRidge Permian Trust is a Delaware statutory trust formed by SandRidge Energy, Inc. to own certain royalty interests in oil and natural gas wells in Andrews County, Texas producing from the Grayburg/San Andres formation within the Permian Basin.

Top News » Texas farmers and ranchers fear record loss

Livestock pastures on many Houston-area farms are turning to dirt, some covered in 1-inch cracks that would take a tropical storm to fill.

At the same time, an auction house west of Houston reports an ever-increasing stampede of cattle being sold. Ranchers say they do not have the food and water to keep them alive.

Yellowing, burned-out fields of corn, meanwhile, are so stunted that sometimes they don’t even produce a single ear.

Texas farmers and ranchers report their livestock and crop prospects in most every sector are withering under the relentless heat and drought as experts fear the state’s $100 billion agriculture market is poised to face an all-time record loss.

Travis Miller, who heads the state’s agriculture extension service in College Station, predicts that this year the state will more than double its worst recorded loss of $4.1 billion in 2006.

“The 2006 drought hit only the bottom third of our state, but this one is more extreme and striking 90 percent of the state,” he explained.

The U.S. Department of Agriculture on Thursday released its first snapshot of the anticipated crop harvests for 2011.

It paints a bleak picture for Texas: cotton production (Texas’ No. 1 cash crop) is expected to plummet by 43 percent compared with last year; corn is expected to drop by 41 percent; winter wheat fell by 60 percent; sorghum (feed grain) is down by 46 percent; soybeans (a smaller Texas crop) dropped 61 percent; rice (the only bright spot because it’s irrigated) still declines by 4 percent.

Congressional Record, V. 144, Pt. 1, January 27, 1998 to February 13, 1998

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