SandRidge Permian Trust has joined a slew of Lower 48 oil and natural gas operators facing a possible delisting by the New York Stock Exchange (NYSE), the firm said Friday.

NYSE put the trust on notice that it "has fallen below the NYSE continued listing requirement that the average closing price of the trust’s units of beneficial interest be at least $1.00/share, calculated over a period of 30 consecutive trading days."

Sandridge Permian Trust has royalty interests in the Permian Basin of West Texas within Andrews County, according to its 2018 10-K filing to the Securities and Exchange Commission.

SandRidge Energy Inc., a separate entity no longer affiliated with the trust, announced in November 2018 that it had sold all of its interests in the oil and gas properties underlying SandRidge Permian Trust to Texas-based Avalon Energy, LLC.

The sale followed news a few months earlier that billionaire hedge fund activist Carl Icahn had won control of Oklahoma City-based SandRidge Energy Inc.’s board.

NYSE has given the trust the standard six months to avoid delisting if, "on the last trading day of any calendar month, the trust’s units of beneficial interest have a closing price per unit and a 30-day trading average closing unit price of at least $1.00…

"The trust has no control at all over the trading price of the units, and does not intend to attempt to cause a reverse split of the units or other action in an effort to affect the trading price of the units."

In the interim, the trust’s shares will continue to trade on the NYSE.