Subsequent Events

6 Months Ended

Jun. 30, 2014

Royalty Trust Distributions. On July 31, 2014, the Royalty Trusts announced quarterly distributions for the three-month period ended June 30, 2014. The following distributions are expected to be paid on or before August 29, 2014 to holders of record as of the close of business on August 14, 2014 (in thousands):



Royalty Trust	Total Distribution		Amount to be Distributed to Third-Party Unitholders
Mississippian Trust I	$	7,512	$	7,323
Permian Trust	30,555		24,885
Mississippian Trust II	18,125		15,090
Total	$	56,192	$	47,298

Conversion of Mississippian Trust I Subordinated Units. On July 1, 2014, the Mississippian Trust I’s subordinated units, all of which were held by SandRidge, converted to common units. The newly-converted units remain subject to the distribution subordination thresholds through the Mississippian Trust I’s August 29, 2014 distribution; however, beginning with the distribution to be made in November 2014, all of the Mississippian Trust I’s common units will share equally in its distribution. After this conversion, the Company will continue to consolidate the activities of the Mississippian Trust I as its primary beneficiary due to the Company’s original participation in the design of the Mississippian Trust I and continued (a) power to direct the activities that most significantly impact the economic performance of the Royalty Trust and (b) obligation to absorb losses and right to receive residual returns through its variable interests in the Royalty Trust, including ownership of common units, that could potentially be significant to the Mississippian Trust I.