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 December 31, 2017 (which
primarily relates to production attributable to the Trust’s interests
from September 1, 2017 to November 30, 2017) of approximately $1.2
million, or $0.0422 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
February 23, 2018 to holders of record as of the close of business on
February 9, 2018.

During the three-month production period ended November 30, 2017,
combined sales volumes were lower than the previous period; however, oil
and natural gas liquids (“NGL”) prices increased. As no additional
development wells will be drilled, the Trust’s production is expected to
decline each quarter during the remainder of its life.

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 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 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. 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, 2016, 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