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
2019 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 has 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. The Trust derives all or
substantially all of its income and cash flow from the Royalty Interests. The
Trust is treated as a partnership for federal income tax purposes.

Early Termination of the Trust. The trust agreement requires the Trust to
dissolve and begin to liquidate on December 31, 2030 unless any of the following
occurs: (a) the Trust sells all of the royalty interests previously conveyed to
the Trust; (b) cash available for distribution for any four consecutive
quarters, on a cumulative basis, is less than $1.0 million; (c) Trust
unitholders approve an earlier dissolution of the Trust; or (d) the Trust is
judicially dissolved. As cash available for distribution for the four
consecutive quarters ended September 30, 2020, on a cumulative basis, totaled
approximately $815,000, the Trust will be required to dissolve and commence
winding up beginning as of the close of business on November 13, 2020 (the
"dissolution trigger date"). Accordingly, the Trustee is 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, which is expected to include
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. The sale process will involve costs that will reduce the amounts of
any distributions to unitholders during the winding up period. As required by
the trust agreement, within 30 days after the dissolution trigger date the
Trustee plans to engage a third-party advisor to assist with the marketing and
sale of the Trust's assets. As provided in the trust agreement, SandRidge has a
right of first refusal with respect to any sale of assets to a third party. The
Trustee expects to complete the sale of the Trust's assets and distribute the
net proceeds of the sale to the Trust unitholders by the third quarter of 2021,
and the Trust units are expected to be canceled shortly thereafter. Pending the
sale of the Royalty Interests, and subject to the terms of such sale, the Trust
anticipates that it will continue to receive income from the Royalty Interests
and will continue to make quarterly distributions to unitholders to the extent
there is available cash after payment of Trust expenses and additions to cash
reserves. 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.

Commodity Price Volatility; COVID-19 Pandemic. The Trust's quarterly cash
distributions are highly dependent upon the prices realized from the sale of
oil, natural gas and NGL. The markets for these commodities are volatile, as
demonstrated by significant price swings experienced during 2019 and have
declined in 2020 attributable primarily to the economic effects of the global
outbreak of the novel form of coronavirus known as COVID-19 and the dispute over
production levels between Russia and the members of the Organization of
Petroleum Exporting Countries ("OPEC"). The spot price for WTI crude oil has
decreased from $61.17 on January 2, 2020 to $36.60 on November 2, 2020. Crude
oil reached a closing NYMEX price low of negative $37.63 per barrel in April
2020. The responses by federal, state and local governmental authorities to the
pandemic have also resulted in significant business and operational disruptions,
including business closures, supply chains disruptions, travel restrictions,
stay-at-home orders and limitations on the availability of workforces. The full
impact of the COVID-19 pandemic is unknown and is rapidly evolving. The extent
to which the COVID-19 pandemic negatively impacts SandRidge or any third-party
operator of the Underlying Properties will depend on the severity, location and
duration of the effects and spread of COVID-19, the actions undertaken by
federal, state and local governments and health officials to contain the virus
or treat its effects, and how quickly and to what extent economic conditions
improve and normal business and operating conditions resume. A prolonged period
of low crude oil, NGL and natural gas prices will adversely affect SandRidge or
third-party operators of the Underlying Properties. As a result, there can be no
assurance that prices for oil, natural gas and NGL, and therefore the Trust's
quarterly cash distributions, will be maintained for any significant period of
time. Continued low oil, NGL and natural gas prices will reduce revenues to the
Trust, which will reduce the amount of cash available for distribution to
unitholders and in certain periods, such as the third and fourth quarters of
2020, could result in no
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distribution to unitholders, and could negatively affect the value of the Royalty Interests, which could reduce the amount of proceeds the Trust would receive from a sale of the Trust's assets in connection with the early termination of the Trust.



Impairment of Investment in Royalty Interests. During the nine-month period
ended September 30, 2020, the Trust recorded an impairment to the carrying value
of the Investment in Royalty Interests of $3.3 million. The impairment resulted
in a non-cash charge to trust corpus and did not affect the Trust's
distributable income. There was no impairment in the carrying value of the
Investment in Royalty Interests during the nine-month period ended September 30,
2019. Material write-downs in subsequent periods may occur if commodity prices
decline or a change in circumstances causes a decline in expected future
undiscounted cash flows relative to the carrying value of the investment in
royalty interests. 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 September 30, 2020, the Trust's properties consisted of Royalty Interests in oil and natural gas wells located in Alfalfa, Garfield, Grant and Woods counties in Oklahoma.



Distributions. The Trust makes 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 30%
of gross income 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 exchange. The TCJA
also requires the transferee of units to withhold 10% of the amount realized on
the sale of exchange of units (generally, the purchase price) unless the
transferor certifies that it is not a nonresident alien individual or foreign
corporation. Pending the finalization of proposed regulations under IRC Section
1446, the IRS has suspended this new withholding obligation with respect to
publicly traded partnerships such as the Trust, which is classified as a
partnership for federal and state income tax purposes.

Litigation. As described in more detail in Item 1 of Part II, Legal Proceedings,
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.

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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 nine-month periods
ended September 30, 2020 and 2019 is presented below.
                                                 Three Months Ended September         Nine Months Ended September 30,
                                                              30,
                                                   2020(1)            2019(2)            2020(3)            2019(4)
Production Data
Oil (MBbls)                                              7                 9                  24                31
NGL (MBbls)                                             21                22                  56                65
Natural gas (MMcf)                                     221               284                 722               900
Combined equivalent volumes (MBoe)                      64                79                 200               245
Average daily combined equivalent volumes
(MBoe/d)                                               0.7               0.9                 0.7               0.9
Well Data
Initial and Trust Development Wells producing -
average                                                 79                90                  81                92
Revenues (in thousands)
Royalty income                                  $      484          $  1,473          $    2,653          $  5,310
Total revenue                                          484             1,473               2,653             5,310
Expenses (in thousands)
Post-production expenses                               167               211                 533               659
Production taxes                                        24                91                 155               337
Trust administrative expenses                          186               269                 971             1,147
Cash reserves withheld for current Trust
expenses, net of amounts used                          194               153                 252               129
Total expenses                                         571               724               1,911             2,272
Distributable income available to unitholders   $      (87)         $    749          $      742          $  3,038
Average Prices
Oil (per Bbl)                                   $    21.38          $  58.66          $    45.30          $  57.64
NGL (per Bbl)                                   $     4.94          $  17.54          $    10.82          $  21.54
Combined oil and NGL (per Bbl)                  $     9.00          $  29.59          $    21.08          $  33.11
Natural gas (per Mcf)                           $     1.08          $   1.89          $     1.34          $   2.35
Combined equivalent (per Boe)                   $     7.54          $  18.57          $    13.21          $  21.48
Average Prices - including impact of
post-production expenses
Natural gas (per Mcf)                           $     0.32          $   1.14          $     0.60          $   1.62
Combined equivalent (per Boe)                   $     4.93          $  15.88          $    10.54          $  18.79
Expenses (per Boe)
Post-production                                 $     2.61          $   2.69          $     2.67          $   2.69
Production taxes                                $     0.37          $   1.16          $     0.78          $   1.37


____________________
1.Production volumes and related revenues and expenses for the three-month
period ended September 30, 2020 (included in SandRidge's August 2020 net revenue
distribution to the Trust) represent production from March 1, 2020 to May 31,
2020.
2.Production volumes and related revenues and expenses for the three-month
period ended September 30, 2019 (included in SandRidge's August 2019 net revenue
distribution to the Trust) represent production from March 1, 2019 to May 31,
2019.
3.Production volumes and related revenues and expenses for the nine-month period
ended September 30, 2020 (included in SandRidge's February, May and August 2020
net revenue distributions to the Trust) represent production from September 1,
2019 to May 31, 2020.
4.Production volumes and related revenues and expenses for the nine-month period
ended September 30, 2019 (included in SandRidge's February, May and August 2019
net revenue distributions to the Trust) represent production from September 1,
2018 to May 31, 2019.
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Three Months Ended September 30, 2020 Compared to the Three Months Ended September 30, 2019

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 September 30, 2020 totaled
$0.5 million compared to $1.5 million received during the three-month period
ended September 30, 2019. The approximate $1.0 million decrease in royalty
income consisted of approximately $0.7 million attributable to a decrease in
prices received in the 2020 period and approximately $0.3 million attributable
to a decrease in total volumes produced. The average number of producing wells
in the three-month period ended September 30, 2020 decreased by 11 from 90 in
the three-month period ended September 30, 2019 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 September 30, 2020 totaled approximately $0.1
million, or $0.37 per Boe, and were approximately 5.0% of royalty income.
Production taxes for the three-month period ended September 30, 2019 totaled
approximately $0.1 million, or $1.16 per Boe, and were approximately 6.3% of
royalty income.

Distributable Income

There was no distributable income for the three-month period ended September 30,
2020 as costs, charges and expenses attributable to the properties in which the
Trust holds royalty interests exceeded the revenue received. Distributable
income for the three-month period ended September 30, 2019 was $0.8 million,
which included a net addition to the cash reserve for payment of future Trust
expenses of approximately $153,000, reflecting approximately $422,000 withheld
from the August 2019 cash distribution to unitholders partially offset by
approximately $269,000 used to pay Trust expenses during the period.

Nine Months Ended September 30, 2020 Compared to the Nine Months Ended September 30, 2019

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 nine-month period ended September 30, 2020 totaled
$2.7 million compared to $5.3 million received during the nine-month period
ended September 30, 2019. The approximate $2.6 million decrease in royalty
income consisted of approximately $1.6 million attributable to a decrease in
prices received in the 2020 period and approximately $1.0 million attributable
to a decrease in total volumes produced. The average number of producing wells
in the nine-month period ended September 30, 2020 decreased by 11 from 92 in the
nine-month period ended September 30, 2019 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 nine-month period ended September 30,
2020 totaled approximately $0.2 million, or $0.78 per Boe, and were
approximately 5.9% of royalty income. Production taxes for the nine-month period
ended September 30, 2019 totaled approximately $0.3 million, or $1.37 per Boe,
and were approximately 6.4% of royalty income.

Distributable Income



Distributable income for the nine-month period ended September 30, 2020 was $0.7
million, which included a net addition to the cash reserve for payment of future
Trust expenses of approximately $252,000, reflecting approximately $1.2 million
withheld in aggregate from the February 2020, May 2020 and August 2020 cash
distributions to unitholders partially offset by approximately $1.0 million used
to pay Trust expenses during the period. Distributable income for the nine-month
period ended September 30, 2019 was $3.0 million, which included a net addition
to the cash reserve for payment of future Trust expenses of approximately
$129,000, reflecting approximately $1.3 million withheld in aggregate from the
February 2019, May 2019 and August 2019 cash distributions to unitholders
partially offset by approximately $1.1 million used to pay Trust expenses during
the period.

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Liquidity and Capital Resources



The Trust has no source of liquidity or capital resources other than cash flow
generated from the Royalty Interests and 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 September 30, 2020 or December 31, 2019.

Commencing with the distribution to unitholders paid in the first quarter of
2019, the Trustee has withheld, and in the future intends to withhold, 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.

The Trust is highly dependent on its Trustor, SandRidge, for multiple services,
including the operation of the Trust wells, remittance of net proceeds from the
sale of associated production to the Trust, 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 operate the properties 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 oversupply in crude oil attributable to the dispute
over production levels between Russia and the members of OPEC, 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 operate
the wells and provide services to the Trust.

Trust Distributions to Unitholders. During the nine-month period ended
September 30, 2020, the Trust's distributions to unitholders were as follows:
                                                                                                                                                Total
                                                       Covered                                                                               Distribution
                                                  Production Period                Date Declared                   Date Paid                     Paid

Calendar Quarter 2020
First Quarter                                September 1, 2019 -
                                             November 30, 2019                 January 23, 2020             February 28, 2020              $     456,400
Second Quarter                               December 1, 2019 -
                                             February 29, 2020                 April  23, 2020              May 29, 2020                   $     358,400
Third Quarter                                March 1, 2020 - May 31,
                                             2020                              July  23, 2020               N/A                            $           -



Future Trust Distributions to Unitholders. During the three-month production
period from June 1, 2020 to August 31, 2020, average oil prices decreased
significantly compared to the three-month period ended May 31, 2020. On
October 23, 2020, the Trust announced that there would be no distribution to
unitholders with respect to production for the period. See "Distribution to
Unitholders" in Note 6 to the unaudited interim financial statements contained
in Part I, Item 1 of this Quarterly Report for additional discussion of this
future distribution. See also "Overview-Commodity Price Volatility; COVID-19
Pandemic" and "- Early Termination of the Trust" for discussion of the effects
of continued low oil, NGL and natural gas prices on cash available for
distribution to unitholders in future periods.

As the Trust cannot acquire or cause additional wells to be drilled on its behalf, the Trust's production is expected to decline each quarter during the remainder of its life.


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