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August 16, 2011
WASHINGTON, DC, August 16, 2011 — SandRidge Permian Trust recently announced the closing of its initial public offering of 34.5 million common units of beneficial interest at a price of $18 per unit. Net proceeds of the offering, before expenses, were approximately $584 million. The common units sold in the offering represent a 66 percent beneficial interest in the trust. Covington & Burling served as counsel to SandRidge Energy, Inc., the trust’s sponsor, in the transaction. SandRidge Permian Trust is a Delaware statutory trust formed by SandRidge Energy, Inc. to own certain royalty interests in oil and natural gas wells in Andrews County, Texas producing from the Grayburg/San Andres formation within the Permian Basin. This transaction is the second royalty trust initial public offering in recent months in which Covington has served as counsel to SandRidge. The Covington team was led by partner David Engvall, with associates James Wawrzyniak, Neel Maitra*, and Andrew Hyman. New York partner Rob Heller provided tax advice. *Not yet admitted to practice.