SandRidge Mississippian Trust II (Form: 10-Q, Received: 08/07/2015 08:02:02)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-35508

SANDRIDGE MISSISSIPPIAN TRUST II

(Exact name of registrant as specified in its charter)

Delaware		30-0709968
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

The Bank of New York Mellon Trust Company, N.A., Trustee 919 Congress Avenue, Suite 500 Austin, Texas		78701
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code:

(512) 236-6531

Former name, former address and former fiscal year, if changed since last report: Not applicable

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o (Do not check if a smaller reporting company)	Smaller reporting company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of July 31, 2015, 37,293,750 Common Units and 12,431,250 Subordinated Units of Beneficial Interest in SandRidge Mississippian Trust II were outstanding.

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SANDRIDGE MISSISSIPPIAN TRUST II

FORM 10-Q

Quarter Ended June 30, 2015

PART I. FINANCIAL INFORMATION

ITEM 1.	Financial Statements (Unaudited)	4
	Statements of Assets and Trust Corpus	4
	Statements of Distributable Income	5
	Statements of Changes in Trust Corpus	6
	Notes to Financial Statements	7
ITEM 2.	Trustee’s Discussion and Analysis of Financial Condition and Results of Operations	12
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	19
ITEM 4.	Controls and Procedures	19

PART II. OTHER INFORMATION

ITEM 1.	Legal Proceedings	21
ITEM 1A.	Risk Factors	21
ITEM 6.	Exhibits	21

All references to “we,” “us,” “our,” or the “Trust” refer to SandRidge Mississippian Trust II. References to “SandRidge” refer to SandRidge Energy, Inc., and where the context requires, its subsidiaries. The royalty interests conveyed by SandRidge from its interests in certain properties in the Mississippian formation in northern Oklahoma and southern Kansas and held by the Trust are referred to as the “Royalty Interests.”

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DISCLOSURES REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Quarterly Report”) includes “forward-looking statements” about the Trust, SandRidge and other matters discussed herein that are subject to risks and uncertainties within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact included in this document, including, without limitation, statements under “Trustee’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I and elsewhere herein regarding the Trust’s or SandRidge’s plans and objectives for future operations, including information regarding target distributions, are forward-looking statements. Actual outcomes and results may differ materially from those projected. Forward-looking statements are generally accompanied by words such as “estimate,” “target,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “could,” “may,” “foresee,” “plan,” “goal,” “should,” “intend” or other words that convey the uncertainty of future events or outcomes. We have based these forward-looking statements on our current expectations and assumptions about future events. These statements are based on certain assumptions made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the risk factors discussed in Item 1A of the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (the “2014 Form 10-K”), which could affect the future results of the energy industry in general, and the Trust and SandRidge in particular, and could cause those results to differ materially from those expressed in such forward-looking statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on SandRidge’s business or the Trust’s results. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in such forward-looking statements. The Trust undertakes no obligation to publicly update or revise any forward-looking statements.

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PART I. Financial Information

ITEM 1. Financial Statements

SANDRIDGE MISSISSIPPIAN TRUST II

STATEMENTS OF ASSETS AND TRUST CORPUS

(In thousands, except unit data)

	June 30, 2015			December 31, 2014
	(Unaudited)
ASSETS

Cash and cash equivalents	$	1,945		$	2,573

Investment in royalty interests	467,146			467,146
Less: accumulated amortization	(118,912		)	(104,793		)
Net investment in royalty interests	348,234			362,353

Total assets	$	350,179		$	364,926

TRUST CORPUS

Trust corpus, 37,293,750 common units and 12,431,250 subordinated units issued and outstanding at June 30, 2015 and December 31, 2014	$	350,179		$	364,926

The accompanying notes are an integral part of these financial statements.

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SANDRIDGE MISSISSIPPIAN TRUST II

STATEMENTS OF DISTRIBUTABLE INCOME

(In thousands, except unit and per unit data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(Unaudited)
Revenues
Royalty income	$	8,056		$	21,691		$	21,006		$	46,596
Derivative settlements, net	2,772			454			5,983			1,752

Total revenues	10,828			22,145			26,989			48,348
Expenses
Post-production expenses	534			725			1,074			1,568
Property taxes	177			369			177			369
Production taxes	139			236			369			634
Trust administrative expenses	562			460			1,197			908
Cash reserves used for current Trust expenses, net of amounts withheld	(273		)	(227		)	(484		)	(176		)
Total expenses	1,139			1,563			2,333			3,303

Distributable income available to unitholders	9,689			20,582			24,656			45,045

Distributable income per common unit (37,293,750 units issued and outstanding)	$	0.260		$	0.552		$	0.661		$	1.120
Distributable income per subordinated unit (12,431,250 units issued and outstanding)	$	0.000		$	0.000		$	0.000		$	0.264

The accompanying notes are an integral part of these financial statements.

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SANDRIDGE MISSISSIPPIAN TRUST II

STATEMENTS OF CHANGES IN TRUST CORPUS

(In thousands)

	Six Months Ended June 30,
	2015			2014
	(Unaudited)
Trust corpus, beginning of period	$	364,926		$	396,566
Amortization of investment in royalty interests	(14,119		)	(16,714		)
Net cash reserves used	(484		)	(176		)
Distributable income	24,656			45,045
Distributions paid or payable to unitholders	(24,800		)	(45,001		)

Trust corpus, end of period	$	350,179		$	379,720

The accompanying notes are an integral part of these financial statements.

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SANDRIDGE MISSISSIPPIAN TRUST II

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. Organization of Trust

SandRidge Mississippian Trust II (the “Trust”) is a statutory trust formed under the Delaware Statutory Trust Act pursuant to a trust agreement, as amended and restated, by and among SandRidge Energy, Inc. (“SandRidge”), as Trustor, The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), and The Corporation Trust Company, as Delaware Trustee (the “Delaware Trustee”).

The Trust holds Royalty Interests in specified oil and natural gas properties located in the Mississippian formation in Alfalfa, Grant, Kay, Noble and Woods counties in northern Oklahoma and Barber, Comanche, Harper and Sumner counties in southern Kansas (the “Underlying Properties”). The Royalty Interests were conveyed by SandRidge to the Trust concurrent with the initial public offering of the Trust’s common units in April 2012. As consideration for conveyance of the Royalty Interests, the Trust remitted the proceeds of the offering, along with 7,393,750 Trust common units and 12,431,250 Trust subordinated units, to certain wholly owned subsidiaries of SandRidge. At June 30, 2015, SandRidge owned 6,243,750 Trust common units and 12,431,250 Trust subordinated units, or approximately 37.6% of all Trust units.

The Royalty Interests entitle the Trust to receive 80% of the proceeds (after deducting post-production costs and any applicable taxes) from the sale of oil, natural gas liquids (“NGL”) and natural gas production attributable to SandRidge’s net revenue interest in 54 wells producing at December 31, 2011 and 13 additional wells awaiting completion at that time (together, the “Initial Wells”), and 70% of the proceeds (after deducting post-production costs and any applicable taxes) from the sale of oil, NGLs and natural gas production attributable to SandRidge’s net revenue interest in 206 horizontal oil and natural gas development wells drilled thereafter (the “Trust Development Wells”) within an area of mutual interest (“AMI”). Pursuant to a development agreement entered into between the Trust and SandRidge, SandRidge was obligated to drill, or cause to be drilled, the Trust Development Wells by December 31, 2016. SandRidge fulfilled this obligation in March 2015.

The Trust is passive in nature and neither the Trust nor the Trustee has any control over, or responsibility for, costs relating to the operation of the Underlying Properties. The business and affairs of the Trust are administered by the Trustee. The trust agreement generally limits the Trust’s business activities to owning the Royalty Interests and entering into derivative contracts on a limited basis and activities reasonably related thereto, including activities required or permitted by the terms of the conveyances related to the Royalty Interests. The Trust is not responsible for any costs related to the drilling of the Trust Development Wells or any other operating or capital costs related to the Underlying Properties.

The Trust makes quarterly cash distributions of substantially all of its cash receipts, after deducting amounts for the Trust’s administrative expenses, property tax and cash reserves withheld by the Trustee, on or about 60 days following the completion of each quarter. Due to the timing of the payment of production proceeds to the Trust, each distribution covers production from a three-month period consisting of the first two months of the most recently ended quarter and the final month of the quarter preceding it.

The common and subordinated units have identical rights and privileges, except with respect to their rights to receive distributions. The subordinated units, all of which are held by SandRidge, constitute 25% of the Trust units issued and outstanding. The subordinated units are entitled to receive pro rata distributions from the Trust each quarter if and to the extent there is sufficient cash to provide a cash distribution on the common units that is no less than 80% of the target distribution for the corresponding quarter (“Subordination Threshold”). If there is not sufficient cash to fund such a distribution on all of the common units, the distribution made with respect to the subordinated units is reduced or eliminated for such quarter in order to make a distribution, to the extent possible, of up to the Subordination Threshold amount on all of the common units. In exchange for agreeing to subordinate a portion of its Trust units, and in order to provide additional financial incentive to SandRidge to satisfy its drilling obligation, SandRidge is entitled to receive incentive distributions equal to 50% of the amount by which the cash available for distribution on all of the Trust units in any quarter exceeds 120% of the target distribution for such quarter (“Incentive Threshold”). On April 1, 2016, the day following the end of the fourth full calendar quarter subsequent to SandRidge’s satisfaction of its drilling obligation, the subordinated units will automatically convert into common units on a one-for-one basis and SandRidge’s right to receive incentive distributions in respect of subsequent periods will terminate. Distributions made on common units in respect of subsequent periods will no longer have the benefit of the Subordination Threshold, nor will the common units be subject to the Incentive Threshold, and all Trust unitholders will share on a pro rata basis in the Trust’s distributions.

The Trust will dissolve and begin to liquidate on December 31, 2031 (the “Termination Date”) and will soon thereafter wind up its affairs and terminate. At the Termination Date, 50% of the Royalty Interests will revert automatically to SandRidge. The remaining 50% of the Royalty Interests will be sold at that time, with the net proceeds of the sale, as well as any remaining Trust cash reserves,

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SANDRIDGE MISSISSIPPIAN TRUST II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

(Unaudited)

distributed to the unitholders on a pro rata basis. SandRidge has a right of first refusal to purchase the Royalty Interests retained by the Trust at the Termination Date. The Trust will not dissolve until the Termination Date unless any of the following occurs: (a) the Trust sells all of the Royalty Interests; (b) cash available for distribution for any four consecutive quarters, on a cumulative basis, is less than $5.0 million; (c) Trust unitholders approve an earlier dissolution of the Trust; or (d) the Trust is judicially dissolved. In the case of any of the foregoing, the Trustee would then 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.

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Accounting. The financial statements of the Trust differ from financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as the Trust records revenues when cash is received (rather than when earned) and expenses when paid (rather than when incurred) and may also establish cash reserves for contingencies, which would not be accrued in financial statements prepared in accordance with GAAP. This comprehensive basis of accounting other than GAAP corresponds to the accounting permitted for royalty trusts by the Securities and Exchange Commission (“SEC”) as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts . Amortization of investment in royalty interests, calculated on a unit-of-production basis, and any impairments are charged directly to trust corpus. Distributions to unitholders are recorded when declared.

Significant Accounting Policies. Most accounting pronouncements apply to entities whose financial statements are prepared in accordance with GAAP, which may require such entities to accrue or defer revenues and expenses in a period other than when such revenues are received or expenses are paid. Because the Trust’s financial statements are prepared on the modified cash basis as described above, most accounting pronouncements are not applicable to the Trust’s financial statements.

The Trust is treated for federal and applicable state income tax purposes as a partnership. For U.S. federal income tax purposes, a partnership is not a taxable entity and incurs no U.S. federal income tax liability. With respect to state taxation, a partnership is typically treated in the same manner as it is for U.S. federal income tax purposes.

Distributable Income Per Common and Subordinated Unit. The Trust calculates distributable income per common and subordinated unit using the two-class method. In accordance with this method, undistributed earnings in the accompanying unaudited statements of distributable income have been allocated to the common and subordinated units based upon the subordinated units’ contractual participation rights as if all of the distributable income for the periods presented had been distributed. Distributable income per unit amounts as calculated for the periods presented in the accompanying unaudited statements of distributable income may differ from declared distribution amounts per unit due to the timing of the Trust’s receipt or payment of settlements on novated derivative contracts. See discussion of the Trust’s derivative contracts at Note 4. After the conversion of the Trust’s subordinated units to common units and payment of the distribution in respect of the fourth full calendar quarter subsequent to SandRidge’s satisfaction of its drilling obligation, all Trust unitholders will share on a pro rata basis in the Trust’s distributable income.

Interim Financial Statements. The accompanying unaudited interim financial statements have been prepared in accordance with the accounting policies stated in the audited financial statements contained in the 2014 Form 10-K and reflect all adjustments that are, in the opinion of the Trustee, necessary to state fairly the information in the Trust’s unaudited interim financial statements. The accompanying statement of assets and trust corpus as of December 31, 2014 has been derived from audited financial statements. The unaudited interim financial statements should be read in conjunction with the financial statements and notes thereto included in the 2014 Form 10-K.

3. Distributions to Unitholders

The Trust makes quarterly cash distributions of substantially all of its cash receipts, after deducting amounts for the Trust’s administrative expenses, property tax and cash reserves withheld by the Trustee, on or about 60 days following the completion of each quarter. Distributions cover a three-month production period. See Note 6 for discussion of the Trust’s quarterly distribution to be paid in August 2015. A summary of the Trust’s distributions to unitholders during the six-month period ended June 30, 2015 and the year ended December 31, 2014 is as follows:

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SANDRIDGE MISSISSIPPIAN TRUST II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

(Unaudited)

Total

Covered

Distribution

Distribution Per Unit

Production Period

Date Declared

Date Paid

Paid

Common

Subordinated

(in millions)

Calendar Quarter 2015

First Quarter

September 1, 2014 — November 30, 2014

January 29, 2015

February 27, 2015

14.0

0.375

0.000

Second Quarter

December 1, 2014 — February 28, 2015

April 30, 2015

May 29, 2015

10.8

0.290

0.000

				Total
	Covered			Distribution		Distribution Per Unit
	Production Period	Date Declared	Date Paid	Paid		Common		Subordinated
				(in millions)
Calendar Quarter 2014
First Quarter	September 1, 2013 — November 30, 2013	January 30, 2014	February 28, 2014	$	24.2	$	0.568	$	0.239
Second Quarter	December 1, 2013 — February 28, 2014	April 24, 2014	May 30, 2014	$	20.8	$	0.559	$	0.000
Third Quarter	March 1, 2014 — May 31, 2014	July 31, 2014	August 29, 2014	$	18.1	$	0.486	$	0.000
Fourth Quarter	June 1, 2014 — August 31, 2014	October 30, 2014	November 26, 2014	$	15.0	$	0.402	$	0.000

4. Related Party Transactions

Trustee Administrative Fee. Under the terms of the trust agreement, the Trust pays an annual administrative fee of $150,000 to the Trustee, which will be adjusted for inflation by no more than 3% in any year beginning in January 2018. The Trustee’s administrative fees paid during each of the three-month periods ended June 30, 2015 and 2014, totaled approximately $38,000. The Trustee’s administrative fees paid during each of the six-month periods ended June 30, 2015 and 2014, totaled approximately $75,000.

Registration Rights Agreement . The Trust is party to a registration rights agreement pursuant to which the Trust has agreed to register the offering of the Trust units held by SandRidge and certain of its affiliates and permitted transferees upon request by SandRidge. The holders have the right to require the Trust to file no more than five registration statements in aggregate, none of which has been filed to date. The Trust does not bear any expenses associated with such transactions.

Development Agreement . The Trust’s development agreement with SandRidge obligated SandRidge to drill, or cause to be drilled, the Trust Development Wells by December 31, 2016. Additionally, SandRidge agreed not to drill and complete, or allow another person within its control to drill and complete, any other well in the AMI other than the Trust Development Wells until SandRidge had fulfilled its drilling obligation. The Development Agreement terminated upon SandRidge’s fulfillment of its drilling obligation during March 2015.

A wholly owned subsidiary of SandRidge granted to the Trust a lien (“Drilling Support Lien”) covering its interest in the AMI (except its interest in the Initial Wells) in order to secure the estimated amount of the drilling costs for the Trust’s interests in the undeveloped Underlying Properties. The initial amount recoverable by the Trust pursuant to the Drilling Support Lien could not exceed approximately $269.1 million . As of March 31, 2015, SandRidge had drilled and perforated for completion approximately 206 equivalent Trust Development Wells, thus fulfilling its drilling obligation. Accordingly, the Drilling Support Lien automatically terminated at that time.

Administrative Services Agreement. The Trust is party to an administrative services agreement with SandRidge that obligates the Trust to pay SandRidge an annual administrative services fee for accounting, tax preparation, bookkeeping and informational services performed by SandRidge on behalf of the Trust. Additionally, the administrative services agreement designates SandRidge as the Trust’s hedge manager, pursuant to which SandRidge has authority to administer the derivative contracts underlying the derivatives agreement (described below), and, on behalf of the Trust, to administer the Trust’s derivative contracts with unaffiliated third parties. For its services under the administrative services agreement, SandRidge receives an annual fee of $300,000, which is payable in equal quarterly installments and will remain fixed for the life of the Trust. SandRidge is also entitled to receive reimbursement for its out-of- pocket fees, costs and expenses incurred in connection with the provision of any of the services under this agreement. The administrative services agreement will terminate on the earliest to occur of: (i) the date the Trust shall have dissolved and commenced winding up in accordance with the trust agreement, (ii) the date that all of the Royalty Interests have been terminated or are no longer held by the Trust, (iii) pertaining to services to be provided with respect to any Underlying Properties transferred by SandRidge, the date that either SandRidge or the Trustee may designate by delivering 90-days’ prior written notice, provided that SandRidge’s drilling obligation has been completed and the transferee of such Underlying Properties assumes responsibility to perform the services in place of SandRidge and (iv) a date mutually agreed to by SandRidge and the Trustee. During the three-month periods ended June 30, 2015 and 2014, the Trust paid administrative fees to SandRidge equal to $75,000 and $150,000, respectively. During each of the six-month periods ended June 30, 2015 and 2014, the Trust paid administrative fees to SandRidge equal to $225,000.

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SANDRIDGE MISSISSIPPIAN TRUST II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

(Unaudited)

Derivatives Agreement. The Trust is party to a derivatives agreement with SandRidge that provides the Trust with the economic effect of certain derivative contracts for production through December 31, 2015 that were previously entered into by SandRidge with third parties. Under the derivatives agreement, SandRidge pays the Trust amounts it receives from its counterparties and the Trust pays SandRidge any amounts that SandRidge is required to pay such counterparties. Substantially concurrent with the execution of the derivatives agreement and again in 2013, SandRidge novated certain of the derivative contracts underlying the derivatives agreement to the Trust. As a party to these contracts, the Trust receives payment directly from the counterparties, and is required to pay any amounts owed directly to the counterparties. To secure its obligations under these novated contracts, the Trust entered into a collateral agency agreement and granted the counterparties a lien on the Royalty Interests. Under the collateral agency agreement, the Trust pays a $15,000 annual fee to the collateral agent. The Trust’s derivative contracts consist of fixed price swaps, under which the Trust receives a fixed price and pays a floating price over specified periods for contracted volumes.

The following table presents, as of June 30, 2015, the notional amount and weighted average fixed price of the open contracts underlying the derivatives agreement.

Oil Contracts Underlying the Derivatives Agreement

	Notional (MBbl)	Weighted Avg. Fixed Price
July 2015 — December 2015	138	$	90.30

5. Commitments and Contingencies

Loan Commitment. Pursuant to the trust agreement, 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, SandRidge will, at the Trustee’s request, loan funds to the Trust necessary to pay such expenses. Any funds loaned by SandRidge pursuant to this commitment will be limited to the payment of current accounts payable or other obligations to trade creditors in connection with obtaining goods or services or the payment of other current liabilities arising in the ordinary course of the Trust’s business, and may not be used to satisfy Trust indebtedness, or to make distributions. If SandRidge loans funds pursuant to this commitment, unless SandRidge agrees otherwise, no further distributions will be made to unitholders (except in respect of any previously determined quarterly cash distribution amount) until such loan is repaid. Any such loan will be on an unsecured basis, and the terms of such loan will be substantially the same as those which would be obtained in an arm’s length transaction between SandRidge and an unaffiliated third party. There was no such loan outstanding with SandRidge at June 30, 2015 or December 31, 2014.

Risks and Uncertainties. The Trust’s revenue and distributions are substantially dependent upon the prevailing and future prices for oil and natural gas, each of which depends on numerous factors beyond the Trust’s control such as overall oil and natural gas production and inventories in relevant markets, economic conditions, the global political environment, regulatory developments and competition from other energy sources. Oil and natural gas prices historically have been volatile and may be subject to significant fluctuations in the future. The Trust’s derivative arrangements serve to mitigate a portion of the effect of this price volatility through December 31, 2015. See Note 4 for a discussion of the Trust’s open oil commodity derivative contracts.

Legal Proceedings. On May 11, 2015, the U.S. District Court for the Western District of Oklahoma issued an order dismissing all claims against the Trust in a putative class action lawsuit filed by unitholders of the Trust and stockholders of SandRidge, in which the plaintiffs asserted a variety of federal securities claims against the Trust, SandRidge and certain of SandRidge’s current and former officers and directors, among other defendants. As a result of the order, the Trust is no longer a party in the lawsuit. However, the dismissal was based on a procedural defect, and thus was made without prejudice to the plaintiffs’ rights, if any, to refile their claims against the Trust once the defect is cured.

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SANDRIDGE MISSISSIPPIAN TRUST II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

(Unaudited)

certain of its current and former officers and directors, among other defendants, including the Trust, are responsible for making false and misleading statements, and omitting material information, concerning a variety of subjects, including oil and gas reserves. The plaintiffs seek class certification, an order rescinding the Trust’s initial public offering and an unspecified amount of damages, plus interest, attorneys’ fees and costs.

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. However, the Trust is entitled to contractual indemnification covering reasonable costs of investigation and attorney’s fees and expenses that the Trust believes will be applicable. The Trust will estimate and provide for potential losses that may arise out of litigation to the extent that such losses are probable and can be reasonably estimated. Significant judgment will be required in making any such estimates and any final liabilities of the Trust may ultimately be materially different than any estimates. The Trust is currently unable to assess the probability of loss or estimate a range of any potential loss the Trust may incur in connection with the Securities Litigation, and has not established any reserves relating to the Securities Litigation. The Trust may withhold estimated amounts from future distributions to cover future costs associated with the litigation if determined necessary. The Trust has not yet fully analyzed any rights it may have to indemnities that may be applicable or any claims it may make in connection with the Securities Litigation.

6. Subsequent Events

Distribution to Unitholders. On July 30, 2015, the Trust declared a cash distribution of $0.251 per common unit covering production for the three-month period from March 1, 2015 to May 31, 2015 for record holders as of August 14, 2015. The distribution will be paid on or about August 28, 2015. Distributable income for March 1, 2015 to May 31, 2015 was calculated as follows (in thousands, except for unit and per unit amounts):

Revenues
Royalty income	$	8,098
Derivative settlements, net	2,509
Total revenues	10,607
Expenses
Post-production expenses	624
Production taxes	143
Cash reserves withheld by Trustee(1)	474
Total expenses	1,241
Distributable income available to unitholders	$	9,366
Distributable income per common unit (37,293,750 units issued and outstanding)	$	0.251
Distributable income per subordinated unit (12,431,250 units issued and outstanding)	$	0.000

(1) Includes amounts withheld for payment of future Trust administrative expenses.

Because income available for distribution on all outstanding Trust units was $0.188 per unit, which was below the Subordination Threshold of $0.648 for the period, no distribution will be paid to subordinated units for the period.

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ITEM 2. Trustee’s Discussion and Analysis of Financial Condition and Results of Operations

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 II (the “Trust”). This discussion and analysis should be read in conjunction with the Trust’s unaudited 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 2014 Form 10-K.

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 the Trust’s derivative contracts (described in Note 4 to the unaudited financial statements contained in Part I, Item 1 of this Quarterly Report) 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 and the Trust’s derivative contracts. The Trust is treated as a partnership for federal income tax purposes.

Commodity Price Volatility. The Trust’s quarterly cash distributions are highly dependent upon the prices realized from the sale of oil, NGLs and natural gas. The markets for these commodities are volatile and experienced significant pricing declines during the latter half of 2014 and into 2015. Although distributions relating to production through December 31, 2015 are partially supported by hedging arrangements, such arrangements are not in place for production attributable to periods thereafter. The Trust received net settlement proceeds of approximately $2.8 million and $0.5 million during the three-month periods ended June 30, 2015 and 2014, respectively. The Trust received net settlement proceeds of approximately $6.0 million and $1.8 million during the six-month periods ended June 30, 2015 and 2014, respectively.

As of March 31, 2015, SandRidge had fulfilled its drilling obligation to the Trust. Accordingly, on April 1, 2016, the subordinated units will automatically convert into common units and distributions made on common units in respect of subsequent periods will no longer have the benefit of the Subordination Threshold.

Properties. As of June 30, 2015, the Trust’s properties consisted of Royalty Interests in the Initial Wells and 173 additional wells (equivalent to approximately 206 Trust Development Wells under the development agreement as described below) that were drilled and perforated for completion between December 31, 2011 and March 31, 2015 in northern Oklahoma and southern Kansas.

SandRidge was obligated to drill, or cause to be drilled, the Trust Development Wells on or before December 31, 2016. SandRidge is not permitted to drill and complete any well within the AMI for its own account until it had satisfied the drilling obligation to the Trust. As of March 31, 2015, SandRidge had fulfilled its drilling obligation to the Trust by drilling and perforating for completion approximately 206 equivalent Trust Development Wells.

The Trust was not responsible for any costs related to the drilling of the Trust Development Wells and is not responsible for any other operating or capital costs related to the Underlying Properties. The following table presents the number of Initial Wells, Trust Development Wells drilled and Trust Development Wells to be drilled as of June 30, 2015 and December 31, 2014.

	Initial Wells	Trust Development Wells Drilled(1)	Trust Development Wells To Be Drilled	Total
June 30, 2015	67	206	—	273
December 31, 2014	67	199	7	273

(1) SandRidge was credited for having drilled one full Trust Development Well if a well was drilled and perforated for completion with a perforated length between 3,500 feet and 4,500 feet within the Mississippian formation and SandRidge’s net revenue interest in the well was equal to 47.4%. For wells with a perforated length of less than 3,500 feet or greater than 4,500 feet and for wells in which SandRidge had a net revenue interest greater or less than 47.4%, SandRidge received proportionate credit for such well.

Distributions. The Trust makes quarterly cash distributions of substantially all of its cash receipts, after deducting amounts for the Trust’s administrative expenses, property tax and cash reserves withheld by the Trustee, on or about 60 days following the completion of each quarter. The Trust’s subordinated units are entitled to receive pro rata distributions from the Trust each quarter if

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and to the extent there is sufficient cash to provide a cash distribution on the common units that is at least equal to the Subordination Threshold. If there is not sufficient cash to fund such a distribution on all of the common units (including the common units SandRidge owns), the distribution made with respect to the subordinated units is reduced or eliminated for such quarter in order to make a distribution, to the extent possible, to all of the common units (including the common units held by SandRidge) up to the Subordination Threshold. However, there is no minimum distribution. If the cash available for distribution on all of the Trust units in any quarter exceeds the Incentive Threshold for the corresponding quarter, SandRidge, as holder of the Trust’s subordinated units, is entitled to 50% of the amount by which the cash available for distribution exceeds the Incentive Threshold.

The following table sets forth the approximate Subordination Threshold and Incentive Threshold for each remaining calendar quarter through the end of the subordination period, as set out in the trust agreement.

Period(1)	Subordination Threshold(2)		Incentive Threshold(2)

2015
Second quarter (3)	$	0.64	$	0.97
Third quarter	0.64		0.96
Fourth quarter	0.64		0.96

2016
First quarter	0.67		1.00
Second quarter	0.64		0.96

(1) Due to the timing of the payment of production proceeds to the Trust, each distribution covers production from a three-month period consisting of the first two months of the most recently ended quarter and the final month of the quarter preceding it.

(2) Each of the Subordination Threshold and Incentive Threshold terminates after the fourth full calendar quarter following SandRidge’s completion of its drilling obligation. Amounts have been rounded to two decimal places and are presented as set forth in the trust agreement. Actual distributions are declared and paid based upon a calculation carried out to three decimal places.

(3) A distribution of $0.251 per common unit was declared on July 30, 2015 and is expected to be paid on or about August 28, 2015. Because income available for distribution on all outstanding Trust units was $0.188 per unit, which was below the Subordination Threshold of $0.648 for the period, no distribution will be paid to the subordinated units for the period. See Note 6 to the financial statements contained in Item 1 of this report for further discussion.

Pursuant to Internal Revenue Code (“IRC”) Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to foreign partners 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 foreign partners 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, currently 39.6% for individuals, on the distribution made to foreign partners.

Litigation. As described in more detail in Item 1 of Part II, Legal Proceedings , claims brought against the Trust in a putative class action against SandRidge and others were dismissed in the second quarter of 2015. However, the dismissal was based on a procedural defect, and thus was made without prejudice to the plaintiffs’ rights, if any, to refile their claims against the Trust once the defect is cured. 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. However, the Trust is entitled to contractual indemnification covering reasonable costs of investigation and attorney’s fees and expenses that the Trust believes will be applicable.

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Results of Trust Operations

The primary factors affecting the Trust’s revenues and costs are the quantity of oil , NGLs and natural gas production attributable to the Royalty Interests, the prices received for such production and amounts paid or received as net settlements under the derivatives agreement. Royalty income, post-production expenses, certain taxes and derivative settlements are recorded on a cash basis when net revenue distributions are received by the Trust from SandRidge and net derivative settlements are received from or paid to the Trust’s derivative counterparties. Information regarding the Trust’s production, pricing and costs for the three- and six-month periods ended June 30, 2015 and 2014 is presented below.

	Three Months Ended June 30,						Six Months Ended June 30,
	2015(1)			2014(2)			2015(3)			2014(4)
Production Data
Oil (MBbls)	74			143			156			321
NGL (MBbls)	73			31			148			65
Natural gas (MMcf)	1,100			1,500			2,288			3,165
Combined equivalent volumes (MBoe)	330			424			685			913
Average daily combined equivalent volumes (MBoe/d)	3.7			4.7			3.8			5.0

Well Data
Initial and Trust Development Wells producing - average	231			231			237			230

Revenues (in thousands)
Royalty income	$	8,056		$	21,691		$	21,006		$	46,596
Derivative settlements	2,772			454			5,983			1,752
Total revenue	$	10,828		$	22,145		$	26,989		$	48,348

Expenses (in thousands)
Post-production expenses	$	534		$	725		$	1,074		$	1,568
Property taxes	177			369			177			369
Production taxes	139			236			369			634
Trust administrative expenses	562			460			1,197			908
Cash reserves used for current Trust expenses, net of amounts withheld	(273		)	(227		)	(484		)	(176		)
Total expenses	$	1,139		$	1,563		$	2,333		$	3,303
Distributable income available to unitholders	$	9,689		$	20,582		$	24,656		$	45,045

Average Prices
Oil (per Bbl)	$	50.00		$	94.46		$	66.95		$	96.88
NGL (per Bbl)	$	15.11		$	40.32		$	22.44		$	37.91
Combined oil and NGL (per Bbl)	$	32.71		$	84.87		$	45.26		$	86.93
Natural gas (per Mcf)	$	2.97		$	4.64		$	3.17		$	4.12
Combined equivalent (per Boe)	$	24.44		$	51.20		$	30.67		$	51.01

Average Prices — including impact of derivative settlements and post-production expenses
Oil (per Bbl)(5)	$	102.84		$	99.51		$	106.42		$	102.22
NGL (per Bbl)	$	15.11		$	40.32		$	22.44		$	37.91
Combined oil and NGL (per Bbl)	$	59.38		$	89.02		$	65.49		$	91.37
Natural gas (per Mcf)	$	2.49		$	4.15		$	2.71		$	3.63
Combined equivalent (per Boe)	$	34.65		$	51.19		$	38.07		$	51.17

Expenses (per Boe)
Post-production	$	1.62		$	1.71		$	1.57		$	1.72
Production taxes	$	0.42		$	0.56		$	0.54		$	0.69

(1) Production volumes and related revenues and expenses for the three-month period ended June 30, 2015 (included in SandRidge’s May 2015 net revenue distribution to the Trust) represent production from December 1, 2014 to February 28, 2015.

(2) Production volumes and related revenues and expenses for the three-month period ended June 30, 2014 (included in SandRidge’s May 2014 net revenue distribution to the Trust) represent production from December 1, 2013 to February 28, 2014.

(3) Production volumes and related revenues and expenses for the six-month period ended June 30, 2015 (included in SandRidge’s February 2015 and May 2015 net revenue distributions to the Trust) represent production from September 1, 2014 to February 28, 2015.

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(4) Production volumes and related revenues and expenses for the six-month period ended June 30, 2014 (included in SandRidge’s February 2014 and May 2014 net revenue distributions to the Trust) represent production from September 1, 2013 to February 28, 2014.

(5) Includes impact of derivative settlements attributable to production from December 1, 2014 to February 28, 2015 for the three-month period ended June 30, 2015 and from December 1, 2013 to February 28, 2014 for the three-month period ended June 30, 2014. Includes impact of derivative settlements attributable to production from September 1, 2014 to February 28, 2015 for the six-month period ended June 30, 2015 and from September 1, 2013 to February 28, 2014 for the six-month period ended June 30, 2014.

Three Months Ended June 30, 2015 Compared to the Three Months Ended June 30, 2014

Revenues

Royalty Income. Royalty income received during the three-month period ended June 30, 2015 totaled $8.1 million compared to $21.7 million received during the three-month period ended June 30, 2014. Royalty income is a function of production volumes sold attributable to the Royalty Interests and associated prices received. The decrease in royalty income was attributable to the decrease in total volumes produced caused by natural declines in production and a decrease in prices received. Royalty income received during the three-month period ended June 30, 2015 was based upon production attributable to the Royalty Interests of 74 MBbls of oil, 73 MBbls of NGLs and 1,100 MMcf of natural gas, or 330 MBoe of combined production, for the period from December 1, 2014 to February 28, 2015. Royalty income received during the three-month period ended June 30, 2014 was based upon production attributable to the Royalty Interests of 143 MBbls of oil, 31 MBbls of NGLs and 1,500 MMcf of natural gas, or 424 MBoe of combined production, for the period from December 1, 2013 to February 28, 2014. During the 2015 period, NGL production volumes were higher than in the 2014 period as a result of a contractual change to the Trust’s gathering agreement. The average price received for oil decreased to $50.00 per Bbl during the three-month period ended June 30, 2015 from $94.46 per Bbl during the same period in 2014, while the average price received for NGLs decreased to $15.11 per Bbl during the three-month period ended June 30, 2015 from $40.32 per Bbl during the same period in 2014. The average price received for natural gas decreased to $2.97 per Mcf during the three-month period ended June 30, 2015 from $4.64 per Mcf during the same period in 2014.

Derivative Settlements. The Trust’s derivatives agreement with SandRidge reduces the Trust’s exposure to commodity price volatility attributable to a portion of production from the Royalty Interests through December 31, 2015, including the effects of amendments executed in May 2014, by the use of oil fixed price swaps. Net cash settlements received related to the Trust’s derivatives during the three-month period ended June 30, 2015 were approximately $2.8 million received related to the conveyed contracts for production attributable to the Royalty Interests from December 1, 2014 to February 28, 2015. Total net derivative settlements received by the Trust for production from December 1, 2014 to February 28, 2015 were $3.9 million, including approximately $1.1 million received in February 2015 from the counterparty to the novated contracts, which effectively increased the average price received for oil production for the related period by $52.84 per Bbl to $102.84 per Bbl. Net cash settlements received related to the Trust’s derivatives during the three-month period ended June 30, 2014 were approximately $454,000, and included (i) approximately $419,000 received related to the conveyed contracts for production attributable to the Royalty Interests from December 1, 2013 to February 28, 2014, (ii) approximately $83,000 received from the counterparty to the novated contracts for production attributable to the Royalty Interests from January 1, 2014 to February 28, 2014 and (iii) approximately $48,000 paid to the counterparty to the novated contracts for March 2014 production. Total net derivative settlements received by the Trust for production from December 1, 2013 to February 28, 2014 were $721,000, including the impact of $219,000 received in February 2014 from the counterparty to the novated contracts for December 2013 production, which effectively increased the average price received for oil production for the related period by $5.05 per Bbl to $99.51 per Bbl.

Expenses

Post-Production Expenses. The Trust bears post-production expenses attributable to production from the Royalty Interests. Post-production expenses generally consist of costs incurred to gather, store, compress, transport, process, treat, dehydrate and market natural gas produced. Post-production expenses for the three-month period ended June 30, 2015 decreased to approximately $0.5 million from approximately $0.7 million for the three-month period ended June 30, 2014 due to decreased natural gas production.

Property Taxes. The Trust paid approximately $0.2 million of its $0.4 million 2014 property tax assessment during the three-month period ended June 30, 2015. The Trust paid approximately $0.4 million of its $0.7 million 2013 property tax assessment during the three-month period ended June 30, 2014.

Production Taxes. Production taxes are calculated as a percentage of oil and natural gas revenues, excluding the effects of derivative settlements and net of any applicable tax credits. Production taxes for the three-month period ended June 30, 2015 totaled

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approximately $ 0.1 million, or $0.42 per Boe, and were approximately 1.7% of royalty income. Production taxes for the three-month period ended June 30, 2014 totaled approximately $0.2 million, or $0.56 per Boe, and were approximately 1.1% of royalty income.

Trust Administrative Expenses. Trust administrative expenses generally consist of fees paid to the Trustee and the Delaware Trustee, administrative services fees paid to SandRidge, tax return and related form preparation fees, legal and accounting fees, and other expenses incurred as a result of being a publicly traded entity. Trust administrative expenses for the three-month period ended June 30, 2015 remained relatively consistent and totaled approximately $0.6 million compared to approximately $0.5 million for the three-month period ended June 30, 2014.

Distributable Income

Distributable income for the three-month period ended June 30, 2015 was $9.7 million, which included a net reduction to the cash reserve for payment of future Trust expenses of approximately $0.3 million (approximately $0.7 million used to pay Trust expenses during the period partially offset by approximately $0.4 million withheld from the May 2015 cash distribution to unitholders). Distributable income for the three-month period ended June 30, 2014 was $ 20.6 million, which included a net reduction to the cash reserve for payment of future Trust expenses of approximately $0.2 million (approximately $0.8 million used to pay Trust expenses during the period partially offset by approximately $0.6 million withheld from the May 2014 cash distribution to unitholders).

Distributions to Common and Subordinated Units. Holders of Trust common units received greater distributions than holders of Trust subordinated units during the three-month periods ended June 30, 2015 and 2014 as a result of the Trust’s subordination provisions. Because income available for distribution on all Trust units for the May 2015 and 2014 distributions were below the Subordination Threshold, no distributions were paid to the subordinated units for those periods. As a result of the subordination provisions, holders of common units received approximately $2.7 million and $5.2 million more in distributions for the three-month periods ended June 30, 2015 and 2014, respectively, than such holders would have received had the subordination provisions not existed.

Six Months Ended June 30, 2015 Compared to the Six Months Ended June 30, 2014

Revenues

Royalty Income. Royalty income received during the six-month period ended June 30, 2015 totaled $21.0 million compared to $46.6 million received during the six-month period ended June 30, 2014. The decrease in royalty income was attributable to the decrease in total volumes produced caused by natural declines in production and a decrease in prices received. Royalty income received during the six-month period ended June 30, 2015 was based upon production attributable to the Royalty Interests of 156 MBbls of oil, 148 MBbls of NGLs and 2,288 MMcf of natural gas, or 685 MBoe of combined production, for the period from September 1, 2014 to February 28, 2015. Royalty income received during the six-month period ended June 30, 2014 was based upon production attributable to the Royalty Interests of 321 MBbls of oil, 65 MBbls of NGLs and 3,165 MMcf of natural gas, or 913 MBoe of combined production, for the period from September 1, 2013 to February 28, 2014. During the 2015 period, NGL production volumes were higher than in the 2014 period as a result of a contractual change to the Trust’s gathering agreement. The average price received for oil decreased to $66.95 per Bbl during the six-month period ended June 30, 2015 from $96.88 per Bbl during the same period in 2014, while the average price received for NGLs decreased to $22.44 per Bbl during the six-month period ended June 30, 2015 from $37.91 per Bbl during the same period in 2014. The average price received for natural gas decreased to $3.17 per Mcf during the six-month period ended June 30, 2015 from $4.12 per Mcf during the same period in 2014.

Derivative Settlements. The Trust’s derivatives agreement with SandRidge reduces the Trust’s exposure to commodity price volatility attributable to a portion of production from the Royalty Interests through December 31, 2015, including the effects of amendments executed in May 2014, by the use of oil fixed price swaps. Net cash settlements received related to the Trust’s derivatives during the six-month period ended June 30, 2015 were approximately $6.0 million, and included (i) approximately $3.8 million received related to the conveyed contracts for production attributable to the Royalty Interests from September 1, 2014 to February 28, 2015 and (ii) approximately $2.2 million received from the counterparty to the novated contracts for production attributable to the Royalty Interests from October 1, 2014 to December 31, 2014. Total net derivative settlements received by the Trust for production from September 1, 2014 to February 28, 2015 were $6.1 million, including approximately $0.1 million received in November 2014 from the counterparty to the novated contracts, which effectively increased the average price received for oil production for the related period by $39.47 per Bbl to $106.42 per Bbl. Net cash settlements received related to the Trust’s derivatives during the six-month period ended June 30, 2014 were approximately $1.8 million, and included (i) approximately $1.0 million received related to the conveyed contracts for production attributable to the Royalty Interests from September 1, 2013 to February 28, 2014, (ii) approximately $0.8 million received from the counterparty to the novated contracts for production attributable to the Royalty Interests from October 1, 2013 to February 28, 2014 and (iii) approximately $48,000 paid to the counterparty to the novated contracts for

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March 2014 production. Total net derivative settlements received by the Trust for production from September 1, 2013 to February 28, 2014 were $1.7 million, including the impact of $0.1 million paid in November 2013 to the counterparty to the novated contracts for September 2013 production, which effectively increased the average price received for oil production for the related period by $5.34 per Bbl to $102.22 per Bbl.

Expenses

Post-Production Expenses. Post-production expenses for the six-month period ended June 30, 2015 decreased to approximately $1.1 million from approximately $1.6 million for the six-month period ended June 30, 2014 due to decreased natural gas production.

Property Taxes. The Trust paid approximately $0.2 million of its $0.4 million 2014 property tax assessment during the six-month period ended June 30, 2015. The Trust paid approximately $0.4 million of its $0.7 million 2013 property tax assessment during the six-month period ended June 30, 2014.

Production Taxes. Production taxes for the six-month period ended June 30, 2015 totaled approximately $0.4 million, or $0.54 per Boe, and were approximately 1.8% of royalty income. Production taxes for the six-month period ended June 30, 2014 totaled approximately $0.6 million, or $0.69 per Boe, and were approximately 1.4% of royalty income.

Trust Administrative Expenses. Trust administrative expenses for the six-month period ended June 30, 2015 remained relatively consistent and totaled approximately $1.2 million compared to approximately $0.9 million for the six-month period ended June 30, 2014.

Distributable Income

Distributable income for the six-month period ended June 30, 2015 was $24.7 million, which included a net reduction to the cash reserve for payment of future Trust expenses of approximately $0.5 million (approximately $1.4 million used to pay Trust expenses during the period partially offset by approximately $0.9 million withheld from the February 2015 and May 2015 cash distribution to unitholders). Distributable income for the six-month period ended June 30, 2014 was $ 45.0 million, which included a net reduction to the cash reserve for payment of future Trust expenses of approximately $0.2 million (approximately $1.3 million used to pay Trust expenses during the period partially offset by approximately $1.1 million withheld from the February 2014 and May 2014 cash distributions to unitholders).

Distributions to Common and Subordinated Units. Holders of Trust common units received greater distributions than holders of Trust subordinated units during the six-month periods ended June 30, 2015 and 2014 as a result of the Trust’s subordination provisions. Because income available for distribution on all Trust units for the May 2015, February 2015, May 2014 and February 2014 distributions were below the Subordination Threshold, no distributions or reduced distributions were paid to the subordinated units for those periods. As a result of the subordination provisions, holders of common units received approximately $6.2 million and $8.3 million more in distributions for the six-month periods ended June 30, 2015 and 2014, respectively, than such holders would have received had the subordination provisions not existed.

Liquidity and Capital Resources

The Trust’s principal sources of liquidity and capital are cash flow generated from the Royalty Interests and the Trust’s derivative contracts, and borrowings to fund administrative expenses, including any amounts borrowed under SandRidge’s loan commitment described in Note 5 to the financial statements contained in Part I, Item I of this Quarterly Report. The Trust’s primary uses of cash are distributions to Trust unitholders, including, if applicable, incentive distributions to SandRidge during the subordination period, payment of amounts owed under the Trust’s derivative contracts, 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 incentive distribution provisions will terminate concurrently with the subordination provisions. Under the conveyances granting the Royalty Interests, the Trust does not have any operating and capital cost requirements related to the wells.

Administrative expenses include payments to the Trustee and the Delaware Trustee as well as a quarterly fee of $75,000 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, subject in all cases to the subordination and incentive provisions. 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

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unitholders (except in respect of any previously determined quarterly distribution amount) until the borrowed funds have been repaid, except that if SandRidge loans such funds, SandRidge may permit the Trust to make distributions prior to SandRidge being repaid. There was no such loan outstanding at June 30, 2015 or December 31, 2014.

Under the derivatives agreement, SandRidge pays the Trust amounts it receives from its counterparties and the Trust pays SandRidge any amounts that SandRidge is required to pay such counterparties. Additionally, the Trust receives payment directly from its counterparties to the contracts novated to the Trust by SandRidge and is required to pay any amounts owed under those contracts directly to the counterparties. Payments by the Trust to SandRidge or the counterparties to the novated contracts reduce, and could eliminate, distributions paid to unitholders.

2015 Trust Distributions to Unitholders. During the six-month period ended June 30, 2015, the Trust’s distributions to unitholders were as follows:

	Covered Production Period	Date Declared	Date Paid	Total Distribution Paid
				(in millions)
Calendar Quarter 2015
First Quarter	September 1, 2014 — November 30, 2014	January 29, 2015	February 27, 2015	$	14.0
Second Quarter	December 1, 2014 — February 28, 2015	April 30, 2015	May 29, 2015	$	10.8

Future Trust Distributions to Unitholders. During the three-month production period from March 1, 2015 to May 31, 2015, total sales volumes were lower than initial Trust estimates and oil, NGL and natural gas experienced volatile pricing. The decrease in revenue caused by lower commodity prices during the period was partially offset by net cash settlements received under the derivatives agreement of approximately $2.5 million. On July 30, 2015, the Trust declared a cash distribution of $0.251 per common unit covering production for the period for record unitholders as of August 14, 2015. The distribution will be paid on or about August 28, 2015 and was calculated as follows (in thousands, except for unit and per unit amounts):

Revenues
Royalty income	$	8,098
Derivative settlements, net	2,509
Total revenues	10,607
Expenses
Post-production expenses	624
Production taxes	143
Cash reserves withheld by Trustee(1)	474
Total expenses	1,241
Distributable income available to unitholders	$	9,366
Distributable income per common unit (37,293,750 units issued and outstanding)	$	0.251
Distributable income per subordinated unit (12,431,250 units issued and outstanding)	$	0.000

(1) Includes amounts withheld for payment of future Trust administrative expenses.

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ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

This discussion provides information about commodity derivative contracts, the benefits and obligations of which SandRidge has passed to the Trust pursuant to a derivatives agreement. Under the derivatives agreement, SandRidge pays the Trust amounts it receives from counterparties under certain of its derivative contracts with third parties, and the Trust pays SandRidge any amounts that SandRidge is required to pay the counterparties under such derivative contracts. Concurrent with the execution of the derivatives agreement, SandRidge novated certain of the derivative contracts underlying the derivatives agreement to the Trust. As a party to these contracts, the Trust receives payment directly from the counterparties, and is required to pay any amounts owed directly to the counterparties. To secure its obligations under these novated contracts, the Trust entered into a collateral agency agreement and granted the counterparties a lien on the Royalty Interests. Under the collateral agency agreement, the Trust pays a $15,000 annual fee to the collateral agent. Under the derivatives agreement, as Trust Development Wells are drilled, SandRidge has the right, under certain circumstances, to assign or novate to the Trust additional derivative contracts. The commodity derivative contracts underlying the derivatives agreement are settled in cash and do not require the actual delivery of a commodity at settlement. Fixed price swap contracts are settled based upon New York Mercantile Exchange prices. The contracts underlying the derivatives agreement may not cover all of the future sales volumes of oil production through December 31, 2015. Except in limited circumstances involving the novation of an existing hedge, the Trust does not have the ability to enter into additional hedges. See Note 4 to the unaudited financial statements contained in Part I, Item I of this Quarterly Report for notional and price information of the Trust’s open oil derivative contracts. The Trust received net settlement proceeds of approximately $6.0 million and $1.8 million related to the derivatives agreement and the Trust’s derivative contracts with counterparties during the six-month periods ended June 30, 2015 and 2014, respectively.

Commodity Price Risk. Because the Trust’s primary asset and source of income is the Royalty Interests, which generally entitle the Trust to receive a portion of the net proceeds from sales of production from the Underlying Properties, the Trust’s most significant market risk relates to the prices received for oil, NGL and natural gas production. The derivative contracts described above are intended to mitigate a portion of the variability of oil prices received for the Trust’s share of production from the Underlying Properties through December 31, 2015.

Credit Risk. A portion of the Trust’s liquidity is concentrated in the derivative contracts described above. The use of derivative contracts, including the arrangement between the Trust and SandRidge, involves the risk that SandRidge or its counterparties or the Trust’s unaffiliated counterparties will be unable to meet their obligations under the contracts. The Trust’s counterparty under the derivatives agreement is SandRidge, whose counterparties are institutions with an “investment grade” credit rating. The counterparties to the derivative contracts novated by SandRidge to the Trust are also institutions with corporate credit ratings of at least an “investment grade” credit rating. SandRidge is not required to pay the Trust to the extent of payment defaults by SandRidge’s counterparties.

ITEM 4. Controls and Procedures

Disclosure Controls and Procedures

The Trustee conducted an evaluation of the Trust’s disclosure controls and procedures, as defined in Rules 13a-15 and 15d-15 under the Exchange Act, designed to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, the Trustee has concluded that the disclosure controls and procedures of the Trust are effective as of the end of the period covered by this report. In its evaluation of disclosure controls and procedures, the Trustee has relied, to the extent considered reasonable, on information provided by SandRidge.

Due to the nature of the Trust as a passive entity and in light of the contractual arrangements pursuant to which the Trust was created, including the provisions of (i) the trust agreement, (ii) the administrative services agreement, (iii) the development agreement and (iv) the conveyances granting the Royalty Interests, the Trustee’s disclosure controls and procedures related to the Trust necessarily rely on (A) information provided by SandRidge, including information relating to results of operations, the costs and revenues attributable to the Trust’s interests under the conveyance and other operating and historical data, plans for future operating and capital expenditures, reserve information, information relating to projected production, and other information relating to the status and results of operations of the Underlying Properties and the Royalty Interests, and (B) conclusions and reports regarding reserves by the Trust’s independent reserve engineers.

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Changes in Internal Control Over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting during the quarter ended June 30, 2015, that have materially affected, or are reasonably likely to materially affect, the Trustee’s internal control over financial reporting. The Trustee notes for purposes of clarification that it has no authority over, has not evaluated and makes no statement concerning, the internal control over financial reporting of SandRidge.

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PART II. Other Information

ITEM 1. Legal Proceedings

On May 11, 2015, the U.S. District Court for the Western District of Oklahoma issued an order dismissing all claims against the Trust in a putative class action lawsuit filed by unit holders of the Trust and stockholders of SandRidge, in which the plaintiffs asserted a variety of federal securities claims against the Trust, SandRidge and certain of SandRidge’s current and former officers and directors, among other defendants. As a result of the order, the Trust is no longer a party in the lawsuit. However, the dismissal was based on a procedural defect, and thus was made without prejudice to the plaintiffs’ rights, if any, to refile their claims against the Trust once the defect is cured.

On June 9, 2015, the Duane & Virginia Lanier Trust, on behalf of itself and all other similarly situated unit holders of the Trust, filed a putative class action complaint in the U.S. District Court for the Western District of Oklahoma against the Trust, SandRidge and certain current and former executive officers of SandRidge, among other defendants (the “Securities Litigation”). The complaint asserts a variety of federal securities claims on behalf of a putative class of (a) purchasers of common units of SandRidge Mississippian Trust I in or traceable to its initial public offering on or about April 7, 2011, and (b) purchasers of common units of the Trust in or traceable to its initial public offering on or about April 17, 2012. The claims are based on allegations that SandRidge and certain of its current and former officers and directors, among other defendants, including the Trust, are responsible for making false and misleading statements, and omitting material information, concerning a variety of subjects, including oil and gas reserves. The plaintiffs seek class certification, an order rescinding the Trust’s initial public offering and an unspecified amount of damages, plus interest, attorneys’ fees and costs.

ITEM 1A. Risk Factors

A risk factor relating to the Trust is found below. This description includes material changes to the description of the risk factors previously disclosed in the Trust’s Annual Report Part I, Item 1A of the 2014 Form 10-K.

The conveyance of certain properties to the Trust could be adversely affected if SandRidge becomes the subject of a bankruptcy case.

Approximately 120 of the 206 Development Wells SandRidge drilled for the Trust were drilled on properties covered by leases that were intended to be subject to certain of the conveyances related to the Royalty Interests but that were inadvertently omitted from the exhibits to such conveyances. We have recorded corrected conveyances with respect to such leases in the appropriate jurisdictions. SandRidge has fulfilled the drilling obligations and has duly made payments to the Trust on all wells contributed and drilled, based on the parties’ intent and understanding that the omitted leases were burdened by the Royalty Interest conveyed to the Trust upon its creation. If SandRidge were to become the subject of a bankruptcy case or proceeding, however, it is possible that the corrected conveyance of the Royalty Interest in such leases might be challenged as a voidable transfer that should be set aside. If a court were to make a determination in a bankruptcy proceeding that the corrected conveyance was a voidable transfer, the Trust’s rights to such properties could be adversely affected.

ITEM 6. Exhibits

See the Exhibit Index accompanying this Quarterly Report.

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SANDRIDGE MISSISSIPPIAN TRUST II


By:	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., Trustee

	By:	/s/ Sarah Newell
		Sarah Newell Vice President

Date: August 7, 2015

The Registrant, SandRidge Mississippian Trust II, has no principal executive officer, principal financial officer, board of directors or persons performing similar functions. Accordingly, no additional signatures are available, and none have been provided. In signing the report above, the Trustee does not imply that it has performed any such function or that any such function exists pursuant to the terms of the trust agreement under which it serves.

Table of Contents

EXHIBIT INDEX

Incorporated by Reference

Exhibit
No.

Exhibit Description

Form

SEC
File No.

Exhibit

Filing Date

Filed
Herewith

3.1

Certificate of Trust of SandRidge Mississippian Trust II

S-1

333-178894

3.1

01/05/2012

3.2

Amended and Restated Trust Agreement of SandRidge Mississippian Trust II, dated as of April 23, 2012, by and among SandRidge Energy, Inc., The Bank of New York Mellon Trust Company, N.A., and The Corporation Trust Company.

8-K

001-35508

4.1

04/24/2012

3.3

Amendment No. 1 to Amended and Restated Trust Agreement of SandRidge Mississippian Trust II, dated June 18, 2012, by the Bank of New York Mellon Trust Company, N.A.

10-Q

001-35508

3.4

08/13/2012

10.1

Correction, Amendment and Ratification of Term Overriding Royalty Interest Conveyance (Oklahoma) (Development)

10.2

Correction, Amendment and Ratification of Perpetual Overriding Royalty Interest Conveyance (Oklahoma) (Development)

10.3

Correction, Amendment and Ratification of Term Overriding Royalty Interest Conveyance (Kansas) (Development)

10.4

Correction, Amendment and Ratification of Long-Term Overriding Royalty Interest Conveyance (Kansas) (Development)

31.1

Section 302 Certification

32.1

Section 906 Certification

Exhibit 10.1

CORRECTION, AMENDMENT AND RATIFICATION OF TERM OVERRIDING ROYALTY INTEREST CONVEYANCE (OKLAHOMA) (DEVELOPMENT)

This CORRECTION, AMENDMENT AND RATIFICATION OF TERM OVERRIDING ROYALTY INTEREST CONVEYANCE (OKLAHOMA) (DEVELOPMENT) (this “Amendment”), dated effective January 1, 2012 (the “Effective Date”), is by and among SandRidge Energy, Inc., a Delaware corporation, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (“SandRidge Parent”), SandRidge Exploration and Production, LLC, a Delaware limited liability company, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (“Assignor”), Mistmada Oil Company, Inc., an Oklahoma corporation, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (“Mistmada”), and SandRidge Mississippian Trust II, a statutory trust formed under the laws of the State of Delaware with offices at c/o The Bank of New York Mellon Trust Company, N.A. 919 Congress Avenue, Suite 500, Austin, Texas 78701 (the “Trust”). SandRidge Parent, Assignor, Mistmada and the Trust are sometimes referred to herein individually as a “Party” and collectively as “Parties”. Capitalized terms not defined herein shall have the meaning assigned to them in the Development Conveyance (as hereinafter defined).

RECITALS :

WHEREAS, Assignor and Mistmada entered into that certain Term Overriding Royalty Interest Conveyance (Oklahoma) (Development), dated as of the Effective Date, filed in the records of the County Clerks of Alfalfa, Grant, Kay, Noble and Woods Counties, Oklahoma as described in Exhibit B hereto (the “Development Conveyance”), pursuant to which Assignor assigned to Mistmada an overriding royalty interest in and to certain lands and leases more particularly described therein; and

WHEREAS, simultaneously with the execution and delivery of the Development Conveyance, Assignor and Mistmada entered into that certain Term Overriding Royalty Interest Conveyance (Oklahoma) (PDP), dated as of the Effective Date, filed in the records of the County Clerks of Alfalfa, Grant, Kay, Noble and Woods Counties, Oklahoma as described in Exhibit C hereto (the “PDP Conveyance”), pursuant to which Assignor assigned to Mistmada an overriding royalty interest in and to certain lands and leases more particularly described therein; and

WHEREAS, simultaneously with the execution and delivery of the Development Conveyance and the PDP Conveyance (collectively, the “Conveyances”), Mistmada executed and delivered an Assignment of Overriding Royalty Interest (Oklahoma) to the Trust, dated effective as of 12:01 a.m. Central Time on the Effective Date (or, with respect to each oil and gas lease described in Exhibit A thereto that has a date after January 1, 2012, with respect to each such oil and gas lease, the effective time of conveyance is 12:01 a.m. Central Time on the date of such oil and gas lease), pursuant to which Mistmada assigned to the Trust all of its right, title and interest in and to the

“Royalty Interest” (as defined in the PDP Conveyance) and the “Royalty Interest” (as defined in the Development Conveyance) and any and all of the other rights arising from or under the Conveyances, filed in the records of the County Clerks of Alfalfa, Grant, Kay, Noble and Woods Counties, Oklahoma as described in Exhibit D hereto; and

WHEREAS, SandRidge Parent, Assignor and the Trust are parties to that certain Development Agreement, dated effective January 1, 2012, (the “Development Agreement”); and

WHEREAS, the Development Agreement created an area of mutual interest that included properties located in Alfalfa, Grant, Kay, Noble and Woods Counties, Oklahoma (the “AMI”); and

WHEREAS, it was the intent and agreement of SandRidge Parent, Assignor, Mistmada and the Trust that the leases described in Exhibit A to the Development Conveyance would include all the oil and gas leases described in Exhibit A to the PDP Conveyance (the “Additional Leases”) in addition to the oil and gas leasehold interests described in Exhibit A to the Development Conveyance, as originally executed and delivered and as subsequently amended from time to time; and

WHEREAS, in reliance on the Parties’ intent and agreement that all the oil and gas leases described in Exhibit A to the PDP Conveyance would also be subject to the Development Conveyance, the Trust paid consideration to Assignor and SandRidge Parent and Assignor (collectively “SandRidge”) undertook the performance of the obligations under the Development Agreement, including the obligation to drill “Development Wells” (as defined in the Development Agreement) on lands SandRidge believed to be subject to the Development Conveyance (including lands subject to the Additional Leases), and Assignor has paid to the Trust the overriding royalty due to the Trust under the Development Conveyance on production attributable to the Development Wells drilled by SandRidge, whether located on leases subject to the Development Conveyance as originally executed and delivered, and as subsequently amended from time to time, or on lands subject to the Additional Leases; and

WHEREAS, SandRidge represented periodically to the Trust that the wells Assignor drilled and reported to the Trust as “Development Wells” were in fact “Development Wells” as defined in the Development Agreement; and

WHEREAS, SandRidge recently determined that, through a clerical error, it failed to include the Additional Leases in Exhibit A to the Development Conveyance; and

among SandRidge Energy, Inc., as trustor, The Corporation Trust Company, as Delaware Trustee and The Bank of New York Mellon Trust Company, N.A., as Trustee, and (b) Section 4.06 of the Development Agreement, now desire to correct their mutual mistake by amending and correcting the Development Conveyance to include the Additional Leases, to reflect the original intent and agreement of the Parties; and

WHEREAS, the Parties agree that failure to amend and correct the Development Conveyance would prejudice the Trust and unjustly enrich SandRidge.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the Parties agree as follows:

1. The Recitals set forth in this Agreement are true and correct.

2. Exhibit A attached to and made part of the Development Conveyance is hereby amended to include the leases listed in Exhibit A attached hereto and made part of this Amendment.

3. Any wells drilled by, or on behalf of, SandRidge on or after the Effective Date and prior to March 29, 2015, and located on the lands covered by the leases listed in Exhibit A attached to this Amendment, or any lands pooled or unitized therewith, shall continue to be considered Development Wells, as that term is defined in the Development Agreement, consistent with SandRidge’s reporting to the Trust at all times since the formation of the Trust.

4. The Parties hereby adopt, ratify, and confirm the Development Conveyance as amended by this Amendment, and, as so amended, Assignor does hereby BARGAIN, SELL, GRANT, CONVEY, TRANSFER, ASSIGN, SET OVER, and DELIVER unto Mistmada, the Royalty Interest (as such term is defined in the Development Conveyance) to the same extent, and under the same terms and conditions and subject to the same limitations, as if the leases described on Exhibit A hereto had originally been described on Exhibit A to the Development Conveyance (the “Transferred Interests”) and Mistmada hereby GRANTS, BARGAINS, SELLS, ASSIGNS, TRANSFERS, CONVEYS, SETS OVER AND DELIVERS to the Trust, without recourse or warranty (except the special warranty expressly provided below) or representation of any kind, all of its right, title and interest in and to the Transferred Interests and any and all of the other rights arising from or under the Development Conveyance, as previously amended and as amended hereby (collectively, the “Assigned Rights”).

Mistmada hereby binds itself, its successors and assigns to warrant and forever defend the title to the Assigned Rights herein granted, conveyed, assigned and transferred by Mistmada unto the Trust, its successors and assigns, against the lawful claims and demands of every person whomsoever claiming or to claim the same or any part thereof, by, through or under Mistmada, but not otherwise.

5. The Trust hereby assumes the express obligations of the “Assignee” under the Development Conveyance, as such may be amended and supplemented as a result of

this Amendment, with respect to the Assigned Rights to the extent such obligations arise under the terms of the Development Conveyance, as such may be amended and supplemented as a result of this Amendment, and agrees to accept, take subject to and be bound by the terms and conditions of the Development Conveyance, as such may be amended and supplemented as a result of this Amendment, to the same extent as if the Trust, in such capacity, were the “Assignee” under the Development Conveyance, as such may be amended and supplemented as a result of this Amendment.

6. Assignor hereby reaffirms all covenants, representations and warranties made in the Development Conveyance as such may be amended and supplemented as a result of this Amendment, and hereby represents and warrants that the representations and warranties set forth therein, as such may be amended and supplemented as a result of this Amendment, including without limitation, Section 1.05 of the Development Conveyance, are true and correct in all material respects on and as of the date hereof, before and after giving effect to this Amendment, as though made on and as of the date hereof, except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case it shall have been true and correct in all material respects as of such earlier date.

7. Assignor, Mistmada and the Trust hereby acknowledge and agree that except as specifically amended, changed or modified hereby, or pursuant to any prior written amendments thereto, the Development Conveyance shall remain in full force and effect in accordance with its terms.

8. This Amendment may be executed in any number of counterparts, and it shall not be necessary that the signatures of all Parties hereto be contained on any one counterpart hereof. Every counterpart of this Amendment shall be deemed to be an original for all purposes, and all such counterparts together shall constitute one and the same instrument. As between the Parties, any signature hereto delivered by a Party by facsimile transmission or email pdf shall be deemed an original hereto.

9. It is expressly understood and agreed by the Parties that (i) this Amendment is executed and delivered by The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), not individually or personally, but solely as trustee to the Trust in the exercise of the powers and authority conferred and vested in it and (ii) under no circumstances shall the Trustee be personally liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Amendment.

[SIGNATURES BEGIN NEXT PAGE]

IN WITNESS WHEREOF, the Parties have each caused this Amendment to be executed in its name and behalf and delivered on the date or dates stated in the acknowledgment certificates appended to this Amendment, to be effective as of the Effective Date.

	SANDRIDGE ENERGY, INC.


	By:	/s/ Philip T. Warman
	Name:	Philip T. Warman
	Title:	Senior Vice President and General Counsel


THE STATE OF OKLAHOMA	§
	§
COUNTY OF OKLAHOMA	§

This instrument was acknowledged before me on the 7 th day of May, 2015, by Philip T. Warman, as Senior Vice President of SandRidge Energy, Inc., a Delaware corporation, on behalf of such corporation.

	/s/ Linda Carlisle
	Notary Public

My Commission Expires: 01-04-17

Seal (If any):

	SANDRIDGE EXPLORATION AND
	PRODUCTION, LLC


	By:	/s/ Philip T. Warman
	Name:	Philip T. Warman
	Title:	Senior Vice President


THE STATE OF OKLAHOMA	§
	§
COUNTY OF OKLAHOMA	§

This instrument was acknowledged before me on the 7 th day of May, 2015, by Philip T. Warman, as Senior Vice President of SandRidge Exploration and Production, LLC, a Delaware limited liability company, on behalf of such limited liability company.

	/s/ Linda Carlisle
	Notary Public

My Commission Expires: 01-04-17

Seal (If any):

	MISTMADA OIL COMPANY, INC.


	By:	/s/ Philip T. Warman
	Name:	Philip T. Warman
	Title:	Senior Vice President


THE STATE OF OKLAHOMA	§
	§
COUNTY OF OKLAHOMA	§

This instrument was acknowledged before me on the 7th day of May, 2015, by Philip T. Warman, as Senior Vice President of Mistmada Oil Company, an Oklahoma corporation, on behalf of such corporation.

	/s/ Linda Carlisle
	Notary Public

My Commission Expires: 01-04-17

Seal (If any):

	SANDRIDGE MISSISSIPPIAN TRUST II

	By:	The Bank of New York Mellon Trust
		Company, N.A., as Trustee

		By:	/s/ Michael J. Ulrich
		Name:	Michael J. Ulrich
		Title:	Vice President


THE STATE OF TEXAS	§
	§
COUNTY OF TRAVIS	§

This instrument was acknowledged before me on the 8 th day of May, 2015, by Michael J. Ulrich, as Vice President of The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws of the United States of America, as Trustee of SandRidge Mississippian Trust II, a Delaware statutory trust, on behalf of said national banking association and said trust.

	/s/ Tina Lea Engravallo
	Notary Public

My Commission Expires: 7-18-2016

Seal (If any):

EXHIBIT A

(Additional Leases)

[Intentionally omitted]

EXHIBIT B

(Recording Information —Development Conveyance)

COUNTY		RECORDING INFORMATION
Alfalfa		Recorded April 26, 2012 in Book 682, Page 924
Grant		Recorded April 30, 2012 in Book 654, Page 705
Kay		Recorded April 26, 2012 in Book 1567, Page 316
Noble		Recorded April 26, 2012 in Book 715, Page 422
Woods		Recorded April 26, 2012 in Book 1140, Page 974

EXHIBIT C

(Recording Information —PDP Conveyance)

COUNTY		RECORDING INFORMATION
Alfalfa		Recorded April 26, 2012 in Book 682, Page 867
Grant		Recorded April 30, 2012 in Book 654, Page 663
Kay		Recorded April 26, 2012 in Book 1567, Page 281
Noble		Recorded April 26, 2012 in Book 715, Page 388
Woods		Recorded April 26, 2012 in Book 1140, Page 938

EXHIBIT D

(Recording Information — Assignments)

COUNTY		RECORDING INFORMATION
Alfalfa		Recorded May 30, 2012 in Book 686, Page 884
Grant		Recorded April 30, 2012 in Book 654, Page 741
Kay		Recorded April 26, 2012 in Book 1567, Page 393
Noble		Recorded April 26, 2012 in Book 715, Page 500 and refiled on May 30, 2012 in Book 717, page 987
Woods		Recorded April 26, 2012 in Book 1141, Page 135 and refiled on May 30, 2012 in Book 1144, page 150

Exhibit 10.2

CORRECTION, AMENDMENT AND RATIFICATION OF PERPETUAL OVERRIDING ROYALTY INTEREST CONVEYANCE (OKLAHOMA) (DEVELOPMENT)

This CORRECTION, AMENDMENT AND RATIFICATION OF PERPETUAL OVERRIDING ROYALTY INTEREST CONVEYANCE (OKLAHOMA) (DEVELOPMENT) (this “Amendment”), dated effective January 1, 2012 (the “Effective Date”), is by and among SandRidge Energy, Inc., a Delaware corporation, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (“SandRidge Parent”), SandRidge Exploration and Production, LLC, a Delaware limited liability company, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (“Assignor”), and SandRidge Mississippian Trust II, a statutory trust formed under the laws of the State of Delaware with offices at c/o The Bank of New York Mellon Trust Company, N.A. 919 Congress Avenue, Suite 500, Austin, Texas 78701 (the “Trust”). SandRidge Parent, Assignor and the Trust are sometimes referred to herein individually as a “Party” and collectively as “Parties”. Capitalized terms not defined herein shall have the meaning assigned to them in the Development Conveyance (as hereinafter defined).

RECITALS :

WHEREAS, Assignor and the Trust entered into that certain Perpetual Overriding Royalty Interest Conveyance (Oklahoma) (Development), dated as of the Effective Date, filed in the records of the County Clerks of Alfalfa, Grant, Kay, Noble and Woods Counties, Oklahoma as described in Exhibit B hereto (the “Development Conveyance”), pursuant to which Assignor assigned to the Trust an overriding royalty interest in and to certain lands and leases more particularly described therein; and

WHEREAS, simultaneously with the execution and delivery of the Development Conveyance, Assignor and the Trust entered into that certain Perpetual Overriding Royalty Interest Conveyance (Oklahoma) (PDP), dated as of the Effective Date, filed in the records of the County Clerks of Alfalfa, Grant, Kay, Noble and Woods Counties, Oklahoma as described in Exhibit C hereto (the “PDP Conveyance”), pursuant to which Assignor assigned to the Trust an overriding royalty interest in and to certain lands and leases more particularly described therein; and

WHEREAS, SandRidge Parent, Assignor and the Trust are parties to that certain Development Agreement, dated effective January 1, 2012, (the “Development Agreement”); and

WHEREAS, the Development Agreement created an area of mutual interest that included properties located in Alfalfa, Grant, Kay, Noble and Woods Counties, Oklahoma (the “AMI”); and

WHEREAS, it was the intent and agreement of SandRidge Parent, Assignor and the Trust that the leases described in Exhibit A to the Development Conveyance would include all the oil and gas leases described in Exhibit A to the PDP Conveyance (the

“Additional Leases”) in addition to the oil and gas leasehold interests described in Exhibit A to the Development Conveyance, as originally executed and delivered and as subsequently amended from time to time; and

WHEREAS, SandRidge recently determined that, through a clerical error, it failed to include the Additional Leases in Exhibit A to the Development Conveyance; and

WHEREAS, the Parties agree that the failure to include the Additional Leases in Exhibit A to the Development Conveyance at the time of execution of the Development Agreement and the Conveyances, and payment by the Trust of the agreed upon consideration for the overriding royalty assigned by the Conveyances, was a mutual mistake and contrary to the intent and agreement of the Parties and, pursuant to (a) Section 10.02(a) of the Amended and Restated Trust Agreement of SandRidge Mississippian Trust II entered into effective as of the 23 rd day of April, 2012, by and among SandRidge Energy, Inc., as trustor, The Corporation Trust Company, as Delaware Trustee and The Bank of New York Mellon Trust Company, N.A., as Trustee, and (b) Section 4.06 of the Development Agreement, now desire to correct their mutual mistake by amending and correcting the Development Conveyance to include the Additional Leases, to reflect the original intent and agreement of the Parties; and

WHEREAS, the Parties agree that failure to amend and correct the Development Conveyance would prejudice the Trust and unjustly enrich SandRidge.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the Parties agree as follows:

1. The Recitals set forth in this Agreement are true and correct.

2. Exhibit A attached to and made part of the Development Conveyance is hereby amended to include the leases listed in Exhibit A attached hereto and made part of this Amendment.

5. Assignor hereby reaffirms all covenants, representations and warranties made in the Development Conveyance as such may be amended and supplemented as a result of this Amendment, and hereby represents and warrants that the representations and warranties set forth therein, as such may be amended and supplemented as a result of this Amendment, including without limitation, Section 1.05 of the Development Conveyance, are true and correct in all material respects on and as of the date hereof, before and after giving effect to this Amendment, as though made on and as of the date hereof, except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case it shall have been true and correct in all material respects as of such earlier date.

6. Assignor and the Trust hereby acknowledge and agree that except as specifically amended, changed or modified hereby, or pursuant to any prior written amendments thereto, the Development Conveyance shall remain in full force and effect in accordance with its terms.

7. This Amendment may be executed in any number of counterparts, and it shall not be necessary that the signatures of all Parties hereto be contained on any one counterpart hereof. Every counterpart of this Amendment shall be deemed to be an original for all purposes, and all such counterparts together shall constitute one and the same instrument. As between the Parties, any signature hereto delivered by a Party by facsimile transmission or email pdf shall be deemed an original hereto.

8. It is expressly understood and agreed by the Parties that (i) this Amendment is executed and delivered by The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), not individually or personally, but solely as trustee to the Trust in the exercise of the powers and authority conferred and vested in it and (ii) under no circumstances shall the Trustee be personally liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Amendment.

[SIGNATURES BEGIN NEXT PAGE]

	SANDRIDGE ENERGY, INC.


	By:	/s/ Philip T. Warman
	Name:	Philip T. Warman
	Title:	Senior Vice President and General Counsel


THE STATE OF OKLAHOMA	§
	§
COUNTY OF OKLAHOMA	§

This instrument was acknowledged before me on the 7th day of May, 2015, by Philip T. Warman, as Senior Vice President of SandRidge Energy, Inc., a Delaware corporation, on behalf of such corporation.

	/s/ Linda Carlisle
	Notary Public

My Commission Expires: 01-04-17

Seal (If any):

	SANDRIDGE EXPLORATION AND
	PRODUCTION, LLC


	By:	/s/ Philip T. Warman
	Name:	Philip T. Warman
	Title:	Senior Vice President


THE STATE OF OKLAHOMA	§
	§
COUNTY OF OKLAHOMA	§

	/s/ Linda Carlisle
	Notary Public

My Commission Expires: 01-04-17

Seal (If any):

	SANDRIDGE MISSISSIPPIAN TRUST II

	By:	The Bank of New York Mellon Trust
		Company, N.A., as Trustee

		By:	/s/ Michael J. Ulrich
		Name:	Michael J. Ulrich
		Title:	Vice President


THE STATE OF TEXAS	§
	§
COUNTY OF TRAVIS	§

	Tina Lea Engravallo
	Notary Public

My Commission Expires: 7-18-2016

Seal (If any):

EXHIBIT A

(Additional Leases)

[Intentionally omitted]

EXHIBIT B

(Recording Information —Development Conveyance)

COUNTY		RECORDING INFORMATION
Alfalfa		Recorded April 26, 2012 in Book 682, Page 820
Grant		Recorded April 30, 2012 in Book 654, Page 628
Kay		Recorded April 26, 2012 in Book 1567, Page 249
Noble		Recorded April 26, 2012 in Book 715, Page 356
Woods		Recorded April 26, 2012 in Book 1140, Page 901

EXHIBIT C

(Recording Information —PDP Conveyance)

COUNTY		RECORDING INFORMATION
Alfalfa		Recorded April 26, 2012 in Book 682, Page 763
Grant		Recorded April 30, 2012 in Book 654, Page 586
Kay		Recorded April 26, 2012 in Book 1567, Page 214
Noble		Recorded April 26, 2012 in Book 715, Page 322
Woods		Recorded April 26, 2012 in Book 1140, Page 865

Exhibit 10.3

CORRECTION, AMENDMENT AND RATIFICATION OF TERM OVERRIDING ROYALTY INTEREST CONVEYANCE (KANSAS) (DEVELOPMENT)

This CORRECTION, AMENDMENT AND RATIFICATION OF TERM OVERRIDING ROYALTY INTEREST CONVEYANCE (KANSAS) (DEVELOPMENT) (this “Amendment”), dated effective January 1, 2012 (the “Effective Date”), is by and among SandRidge Energy, Inc., a Delaware corporation, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (“SandRidge Parent”), SandRidge Exploration and Production, LLC, a Delaware limited liability company, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (“Assignor”), Mistmada Oil Company, Inc., an Oklahoma corporation, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (“Mistmada”), and SandRidge Mississippian Trust II, a statutory trust formed under the laws of the State of Delaware with offices at c/o The Bank of New York Mellon Trust Company, N.A. 919 Congress Avenue, Suite 500, Austin, Texas 78701 (the “Trust”). SandRidge Parent, Assignor, Mistmada and the Trust are sometimes referred to herein individually as a “Party” and collectively as “Parties”. Capitalized terms not defined herein shall have the meaning assigned to them in the Development Conveyance (as hereinafter defined).

RECITALS :

WHEREAS, Assignor and Mistmada entered into that certain Term Overriding Royalty Interest Conveyance (Kansas) (Development), dated as of the Effective Date, filed in the records of the County Clerks of Comanche and Harper Counties, Kansas as described in Exhibit B hereto (the “Development Conveyance”), pursuant to which Assignor assigned to Mistmada an overriding royalty interest in and to certain lands and leases more particularly described therein; and

WHEREAS, simultaneously with the execution and delivery of the Development Conveyance, Assignor and Mistmada entered into that certain Term Overriding Royalty Interest Conveyance (Kansas) (PDP), dated as of the Effective Date, filed in the records of the County Clerks of Comanche and Harper Counties, Kansas as described in Exhibit C hereto (the “PDP Conveyance”), pursuant to which Assignor assigned to Mistmada an overriding royalty interest in and to certain lands and leases more particularly described therein; and

WHEREAS, simultaneously with the execution and delivery of the Development Conveyance and the PDP Conveyance (collectively, the “Conveyances”), Mistmada executed and delivered an Assignment of Overriding Royalty Interest (Kansas) to the Trust, dated effective as of 12:01 a.m. Central Time on the Effective Date (or, with respect to each oil and gas lease described in Exhibit A thereto that has a date after January 1, 2012, with respect to each such oil and gas lease, the effective time of conveyance is 12:01 a.m. Central Time on the date of such oil and gas lease), pursuant to which Mistmada assigned to the Trust all of its right, title and interest in and to the

“Royalty Interest” (as defined in the PDP Conveyance) and the “Royalty Interest” (as defined in the Development Conveyance) and any and all of the other rights arising from or under the Conveyances, filed in the records of the County Clerks of Comanche and Harper Counties, Kansas as described in Exhibit D hereto; and

WHEREAS, SandRidge Parent, Assignor and the Trust are parties to that certain Development Agreement, dated effective January 1, 2012, (the “Development Agreement”); and

WHEREAS, the Development Agreement created an area of mutual interest that included properties located in Comanche and Harper Counties, Kansas (the “AMI”); and

WHEREAS, SandRidge recently determined that, through a clerical error, it failed to include the Additional Leases in Exhibit A to the Development Conveyance; and

Trustee and The Bank of New York Mellon Trust Company, N.A., as Trustee, and (b) Section 4.06 of the Development Agreement, now desire to correct their mutual mistake by amending and correcting the Development Conveyance to include the Additional Leases, to reflect the original intent and agreement of the Parties; and

WHEREAS, the Parties agree that failure to amend and correct the Development Conveyance would prejudice the Trust and unjustly enrich SandRidge.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the Parties agree as follows:

1. The Recitals set forth in this Agreement are true and correct.

2. Exhibit A attached to and made part of the Development Conveyance is hereby amended to include the leases listed in Exhibit A attached hereto and made part of this Amendment.

5. The Trust hereby assumes the express obligations of the “Assignee” under the Development Conveyance, as such may be amended and supplemented as a result of this Amendment, with respect to the Assigned Rights to the extent such obligations arise

under the terms of the Development Conveyance, as such may be amended and supplemented as a result of this Amendment, and agrees to accept, take subject to and be bound by the terms and conditions of the Development Conveyance, as such may be amended and supplemented as a result of this Amendment, to the same extent as if the Trust, in such capacity, were the “Assignee” under the Development Conveyance, as such may be amended and supplemented as a result of this Amendment.

[SIGNATURES BEGIN NEXT PAGE]

	SANDRIDGE ENERGY, INC.


	By:	/s/ Philip T. Warman
	Name:	Philip T. Warman
	Title:	Senior Vice President and General Counsel


THE STATE OF OKLAHOMA	§
	§
COUNTY OF OKLAHOMA	§

This instrument was acknowledged before me on the 7th day of May, 2015, by Philip T. Warman, as of SandRidge Energy, Inc., a Delaware corporation, on behalf of such corporation.

	/s/ Linda Carlisle
	Notary Public

My Commission Expires: 01-04-17

Seal (If any):

	SANDRIDGE EXPLORATION AND
	PRODUCTION, LLC


	By:	/s/ Philip T. Warman
	Name:	Philip T. Warman
	Title:	Senior Vice President


THE STATE OF OKLAHOMA	§
	§
COUNTY OF OKLAHOMA	§

This instrument was acknowledged before me on the 7th day of May, 2015, by Philip T. Warman, as Senior Vice President of SandRidge Exploration and Production, LLC, a Delaware limited liability company, on behalf of such limited liability company.

	/s/ Linda Carlisle
	Notary Public

My Commission Expires: 01-04-17

Seal (If any):

	MISTMADA OIL COMPANY, INC.


	By:	Philip T. Warman
	Name:	Philip T. Warman
	Title:	Senior Vice President


THE STATE OF OKLAHOMA	§
	§
COUNTY OF OKLAHOMA	§

This instrument was acknowledged before me on the 7 th day of May, 2015, by Philip T. Warman, as Senior Vice President of Mistmada Oil Company, an Oklahoma corporation, on behalf of such corporation.

	/s/ Linda Carlisle
	Notary Public

My Commission Expires: 01-04-17

Seal (If any):

	SANDRIDGE MISSISSIPPIAN TRUST II

	By:	The Bank of New York Mellon Trust
		Company, N.A., as Trustee

		By:	/s/ Michael J. Ulrich
		Name:	Michael J. Ulrich
		Title:	Vice President


THE STATE OF TEXAS	§
	§
COUNTY OF TRAVIS	§


	/s/ Tina Lea Engravallo
	Notary Public

My Commission Expire s: 7-18-2016

Seal (If any):

EXHIBIT A

(Additional Leases)

[Intentionally omitted]

EXHIBIT B

(Recording Information —Development Conveyance)

COUNTY		RECORDING INFORMATION
Comanche		Recorded April 26, 2012 in Book 122, Page 39
Harper		Recorded April 26, 2012 in Book G93, Page 649

EXHIBIT C

(Recording Information —PDP Conveyance)

COUNTY		RECORDING INFORMATION
Comanche		Recorded April 26, 2012 in Book 122, Page 1
Harper		Recorded April 26, 2012 in Book G93, Page 648

EXHIBIT D

(Recording Information — Assignments)

COUNTY		RECORDING INFORMATION
Comanche		Recorded April 26, 2012 in Book 122, Page 75
Harper		Recorded April 26, 2012 in Book G93, Page 650

Exhibit 10.4

CORRECTION, AMENDMENT AND RATIFICATION OF LONG-TERM OVERRIDING ROYALTY INTEREST CONVEYANCE (KANSAS) (DEVELOPMENT)

This CORRECTION, AMENDMENT AND RATIFICATION OF LONG-TERM OVERRIDING ROYALTY INTEREST CONVEYANCE (KANSAS) (DEVELOPMENT) (this “Amendment”), dated effective January 1, 2012 (the “Effective Date”), is by and among SandRidge Energy, Inc., a Delaware corporation, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (“SandRidge Parent”), SandRidge Exploration and Production, LLC, a Delaware limited liability company, with offices at 123 Robert S. Kerr Avenue, Oklahoma City, OK 73102-6406 (“Assignor”), and SandRidge Mississippian Trust II, a statutory trust formed under the laws of the State of Delaware with offices at c/o The Bank of New York Mellon Trust Company, N.A. 919 Congress Avenue, Suite 500, Austin, Texas 78701 (the “Trust”). SandRidge Parent, Assignor and the Trust are sometimes referred to herein individually as a “Party” and collectively as “Parties”. Capitalized terms not defined herein shall have the meaning assigned to them in the Development Conveyance (as hereinafter defined).

RECITALS :

WHEREAS, Assignor and the Trust entered into that certain Long-Term Overriding Royalty Interest Conveyance (Kansas) (Development), dated as of the Effective Date, filed in the records of the County Clerks of Comanche and Harper Counties, Kansas as described in Exhibit B hereto (the “Development Conveyance”), pursuant to which Assignor assigned to the Trust an overriding royalty interest in and to certain lands and leases more particularly described therein; and

WHEREAS, simultaneously with the execution and delivery of the Development Conveyance, Assignor and the Trust entered into that certain Perpetual Overriding Royalty Interest Conveyance (Kansas) (PDP), dated as of the Effective Date, filed in the records of the County Clerks of Comanche and Harper Counties, Kansas as described in Exhibit C hereto (the “PDP Conveyance”), pursuant to which Assignor assigned to the Trust an overriding royalty interest in and to certain lands and leases more particularly described therein; and

WHEREAS, SandRidge Parent, Assignor and the Trust are parties to that certain Development Agreement, dated effective January 1, 2012, (the “Development Agreement”); and

WHEREAS, the Development Agreement created an area of mutual interest that included properties located in Comanche and Harper Counties, Kansas (the “AMI”); and

Exhibit A to the Development Conveyance, as originally executed and delivered and as subsequently amended from time to time; and

WHEREAS, SandRidge recently determined that, through a clerical error, it failed to include the Additional Leases in Exhibit A to the Development Conveyance; and

WHEREAS, the Parties agree that failure to amend and correct the Development Conveyance would prejudice the Trust and unjustly enrich SandRidge.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the Parties agree as follows:

1. The Recitals set forth in this Agreement are true and correct.

2. Exhibit A attached to and made part of the Development Conveyance is hereby amended to include the leases listed in Exhibit A attached hereto and made part of this Amendment.

[SIGNATURES BEGIN NEXT PAGE]

	SANDRIDGE ENERGY, INC.


	By:	/s/ Philip T. Warman
	Name:	Philip T. Warman
	Title:	Senior Vice President and General Counsel


THE STATE OF OKLAHOMA	§
	§
COUNTY OF OKLAHOMA	§

This instrument was acknowledged before me on the 7th day of May, 2015, by Philip T. Warman, as Senior Vice President of SandRidge Energy, Inc., a Delaware corporation, on behalf of such corporation.

	/s/ Linda Carlisle
	Notary Public

My Commission Expires: 01-04-17

Seal (If any):

	SANDRIDGE EXPLORATION AND
	PRODUCTION, LLC


	By:	/s/ Philip T. Warman
	Name:	Philip T. Warman
	Title:	Senior Vice President


THE STATE OF OKLAHOMA	§
	§
COUNTY OF OKLAHOMA	§

	/s/ Linda Carlisle
	Notary Public

My Commission Expires: 01-04-17

Seal (If any):

	SANDRIDGE MISSISSIPPIAN TRUST II

	By:	The Bank of New York Mellon Trust
		Company, N.A., as Trustee

		By:	/s/ Michael J. Ulrich
		Name:	Michael J. Ulrich
		Title:	Vice President


THE STATE OF TEXAS	§
	§
COUNTY OF TRAVIS	§

This instrument was acknowledged before me on the 8th day of May, 2015, by Michael J. Ulrich, as Vice President of The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws of the United States of America, as Trustee of SandRidge Mississippian Trust II, a Delaware statutory trust, on behalf of said national banking association and said trust.

	/s/ Tina Lea Engravallo
	Notary Public

My Commission Expires: 7-18-2016

Seal (If any):

EXHIBIT A

(Additional Leases)

[Intentionally omitted]

EXHIBIT B

(Recording Information —Development Conveyance)

COUNTY		RECORDING INFORMATION
Comanche		Recorded April 26, 2012 in Book 121, Page 1081
Harper		Recorded April 26, 2012 in Book G93, Page 647

EXHIBIT C

(Recording Information —PDP Conveyance)

COUNTY		RECORDING INFORMATION
Comanche		Recorded April 26, 2012 in Book 121, Page 1043
Harper		Recorded April 26, 2012 in Book G93, Page 646

Exhibit 31.1

Certification

I, Sarah Newell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of SandRidge Mississippian Trust II, for which The Bank of New York Mellon Trust Company, N.A., acts as Trustee;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and I have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the basis of accounting described in Note 2;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation, to the registrant’s auditors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves any persons who have a significant role in the registrant’s internal control over financial reporting.

In giving the foregoing certifications in paragraphs 4 and 5, I have relied to the extent I consider reasonable on information provided to me by SandRidge Energy, Inc.


	/s/ Sarah Newell
	Sarah Newell
	Vice President
	The Bank of New York Mellon Trust Company, N.A., as Trustee of SandRidge Mississippian Trust II

Date: August 7, 2015

Exhibit 32.1

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

RE: Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

Ladies and Gentlemen:

In connection with the Quarterly Report of SandRidge Mississippian Trust II (the “Trust”) on Form 10-Q for the quarterly period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, not in its individual capacity but solely as the Trustee of the Trust, certifies pursuant to 18 U.S.C. § 1350, that to its knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

The above certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and is not being filed as part of the Report or as a separate disclosure document.


	/s/ Sarah Newell
	Sarah Newell
	Vice President
	The Bank of New York Mellon Trust Company, N.A., as Trustee of SandRidge Mississippian Trust II

August 7, 2015