SandRidge Mississippian Trust I Announces Quarterly Distribution

HOUSTON–(BUSINESS WIRE)–SANDRIDGE MISSISSIPPIAN TRUST I (NYSE: SDT) today announced a quarterly
distribution for the three-month period ended March 31, 2019 (which
primarily relates to production attributable to the Trust’s interests
from December 1, 2018 to February 28, 2019) of approximately $1.0
million, or $0.0367 per unit. The Trust makes distributions on a
quarterly basis on or about the 60th day following the completion of
each quarter. The distribution is expected to occur on or before May 24,
2019 to holders of record as of the close of business on May 10, 2019.

During the three-month production period ended February 28, 2019, the
average natural gas price received from the sale of minerals
attributable to the Trust’s interests increased as compared to the
three-month period ended November 30, 2018. This increase, however, was
offset by a decrease in combined sales volumes and lower oil and natural
gas liquids (“NGL”) average prices received from the sale of minerals
attributable to the Trust’s interests compared to the previous period.
As no additional development wells will be drilled, the Trust’s
production is expected to decline each quarter during the remainder of
its life.

As previously announced, the Trustee intends to withhold the greater of
$35,000 or 3.5% of the funds otherwise available for distribution each
quarter to gradually increase existing cash reserves by a total of
approximately $425,000. The calculated withholding for this distribution
is approximately $37,000. This cash is reserved to pay or provide for
the payment of future known, anticipated or contingent expenses or
liabilities.

The Trust owns royalty interests in oil and natural gas properties in
the Mississippian formation in Alfalfa, Garfield, Grant 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, natural gas and NGL prices,
and the amount and timing of the Trust’s administrative expenses, among
other factors. All Trust unitholders share distributions on a pro rata
basis.

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

Pursuant to Internal Revenue Code 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 on the distribution made to foreign partners.

This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E 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 unitholders, and the Trustee’s planned withholding of funds to
increase cash reserves for future known, anticipated or contingent
expenses or liabilities of the Trust. The anticipated distribution is
based, in part, on the amount of cash received or expected to be
received by the Trust from SandRidge Energy, Inc. (“SandRidge”) with
respect to the relevant period. Any differences in actual cash receipts
by the Trust could affect this distributable amount. The amount of such
cash received or expected to be received by the Trust (and its ability
to pay distributions) has been and will be significantly and negatively
impacted by prevailing low commodity prices, which could remain low for
an extended period of time or decline further. 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 December 31, 2018, and all
of its other filings with the SEC. The Trust’s annual, quarterly and
other filed reports are or will be available over the Internet at the
SEC’s website at http://www.sec.gov.

Contacts

SandRidge Mississippian Trust I
The Bank of New York
Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512)
236-6555