This Amendment No. 6 to Schedule 13D (as amended, this “Schedule
13D”) relates to Common Units of Beneficial Interest (“Common Units”) of SandRidge Permian Trust, a Delaware statutory trust (the “Issuer”). This Schedule 13D amends the Schedule 13D
previously filed with the Securities and Exchange Commission (the “Commission”) by Avalon Energy, LLC, a Texas limited liability company, on November 13, 2018, as amended (i) by Amendment No. 1 (original filing
by Montare) thereto filed with the Commission on August 27, 2020, Amendment No. 2 (Amendment No. 1 for Montare) thereto filed with the Commission on August 28, 2020, Amendment No. 3 (Amendment No. 2 for Montare) thereto
filed with the Commission on September 8, 2020, and Amendment No. 4 (Amendment No. 3 for Montare) thereto filed with the Commission on September 11, 2020, in each case by Avalon Energy and Montare, and (ii) Amendment
No. 4 with respect thereto filed with the Commission on September 28, 2020, and Amendment No. 5 with respect thereto filed with the Commission on October 2, 2020, in each case by Montare, by furnishing the information set forth
below. Except as otherwise specified in this Schedule 13D, all previous Items of the Schedule 13D previously filed with the Commission are unchanged. Capitalized terms used herein which are not defined herein have the meanings given to them in the
Schedule 13D previously filed with the Commission.
Item 3. Source and Amount of Funds or other Consideration
Item 3 is hereby amended and supplemented as follows:
“Through various open market purchases between October 6, 2020 and November 19, 2020, Montare expended an aggregate of
approximately $210,270 (excluding fees and commissions) to acquire 577,452 Common Units. The funds used for the purchase of these Common Units reported in this Schedule 13D were derived from general working capital of Montare. Montare may continue
to buy additional Common Units in the open market or otherwise, and the price paid for such purchases may be more or less than Issuer unitholders, including Montare, may otherwise receive from quarterly distributions of the Issuer and/or upon
liquidation of the Issuer.”
Item 4. Purpose of Transaction
Item 4 is hereby amended and supplemented by adding the following:
“On October 12, 2020, Montare and Avalon entered into a Purchase and Sale Agreement, effective as of September 1, 2020, whereby
Avalon sold wells and related assets associated with certain oil and gas properties to Montare. The assets were sold to Montare unburdened by the portion of the overriding royalty interests held by the Issuer with respect to such properties for
approximately $4.9 million in accordance with Avalon’s contractual rights set forth in the Trust Agreement and the Conveyances (the “Montare Sale”). Prior to the Montare Sale, Avalon engaged an independent petroleum
engineering firm to determine the fair market value of all wells owned by Avalon burdened by overriding royalty interests (“Royalty Interests”) held by the Issuer (“Trust Wells”). A copy of the
independent petroleum engineering firm’s valuation report was provided to the Issuer following the notice of the Montare Sale delivered to the Issuer as required by the Trust Agreement.
The sale was completed on October 13, 2020, and all proceeds from such sale have been paid to the Trust as fair value for the Royalty
Interests required to be released by the Issuer in connection with the sale of the assets to Montare in accordance with Section 3.02 of the Trust Agreement. For additional information with respect to the Montare Sale, including pro forma
comparative financial information regarding the impact of the Montare Sale on the Issuer, please see the Issuer’s Form 8-K/A filed on November 13, 2020 and incorporated herein by reference, and the
Issuer’s Form 10-Q filed on November 13, 2020.
In connection with the Montare Sale,
Montare and Avalon also amended the Contribution and Support Agreement, effective October 12, 2020, which contemplates, among other things, (1) a sale of Avalon assets having a value of less than $5.0 million, in accordance with the
terms of the Trust Agreement, to Montare free from and unburdened by the applicable portion of the Royalty Interests held by the Issuer as a Montare Transaction, and (2) an extension of the term of the Contribution and Support Agreement to
December 31, 2021 (from December 20, 2020) unless sooner terminated by agreement of the parties or a material adverse event.”