SANDRIDGE ENERGY INC — Director's Dealing 2011

Aug 17, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SandRidge Permian Trust (PER)
CIK: 0001521168
Period of Report: 2011-08-16

Reporting Person: SANDRIDGE ENERGY INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-16	Common Units representing Beneficial Interests	P	4875000	—	Acquired	4875000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-08-16	Subordinated Units representing Beneficial Interests	$	P	13125000	Acquired		Common Units representing Beneficial Interests (13125000)	Indirect

Footnotes

F1: On August 16, 2011, in connection with a registered public offering by the Issuer of its Common Units, SandRidge Exploration and Production, LLC ("SandRidge E&P"), a Delaware limited liability company and wholly owned subsidiary of SandRidge Energy, Inc. ("SandRidge"), conveyed royalty interests in certain of its oil and natural gas properties located in the Permian Basin in Andrews County, Texas to the Issuer in exchange for 4,875,000 Common Units of the Issuer, 13,125,000 Subordinated Units of the Issuer and approximately $584 million in cash.

F2: The Subordinated Units listed in Table II will automatically convert into Common Units on a one-for-one basis at the end of the fourth full calendar quarter following SandRidge's satisfaction of its drilling obligation with respect to the Development Wells set forth in that certain Development Agreement, dated as of August 16.2011, by and among SandRidge, SandRidge E&P and the Issuer, which drilling obligation must be satisfied no later than March 31, 2016.