SandRidge Mississippian Trust I Announces Pricing of Upsized Initial Public Offering
OKLAHOMA CITY, April 6, 2011 /PRNewswire/ -- SandRidge Mississippian Trust I (the Trust) announced today that it has priced its initial public offering of 15,000,000 common units at a price per common unit of $21.00. The 15,000,000 common units being sold in the offering represent an approximately 54% beneficial interest in the Trust. The underwriters have 30 days to exercise an option to purchase an additional 2,250,000 common units from the Trust to cover over-allotments, if any. This offering was increased from a previously announced offering size of 12,500,000 common units to 15,000,000 common units and priced at the top end of the expected price range of $19.00 to $21.00 per common unit. The offering, which is subject to customary closing conditions, is expected to close on or about April 12, 2011.
The initial public offering of the Trust's common units is being made pursuant to a Registration Statement on Form S-1 and Form S-3 previously filed with the U.S. Securities and Exchange Commission. The common units being offered have been approved for listing on the New York Stock Exchange under the symbol 'SDT.' Following completion of the offering, SandRidge Energy, Inc. (SandRidge)
will own 6,000,000 common units and 7,000,000 subordinated units in the Trust, assuming no exercise of the underwriters' over-allotment option, and the Trust will have a total of 28,000,000 units outstanding.The Trust will own royalty interests conveyed to it by SandRidge which 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 42,600 net acres in the Mississippian formation in northern Oklahoma.
Raymond James & Associates, Inc. and Morgan Stanley & Co. Incorporated are serving as joint book-running managers of this offering. Wells Fargo Securities, LLC and RBC Capital Markets, LLC are serving as co-lead managers, and Oppenheimer & Co. Inc., Madison Williams and Company LLC, Morgan Keegan & Company, Inc., Robert W. Baird & Co. Incorporated and Wunderlich Securities Inc. are serving as co-managers. The 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:
Raymond James & Associates,
Inc. Morgan Stanley & Co. Incorporated
Attn: Equity Syndicate Attn: Prospectus Dept.
880 Carillon Parkway 180 Varick Street, 2nd Floor
St. Petersburg, Florida 33716 New York, New York 10014
Toll free No.: (800) 248-8863 Toll free No.: (866) 718-1649
Email: Email:
Andrea.Borum@RaymondJames.comprospectus@morganstanley.com
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 Mississippian Trust I:
SandRidge Mississippian Trust I is a Delaware statutory trust formed by SandRidge Energy, Inc. to own certain royalty interests in oil and natural gas wells in northern Oklahoma producing from the Mississippian formation.
About SandRidge Energy, Inc.:
SandRidge Energy, Inc. is an oil and natural gas company headquartered in Oklahoma City, Oklahoma, with its principal focus on exploration and production. SandRidge Energy, Inc. focuses its exploration and production activities in the Permian Basin, Mid-Continent, West Texas Overthrust, Cotton Valley Trend in East Texas, Gulf Coast and Gulf of Mexico. SandRidge Energy, Inc.'s internet address is http://www.sandridgeenergy.com/.
Forward-Looking Statements
Statements contained in this press release that are not historical facts are 'forward-looking statements' within the meaning of the federal securities laws. Forward-looking statements, including statements regarding the completion of the Trust's proposed initial public offering and any of the terms thereof, are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the management of SandRidge Energy, Inc.
CONTACT:
Kevin R. WhiteSenior Vice PresidentSandRidge Energy, Inc.123 Robert S. Kerr AvenueOklahoma City, OK 73102+1 (405) 429-5515
SandRidge Mississippian Trust I
c/o
Michael J. Ulrich Vice PresidentThe Bank of New York Mellon Trust Company, N.A., as Trustee919 Congress Avenue, Suite 500Austin, TX 78701+1 (512) 236-6599
SandRidge Mississippian Trust
Web Site: http://www.sandridgeenergy.com/
