Introduction



The following discussion and analysis is intended to help the reader understand
the financial condition, results of operations, liquidity and capital resources
of SandRidge Mississippian Trust I (the "Trust"). This discussion and analysis
should be read in conjunction with the Trust's unaudited interim financial
statements and the accompanying notes included in this Quarterly Report and the
Trust's audited financial statements and the accompanying notes included in the
2020 Form 10-K. All information regarding operations has been provided to the
Trustee by SandRidge.

Overview

The Trust is a statutory trust created under the Delaware Statutory Trust Act.
The business and affairs of the Trust are administered by the Trustee and, as
necessary, the Delaware Trustee. The Trust's purpose is to hold the Royalty
Interests, to distribute to the Trust unitholders cash that the Trust receives
in respect of the Royalty Interests and to perform certain administrative
functions in respect of the Royalty Interests and the Trust units. Other than
the foregoing activities, the Trust does not conduct any operations or
activities. The Trustee had no involvement with, control or authority over, or
responsibility for, any aspect of the operations on or relating to the
properties in which the Trust has an interest. Prior to the sale of the Royalty
Interests on April 22, 2021 as discussed below under "-Early Termination of the
Trust," the Trust derived all or substantially all of its income and cash flow
from the Royalty Interests. The Trust is currently in the process of winding up
its affairs, as discussed below in "-Early Termination of the Trust; Sale of
Trust Assets." The Trust is treated as a partnership for federal income tax
purposes.

Early Termination of the Trust; Sale of Trust Assets. The trust agreement
requires the Trust to dissolve and commence winding up of its business and
affairs if cash available for distribution for any four consecutive quarters, on
a cumulative basis, is less than $1.0 million. As cash available for
distribution for the four consecutive quarters ended September 30, 2020, on a
cumulative basis, totaled approximately $815,000, the Trust was required to
dissolve and commence winding up beginning as of the close of business on
November 13, 2020. Accordingly, the Trustee was required to sell all of the
Trust's assets, either by private sale or public auction, and distribute the net
proceeds of the sale to the Trust unitholders after payment, or reasonable
provision for payment, of all Trust liabilities, including the establishment of
cash reserves in such amounts as the Trustee in its discretion deems appropriate
for the purpose of making reasonable provision for all claims and obligations of
the Trust, including any contingent, conditional or unmatured claims and
obligations, in accordance with the Delaware Statutory Trust Act. Among such
contingent, conditional or unmatured claims for which the Trustee has made
provision out of the net proceeds of the sale are the Trust's potential
liabilities with respect to the Securities Litigation described under "Legal
Proceedings" in Note 5 to the unaudited interim financial statements contained
in Part I, Item 1 of this Quarterly Report. Such a reserve could reduce or
eliminate the amount of, or delay the timing of payment of, sale proceeds that
may be distributed to unitholders. Additionally, the sale process involved costs
that reduce the amount of distributable income to unitholders.

As discussed in "Early Termination of the Trust; Sale of Trust Assets" in Note 1
to the unaudited interim financial statements contained in Part I, Item 1 of
this Quarterly Report, winding up procedures for the Trust commenced at the
close of business on November 13, 2020. Accordingly, the Trustee was required to
sell all of the Trust's assets, either by private sale or public auction.

As required by the trust agreement, the Trustee engaged a third-party advisor to
assist with the marketing and sale of the Trust's assets. The advisor conducted
a bid solicitation process that concluded in February 2021, and the Trustee,
with the assistance of the advisor, after considering the proposed price,
financing conditions and other terms of each bid, selected what was determined
to be the strongest bid received. As provided in the trust agreement, SandRidge
had a right of first refusal with respect to any sale of assets to a third
party, and on March 29, 2021, the Trustee provided notice to SandRidge of the
third-party offer to purchase the assets of the Trust for a purchase price of
$4,850,000. On April 7, 2021, SandRidge notified the Trustee that SandRidge
would exercise its right of first refusal and would purchase the assets from the
Trust for the same purchase price. On April 22, 2021, the Trust and SandRidge
Exploration and Production, LLC (the "Purchaser"), a wholly owned subsidiary of
SandRidge, entered into a Purchase and Sale Agreement (the "Agreement") for the
sale of all of the Royalty Interests held by the Trust for a purchase price of
$4,850,000. The sale closed on April 22, 2021, with an effective date of April
1, 2021. Accordingly, because the Agreement entitles the Purchaser to the
revenues from the oil and natural gas production attributable to the Royalty
Interests since April 1, 2021, the Trust will not receive any further proceeds
from such production and therefore will not make any further regular quarterly
cash distributions to the Trust unitholders following the distribution that was
made on or before May 28, 2021 as described in "Liquidity and Capital Resources-
Trust Distributions to Unitholders" below.

Because of the statutory requirement to provide for the Trust's potential
liabilities with respect to the Securities Litigation described in Note 5 to the
unaudited interim financial statements contained in Part I, Item 1 of this
Quarterly Report, the Trustee is withholding as part of its cash reserve the net
proceeds from the Asset Sale. As part of the winding up process, the Trustee
expects to
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file a Form 15 with the SEC to suspend the Trust's reporting obligations under
the Securities Exchange Act of 1934, as amended, following the filing of this
Quarterly Report on Form 10-Q. As a result, the Trust's general and
administrative expenses in periods after September 30, 2021 are expected to be
substantially less than in prior periods. However, as a result of the Trustee's
establishment of a provision for the Trust's potential liabilities under the
Securities Litigation, there will not be cash available for distribution until
the Securities Litigation has been resolved. Moreover, any such cash available
for distribution will be reduced by the Trust's general and administrative
expenses as well as by any amounts required to be paid by the Trust in
connection with resolving the Securities Litigation. The Trust will remain in
existence until the filing of a certificate of cancellation with the Secretary
of State of the State of Delaware following the completion of the winding up
process.

Impairment of Investment in Royalty Interests. During the six-month period ended
June 30, 2021, the Trust recorded an impairment to the carrying value of the
Investment in Royalty Interests of $0.9 million. The impairment resulted in a
non-cash charge to trust corpus and did not affect the Trust's distributable
income. During the six-month period ended June 30, 2020, the Trust recorded an
impairment to the carrying value of the Investment in Royalty Interests of $3.3
million. See "Impairment of Investment in Royalty Interests" in Note 2 to the
unaudited interim financial statements contained in Part I, Item 1 of this
Quarterly Report for further discussion of the impairments.

Properties. As of June 30, 2021, the Trust did not hold any Royalty Interests in
oil and natural gas wells located in Alfalfa, Garfield, Grant and Woods counties
in Oklahoma. See "-Early Termination of the Trust; Sale of Trust Assets" below.

Distributions. Prior to the Asset Sale, the Trust made quarterly cash distributions of substantially all of its cash receipts, after deducting amounts for the Trust's administrative expenses and cash reserves withheld by the Trustee, on or about the 60th day following the completion of each quarter.



Pursuant to Internal Revenue Code ("IRC") Section 1446, withholding tax on
income effectively connected to a United States trade or business allocated to
non-U.S. persons ("ECI") should be made at the highest marginal rate. Under IRC
Section 1441, withholding tax on fixed, determinable, annual, periodic income
from United States sources allocated to non-U.S. persons should be made at a 30%
rate unless the rate is reduced by treaty. This is intended to be a qualified
notice to nominees and brokers as provided for under Treasury Regulation
Section 1.1446-4(b) by the Trust, and while specific relief is not specified for
IRC Section 1441 income, this disclosure is intended to suffice. Nominees and
brokers should withhold at the highest marginal rate on the distribution made to
non-U.S. persons. The Tax Cuts and Jobs Act (the "TCJA") enacted in December
2017 treats a non-U.S. holder's gain on the sale of Trust units as ECI to the
extent such holder would have had ECI if the Trust had sold all of its assets at
fair market value on the date of the sale of such units. The TCJA also requires
a transferee of units to withhold 10% of the amount realized on the sale or
exchange of such units (generally, the purchase price) unless the transferor
certifies that it is not a nonresident alien individual or foreign corporation
or another exemption is available. Pursuant to final Treasury Regulations issued
on October 7, 2020, this new withholding obligation will become applicable to
transfers of units in publicly traded partnerships such as the Trust (which is
classified as a partnership for federal and state income tax purposes) occurring
on or after January 1, 2022.

Litigation. As described in more detail in Note 5 to the unaudited interim
financial statements contained in Part I, Item 1 of this Quarterly Report,
claims were brought against the Trust, SandRidge and others in a putative class
action during 2015. Regardless of the outcome of the litigation, the Trust may
incur expenses in defending the litigation, and any such expenses may increase
the Trust's administrative expenses significantly. Further, any costs incurred
by the Trust in connection with any settlement of or judgment in the litigation
could increase the Trust's administrative expenses significantly. As discussed
above under "-Early Termination of The Trust; Sale of Trust Assets," the Trustee
is withholding as part of its cash reserve the net proceeds from the Asset Sale
to provide for the Trust's potential liabilities under the Securities
Litigation, as required by the Delaware Statutory Trust Act in connection with
the early termination of the Trust.

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Results of Trust Operations



The primary factors affecting the Trust's revenues and costs are the quantity of
oil, natural gas and NGL production attributable to the Royalty Interests and
the prices received for such production. Royalty income, post-production
expenses and certain taxes are recorded on a cash basis when net revenue
distributions are received by the Trust from SandRidge. Information regarding
the Trust's production, pricing and costs for the three- and six-month periods
ended June 30, 2021 and 2020 is presented below.
                                                   Three Months Ended June 30,                     Six Months Ended June 30,
                                                    2021(1)              2020(2)                   2021(3)              2020(4)
Production Data
Oil (MBbls)                                                 4                 8                           10                17
NGL (MBbls)                                                16                20                           34                35
Natural gas (MMcf)                                        183               240                          369               501
Total volumes (MBoe)                                       51                68                          105               136
Average daily combined equivalent volumes
(MBoe/d)                                                  0.6               0.8                          0.6               0.8
Well Data
Initial and Trust Development Wells producing
- average                                                  73                81                           74                82
Revenues (in thousands)
Royalty income                                 $          875          $  1,022                $       1,607          $  2,169
Proceeds from sale of Trust assets                      4,850                 -                        4,850                 -
Total revenue                                           5,725             1,022                        6,457             2,169
Expenses (in thousands)
Post-production expenses                                  128               176                          256               366
Production taxes                                           54                62                           97               131
Trust administrative expenses                             581               308                          958               785
Sale of Trust assets expenses                             350                 -                          350                 -
Cash reserves withheld for current Trust
expenses, net of amounts used                            (546)              113                         (443)               58
Total expenses                                            567               659                        1,218             1,340
Distributable income available to unitholders  $        5,158          $    363                $       5,239          $    829
Average Prices
Oil (per Bbl)                                  $        49.69          $  55.07                $       43.27          $  54.87
NGL (per Bbl)                                  $        16.91          $  12.30                $       13.66          $  14.25
Natural gas (per Mcf)                          $         2.09          $   1.37                $        1.96          $   1.45
Total (per Boe)                                $        17.12          $  14.97                $       15.31          $  15.89
Average Prices - including impact of
post-production expenses
Natural gas (per Mcf)                          $         1.39          $   0.64                $        1.27          $   0.72
Total (per Boe)                                $        14.61          $  12.38                $       12.87          $  13.19
Expenses (per Boe)
Post-production                                $         2.51          $   2.58                $        2.44          $   2.70
Production taxes                               $         1.05          $   0.91                $        0.92          $   0.97


____________________
1.Production volumes and related revenues and expenses for the three-month
period ended June 30, 2021 (included in SandRidge's May 2021 net revenue
distribution to the Trust) represent production from December 1, 2020 to
February 28, 2021.
2.Production volumes and related revenues and expenses for the three-month
period ended June 30, 2020 (included in SandRidge's May 2020 net revenue
distribution to the Trust) represent production from December 1, 2019 to
February 29, 2020.
3.Production volumes and related revenues and expenses for the six-month period
ended June 30, 2021 (included in SandRidge's February and May 2021 net revenue
distributions to the Trust) represent production from September 1, 2020 to
February 28, 2021.
4.Production volumes and related revenues and expenses for the six-month period
ended June 30, 2020 (included in SandRidge's February and May 2020 net revenue
distributions to the Trust) represent production from September 1, 2019 to
February 29, 2020.


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Three Months Ended June 30, 2021 Compared to the Three Months Ended June 30, 2020



Revenues

Royalty Income. Royalty income is a function of production volumes sold
attributable to the Royalty Interests and associated prices received. Royalty
income received during the three-month period ended June 30, 2021 totaled $0.9
million compared to $1.0 million received during the three-month period ended
June 30, 2020. The approximate $0.1 million decrease in royalty income consisted
of approximately $0.3 million attributable to a decrease in total volumes
produced offset by approximately $0.2 million attributable to an increase in
prices received. The average number of producing wells in the three-month period
ended June 30, 2021 decreased by 8 from 81 in the three-month period ended
June 30, 2020 because wells that could not economically produce due to continued
declining production and current pricing were shut-in.

Expenses



Production Taxes. Production taxes are calculated as a percentage of oil and
natural gas revenues, net of any applicable tax credits. Production taxes for
the three-month period ended June 30, 2021 totaled approximately $0.1 million,
or $1.05 per Boe, and were approximately 6.1% of royalty income. Production
taxes for the three-month period ended June 30, 2020 totaled approximately $0.1
million, or $0.91 per Boe, and were approximately 6.1% of royalty income.

Distributable Income

Distributable income for the three-month period ended June 30, 2021 was approximately $5.2 million. Distributable income for the three-month period ended June 30, 2020 was approximately $0.4 million, which included a net addition to the cash reserve for payment of future Trust expenses of approximately $113,000, reflecting approximately $421,000 withheld from the May 2020 cash distributions to unitholders partially offset by approximately $308,000 used to pay Trust expenses during the period.

Six Months Ended June 30, 2021 Compared to the Six Months Ended June 30, 2020

Revenues



Royalty Income. Royalty income received during the six-month period ended
June 30, 2021 totaled $1.6 million compared to $2.2 million received during the
six-month period ended June 30, 2020. The approximate $0.6 million decrease in
royalty income consisted of approximately $0.6 million attributable to a
decrease in total volumes produced. The average number of producing wells in the
six-month period ended June 30, 2021 decreased by 8 from 82 in the six-month
period ended June 30, 2020 because wells that could not economically produce due
to continued declining production and current pricing were shut-in.

Expenses



Production Taxes. Production taxes for the six-month period ended June 30, 2021
totaled approximately $0.1 million, or $0.92 per Boe, and were approximately
6.0% of royalty income. Production taxes for the six-month period ended June 30,
2020 totaled approximately $0.1 million, or $0.97 per Boe, and were
approximately 6.1% of royalty income.

Distributable Income



Distributable income for the six-month period ended June 30, 2021 was
approximately $5.2 million. Distributable income for the six-month period ended
June 30, 2020 was approximately $0.8 million, which included a net addition to
the cash reserve for payment of future Trust expenses of approximately $58,000,
reflecting approximately $843,000 withheld from the February 2020 and May 2020
cash distributions to unitholders partially offset by approximately $785,000
used to pay Trust expenses during the period.


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Liquidity and Capital Resources



Following the sale of the Royalty Interests on April 22, 2021 as described above
under "Overview-Early Termination of the Trust; Sale of Trust Assets," the Trust
has no source of liquidity or capital resources other than borrowings to fund
administrative expenses, including any amounts borrowed under SandRidge's loan
commitment described in Note 5 to the unaudited interim financial statements
contained in Part I, Item 1 of this Quarterly Report. The Trust's primary uses
of cash are distributions to Trust unitholders, including, if applicable,
payment of Trust administrative expenses, including any reserves established by
the Trustee for future liabilities, payment of applicable taxes and payment of
expense reimbursements to SandRidge for out-of-pocket expenses incurred on
behalf of the Trust. The Trust does not have any capital requirements related to
drilling wells or any other operating or capital costs related to the wells.

Administrative expenses include payments to the Trustee and the Delaware Trustee
as well as a quarterly fee of $50,000 to SandRidge pursuant to an administrative
services agreement. Each quarter, the Trustee determines the amount of funds
available for distribution. Available funds are the excess cash, if any,
received by the Trust from the sale of production attributable to the Royalty
Interests that quarter over the Trust's expenses for the quarter. If at any time
the Trust's cash on hand (including available cash reserves) is not sufficient
to pay the Trust's ordinary course administrative expenses as they become due,
the Trust may borrow funds from the Trustee or other lenders, including
SandRidge, to pay such expenses. The Trustee does not intend to lend funds to
the Trust. If such funds are borrowed, no further distributions will be made to
unitholders (except in respect of any previously determined quarterly
distribution amount) until the borrowed funds have been repaid. No such loan was
outstanding at June 30, 2021 or December 31, 2020.

Commencing with the distribution to unitholders paid in the first quarter of
2019, the Trustee withheld the greater of $35,000 or 3.5% of the funds otherwise
available for distribution each quarter to gradually increase cash reserves for
the payment of future known, anticipated or contingent expenses or liabilities
by a total of $425,000. In 2019, the Trustee withheld an aggregate of
approximately $152,000 from the funds otherwise available for distribution. In
2020, the Trustee withheld an aggregate of approximately $124,000 from the funds
otherwise available for distribution. In February 2021, in light of the early
termination of the Trust, the Trustee withheld approximately $96,000 from the
funds otherwise available for distribution, which was the remaining amount
needed to reach its targeted cash reserve.

The Trust is highly dependent on its Trustor, SandRidge, for multiple services,
including administrative services such as accounting, tax preparation,
bookkeeping and informational services performed on behalf of the Trust, and
potentially for loans to pay Trust administrative expenses. The ability to
provide these services depends on the Trustor's future financial condition and
economic performance, access to capital, and other factors, many of which are
out of the control of the Trustor. The reduced demand for crude oil in the
global market resulting from the economic effects of the COVID-19 pandemic, and
the actions taken by the members of OPEC regarding production levels, have had,
and are likely to continue to have, a negative impact on the Trustor's financial
condition. This negative impact could affect the Trustor's ability to provide
services to the Trust.

Trust Distributions to Unitholders. During the three-month period ended June 30, 2021, the Trust's distributions to unitholders were as follows:


                                                                                                                                              Total
                                                    Covered                                                                                Distribution
                                               Production Period                 Date Declared                   Date Paid                     Paid

Calendar Quarter 2021
First Quarter                             September 1, 2020 -
                                          November 30, 2020                 January 28, 2021              February 26, 2021              $      80,000
Second Quarter                            December 1, 2020 -
                                          February 28, 2021                 April  28, 2021               May 28, 2021                   $     308,000



Future Trust Distributions to Unitholders. On July 27, 2021, the Trust announced
that because of the statutory requirement to provide for the Trust's potential
liabilities with respect to the Securities Litigation described in Note 5 to the
unaudited interim financial statements contained in Part I, Item 1 of this
Quarterly Report, the Trust will not be distributing the net proceeds from the
Asset Sale in August 2021. Instead, the Trustee is withholding such net proceeds
as part of its cash reserve. After the Securities Litigation has been resolved,
the Trustee will distribute any remaining cash reserves following the payment of
the Trust's estimated remaining expenses and liabilities. In addition, as
discussed above under "Overview- Early Termination of the Trust; Sale of Trust
Assets," as of the effective date of the Asset Sale, the Trust no longer
receives any income derived from the Underlying Properties. Therefore, there
will be no further quarterly cash distributions to Trust unitholders reflecting
quarterly revenues generated from the Underlying Properties.
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