9 Sept 2021listing compliance notice▼ BadMajor
SandRidge Permian Trust terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Aug 2021director interest notice● Neutral
SandRidge Permian Trust insider Avalon Energy, LLC disposed of 13,125,000 shares via option/appreciation-right settlement.
3 Aug 2021substantial holder notice● Neutral
Avalon Energy, LLC, Montare Resources I, LLC reported a SandRidge Permian Trust shareholding of 18,181,912 shares (34.60% of votes) in a periodic institutional filing.
24 June 2021substantial holder notice● Neutral
Montare Resources I, LLC reported a SandRidge Permian Trust shareholding of 5,056,912 shares (9.60% of votes) in a periodic institutional filing.
24 June 2021asset acquisition disposition● NeutralMajor
On June 18, 2021 the Trust sold all its remaining royalty interests to Montare Resources I, LLC for $6,000,000, after Avalon waived its right of first refusal. Montare also agreed to pay about $3.2 million to take over the Trust's claim on Avalon for the unpaid May 2020 payment, after Avalon had paid $1,352,875. The sale proceeds and that payment, less expenses and reserves, are to be distributed in August 2021, and no regular quarterly distributions will follow that one. Montare was already a roughly 9.4% unitholder and has a support agreement with Avalon, so the buyer is a related party. This carries out the wind-up that began in February 2021.
1 Apr 2021material agreement● Neutral
The Trust and Avalon amended the 2011 administrative services agreement, effective February 26, 2021, so the Trust can keep receiving services from Avalon until it is fully wound up. This is housekeeping that supports the dissolution already under way.
2 Mar 2021material agreement▼ BadMajor
Avalon and the Trust signed a repayment agreement on March 1, 2021 covering the roughly $4.65 million Avalon failed to pay in May 2020, plus interest. Avalon's own distributions go to the Trust until it is repaid, starting with $984,375 from the February distribution. Separately, an arbitration panel ruled on February 25, 2021 that the Trust must dissolve because cash available for distribution was about $2.4 million over the four quarters ended December 31, 2020, below the $5.0 million threshold. Winding up began after February 26, 2021, with the royalty interests to be sold and the units expected to be cancelled after the sale, targeted for around the end of Q3 2021. This resolves the earlier uncertainty about whether the Trust continues.
8 Jan 2021director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 39,956 shares on the open market at $0.40.
5 Jan 2021director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 101,003 shares on the open market.
31 Dec 2020substantial holder notice● Neutral
Montare Resources I, LLC reported a SandRidge Permian Trust shareholding of 4,915,953 shares (9.40% of votes) in a periodic institutional filing.
30 Dec 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 518,233 shares on the open market.
18 Dec 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 339,479 shares on the open market.
11 Dec 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 69,497 shares on the open market at $0.39.
4 Dec 2020substantial holder notice● Neutral
Montare Resources I, LLC reported a SandRidge Permian Trust shareholding of 3,988,744 shares (7.60% of votes) in a periodic institutional filing.
2 Dec 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 275,999 shares on the open market.
27 Nov 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 439,930 shares on the open market.
23 Nov 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 91,298 shares on the open market at $0.36.
20 Nov 2020substantial holder notice● Neutral
Avalon Energy, LLC, Montare Resources I, LLC reported a SandRidge Permian Trust shareholding of 13,125,000 shares (25.00% of votes) in a periodic institutional filing.
18 Nov 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 451,730 shares on the open market.
13 Nov 2020asset acquisition disposition▼ BadMajor
This amends an earlier report to disclose that on October 13, 2020 Avalon sold wells to Montare Resources I, LLC for about $4.9 million, and the Trust released part of its royalty interests as a result. The released interests were about 32% of the royalty interests' fair value at September 1, 2020 but about 76% of August 2020 production. The $4.9 million went to the Trust and is to be distributed with the quarterly distribution (if any) for the quarter ending December 31, 2020, expected in late February 2021. The pro forma figures cut nine-month 2020 distributable income from $4.865 million to $0.258 million. Montare is the same buyer that had been accumulating Trust units in recent weeks.
10 Nov 2020late filing notice▼ Bad
SandRidge Permian Trust notified the SEC that its quarterly report would be filed late.
27 Oct 2020business combination● NeutralMajor
The Trust responded to an unsolicited offer by PEDEVCO's subsidiary SRPT Acquisition, LLC (filed October 13, 2020) to swap each Trust unit for 4/10ths of one PEDEVCO share. The Trustee gives no recommendation, saying the Trust Agreement does not authorise it to take a position, and tells unitholders to decide with their own advisors. The filing also restates the Trust's terms, including dissolution on March 31, 2031 or earlier if cash available for distribution is under $5.0 million over four consecutive quarters.
8 Oct 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 34,424 shares on the open market.
2 Oct 2020substantial holder notice● Neutral
Montare Resources I, LLC reported a SandRidge Permian Trust shareholding of 2,695,363 shares (5.10% of votes) in a periodic institutional filing.
1 Oct 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 436,282 shares on the open market.
28 Sept 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 315,565 shares on the open market.
28 Sept 2020listing compliance notice● NeutralMajor
SandRidge Permian Trust's exchange filed to remove a class of its securities from listing.
28 Sept 2020substantial holder notice● Neutral
Montare Resources I, LLC reported a SandRidge Permian Trust shareholding of 2,133,493 shares (4.10% of votes) in a periodic institutional filing.
23 Sept 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 497,303 shares on the open market.
18 Sept 2020director interest notice● Neutral
SandRidge Permian Trust 10%+ owner Montare Resources I, LLC bought 157,125 shares on the open market.