SD was very aggressive in drilling both PER and SDT, and is well ahead of what is required. It was a good move for SD to drill them hard early on, and SDR was well received as a result, SD got some performance bonuses and monetized some of the Trust stock. My guess is that SD is not drilling as aggressively now, could be bad news for the trusts, but good news for the commons, pull 2 or 3 rigs off the Trusts and stick them in the SD commons area.
That's part of it. SD selling shares has also pressured SDT. SDT also received at least one downgrade and price target reduction recently. Combine these factors with the referenced revenue distributions (which decrease in number and PV as time passes) and you have it.
my concern is that SD refused to disclose the wells assigned to respective trusts. I figured they would have to do so in recorded assignments, etc. It makes me wonder what is going on and if they are really giving the trusts what they deserve or if they are internally giving the same well to more than one trust or something