SandRidge Mississippian Trust I (NYSE:SDT) is a trust company which owns the royalty interests to SandRidge's 37 horizontal wells and 123 horizontal wells to be developed. The royalty interests entitles SandRidge Mississippian Trust to 90% of the proceeds of the developed wells and 50% of the proceeds of the wells to be developed. Both the developed wells and the regions to be developed are located in Oklahoma just south of the Kansas border. The company is not responsible for any of the capital costs for developing the wells, but will receive the proceeds after operating costs are deducted.
The company's initial public offering of stock on the NYSE occurred on April 6, 2011. The company offered 15M shares each for $21. This was at the high end of the $19-$21 initial price range. The company had initially planned to sell 12.5M shares. The offering raised a total of $315M. The lead underwriter of the IPO were Raymond James Financial (RJF) and Morgan Stanley (MS).
For the fiscal year 2010, SandRidge Mississippian Trust reported a full year revenue of $20.7M.