SandRidge Permian Trust Confirms Receipt of Open Letter From PEDEVCO Corp.

HOUSTON--(BUSINESS WIRE)--SANDRIDGE PERMIAN TRUST (NYSE: PER) (the “Trust”) today confirmed that it has received an open letter from PEDEVCO Corp. addressed to the Trust, The Bank of New York Mellon Trust Company, N.A., as trustee of the Trust (the “Trustee”), the holders of the common units of the Trust (“Trust units”), and Avalon Energy, LLC (“Avalon”), as a holder of Trust units and the operator of the assets underlying the Trust, regarding PEDEVCO’s interest in acquiring all of the publicly-traded Trust units via an exchange offer and subsequent merger. On August 26, 2020, in response to an indication of interest sent by PEDEVCO directly to the Trustee, the Trustee informed PEDEVCO that because the trust agreement governing the Trust does not authorize the Trustee to enter into an arrangement with an offer or with respect to a negotiated exchange offer or tender offer for the outstanding Trust units, the Trustee declined to enter into discussions with PEDEVCO regarding the transactions contemplated by PEDEVCO’s indication of interest.