For the second year in a row, a major revision downward in the standard measurement of reserves was recorded at the SandRidge Mississippian Trust II (NYSE:SDR). On March 14, 2014 the Trust published it 10-K report which contained an updated standardized measure of proven reserves (PV-10). The updated report showed continued deterioration in reserves due to poor well performance as reductions in valuable oil reserves were exhibited through another revision in the expected product mix going forward. As shown in the table below, the total reported net reduction in proven reserves since the IPO of the Trust in April of 2012 is 2,522 MBOE, a loss of 9.5% of the estimated reserve level at the Trust IPO.
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