Exhibit 4.1



DESCRIPTION
OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934



SandRidge Permian
Trust (the “Trust”) has one class of securities registered under Section 12 of the Securities Exchange
Act of 1934, as amended: its Common Units of Beneficial Interest, which are referred to in this exhibit as “Trust units.”



Description
of Trust Units



The beneficial
interest in the Trust is divided into 52,500,000 Trust units. Each Trust unit represents an equal undivided beneficial interest
in the property of the Trust.



Distributions; Income Computations



Cash distributions
to Trust unitholders are made by the Trust from its available funds for each calendar quarter. Royalty interest payments due to
the Trust with respect to any calendar quarter are based on actual production volumes attributable to the Trust properties for
the first two months of the quarter just ended as well as the last month of the immediately preceding quarter (as measured at Avalon
Energy, LLC (“Avalon”) metering systems) and actual revenues received for such volumes. Avalon will make a payment
to the Trust equal to the royalty interest payments within 45 days of the end of each calendar quarter. After the receipt
and disbursement of such payment, The Bank of New York Mellon Trust Company, N.A., the trustee of the Trust (the “Trustee”),
determines for such calendar quarter the amount of funds available for distribution to the Trust unitholders. Available funds are
the excess cash, if any, received by the Trust over the Trust’s expenses for that quarter. Available funds will be reduced
by any cash the Trustee decides to hold as a reserve against future liabilities.



The amount of available
funds for distribution each quarter will be payable to the Trust unitholders of record on or about the 45th day following
the end of such calendar quarter or such later date as the Trustee determines is required to comply with legal or stock exchange
requirements. The Trustee will distribute cash on or about the 60th day (or the next succeeding business day following such
day if such day is not a business day) following such calendar quarter to each person who was a Trust unitholder of record on the
quarterly record date, together with interest expected to be earned on the amount of such quarterly distribution from the date
of receipt thereof by the Trustee to the payment date.



Unless otherwise
advised by counsel or the IRS, the Trustee will treat the income and expenses of the trust for each quarter as belonging to the
Trust unitholders of record on the quarterly record date of the month. Trust unitholders will recognize income and expenses for
tax purposes in the quarter the Trust receives or pays those amounts, rather than in the quarter the Trust distributes them. Minor
variances may occur. For example, the Trustee could establish a reserve in one month that would not result in a tax deduction until
a later month. The Trustee could also make a payment in one month that would be amortized for tax purposes over several months.



Transfer of Trust Units



Trust unitholders
may transfer their Trust units in accordance with the trust agreement, as amended and restated, by and among SandRidge Energy, Inc.,
as Trustor, the Trustee, and The Corporation Trust Company, as Delaware Trustee (such amended and restated trust agreement, as
amended to date, the “Trust Agreement”). The Trustee will not require either the transferor or transferee to
pay a service charge for any transfer of a Trust unit. The Trustee may require payment of any tax or other governmental charge
imposed for a transfer. The Trustee may treat the owner of any Trust unit as shown by its records as the owner of the Trust unit.
The Trustee will not be considered to know about any claim or demand on a Trust unit by any party except the record owner. A person
who acquires a Trust unit after any quarterly record date will not be entitled to the distribution relating to that quarterly record
date. Delaware law will govern all matters affecting the title, ownership or transfer of Trust units.













Tax Schedules and Periodic Reports



The Trustee will
file all required trust federal and state income tax and information returns. The Trustee will prepare and mail to Trust unitholders
a Schedule K-1 that Trust unitholders need to correctly report their share of the income and deductions of the trust. The
Trustee will also cause to be prepared and filed reports required to be filed under the Securities Exchange Act of 1934, as amended,
and by the rules of any securities exchange or quotation system on which the Trust units are listed or admitted to trading.



Each Trust unitholder
and his representatives may examine, for any proper purpose, during reasonable business hours the records of the Trust and the
Trustee.



Liability of Trust Unitholders



Under the Delaware
Statutory Trust Act, Trust unitholders will be entitled to the same limitation of personal liability extended to stockholders of
private corporations for profit under the General Corporation Law of the State of Delaware. No assurance can be given, however,
that the courts in jurisdictions outside of Delaware will give effect to such limitation.



Voting Rights of Trust Unitholders



The Trustee or
Trust unitholders owning at least 10% of the outstanding Trust units may call meetings of Trust unitholders. The Trust will be
responsible for all costs associated with calling a meeting of Trust unitholders unless such meeting is called by the Trust unitholders,
in which case the Trust unitholders will be responsible for all costs associated with calling such meeting of Trust unitholders.
Meetings must be held in such location as is designated by the Trustee in the notice of such meeting. The Trustee must send notice
of the time and place of the meeting and the matters to be acted upon to all of the Trust unitholders at least 20 days and
not more than 60 days before the meeting. Trust unitholders representing a majority of Trust units outstanding must be present
or represented to have a quorum. Each Trust unitholder is entitled to one vote for each Trust unit owned. Abstentions and broker
non-votes shall not be deemed to be a vote cast.



Unless otherwise
required by the Trust Agreement, a matter may be approved or disapproved by the vote of a majority of the Trust units held by the
Trust unitholders voting in person or by proxy at a meeting where there is a quorum. This is true, even if a majority of the total
outstanding Trust units did not approve it.



Amendment of
the Trust Agreement generally requires the vote of holders of (i) a majority of the Trust units (excluding Trust units owned
by Avalon and its affiliates) and (ii) a majority of the Trust units (including Trust units owned by Avalon and its affiliates),
in each case voting in person or by proxy at a meeting of such unitholders at which a quorum is present. At any time that Avalon
and its affiliates collectively own less than 10% of the total Trust units outstanding, however, the standard for approval will
be the vote of the holders of a majority of the Trust units, including Trust units owned by Avalon and its affiliates, voting in
person or by proxy at a meeting of the unitholders at which a quorum is present. Abstentions and broker non-votes will not be deemed
to be a vote cast. However, no amendment may:



| | · | increase the power of the Trustee to engage in business or investment activities;
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| | · | alter the rights of the Trust unitholders as among themselves; or
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| | · | permit the Trustee to distribute the Royalty Interests (as defined in the Trust Agreement) in kind.
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Amendments to the
Trust Agreement’s provisions addressing the following matters may not be made without Avalon’s consent:



| | · | dispositions of the Trust’s assets;
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| | · | indemnification of the Trustee;
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| | · | reimbursement of out-of-pocket expenses of Avalon when acting as the Trust’s agent;
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| | · | termination of the Trust; and
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| | · | amendments of the Trust Agreement.
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Certain amendments
to the Trust Agreement do not require the vote of the Trust unitholders. The Trustee may amend or supplement the Trust Agreement,
the conveyances, the administrative services agreement, or the registration rights agreement, without the approval of the
Trust unitholders, to cure ambiguities, to correct or supplement defective or inconsistent provisions, to grant any benefit to
all Trust unitholders, to evidence or implement any changes required by applicable law or to change the name of the Trust, provided,
however, that any such supplement or amendment does not adversely affect the interests of the Trust unitholders. Furthermore, the
Trustee, acting alone, may amend the administrative services agreement without the approval of Trust unitholders if such amendment
would not increase the cost or expense of the Trust or create an adverse economic impact on the Trust unitholders.



All other
permitted amendments to the Trust Agreement and other agreements listed above may only be made by the vote of the holders of (i) a
majority of the Trust units (excluding Trust units owned by Avalon and its affiliates) and (ii) a majority of the Trust units
(including units owned by Avalon and its affiliates), in each case voting in person or by proxy at a meeting of such holders at
which a quorum is present; except that at any time that Avalon and its affiliates collectively own less than 10% of the total Trust
units outstanding, the standard for approval will be the vote of the holders of a majority of the Trust units, including Trust
units owned by Avalon and its affiliates, voting in person or by proxy at a meeting of such holders at which a quorum is present.
Abstentions and broker non-votes will not be deemed to be a vote cast.



The Trustee must
consent before all or any part of the Trust assets can be sold except in connection with the dissolution of the Trust or limited
sales directed by Avalon in conjunction with its sale of any properties in which the Trust owns a royalty interest.





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