SandRidge Mississippian Trust I (The Trust) is a statutory trust. The trust is formed to own royalty interests to be conveyed to the trust by SandRidge Energy, Inc. (SandRidge) in 37 horizontal wells producing from the Mississippian formation in Alfalfa, Garfield, Grant, Major and Woods counties in Oklahoma (the Producing Wells or PDP), and royalty interests in 123 horizontal development wells to be drilled in the Mississippian formation (the PUD Wells or development wells) within an area of mutual interest ( AMI). SandRidge presently holds approximately 64,200 gross acres (42,900 net acres) in the AMI. As of December 31, 2010 and after giving effect to the conveyance of the PDP royalty interest and the PUD royalty interest to The trust, the total reserves estimated to be attributable to The trust were 19,276 MBoe (48% oil). This amount includes 6,860 MBoe attributable to the PDP royalty interest and 12,416 MBoe attributable to the PUD royalty interest, respectively.