Important Update: Following the Final Fairness Hearing on December 3, 2021, the Court granted final approval to the settlement. Copies of the Court's orders are available on the Important Documents page.
What is this lawsuit about?
The Litigation seeks, inter alia, damages for Defendant’s alleged failure to pay statutory interest on allegedly late payments under Oklahoma law. Defendant expressly denies all allegations of wrongdoing or liability with respect to the claims and allegations in the Litigation. The Court has made no determination with respect to any of the parties’ claims or defenses.
What does the Settlement provide?
In settlement of Released Claims alleged in the Litigation, Defendant has agreed to pay One Million, Six Hundred Thousand Dollars ($1,600,000.00) in cash (“Gross Settlement Fund”). In exchange for the payment noted above and other consideration outlined in the Settlement Agreement, the Settlement Class shall release the Released Claims against the Released Parties. The Gross Settlement Fund, less Class Counsel’s Fees and Expenses, and other costs approved by the Court (the “Net Settlement Fund”), will be distributed to Final Class Members pursuant to the terms of the Settlement Agreement. The Settlement does not release the Remaining Claims (as defined in the Settlement Agreement) related to the Class I alleged claims for underpaid or unpaid royalties or oil or gas proceeds payments, or interest on such underpaid or unpaid royalties.
A copy of the Settlement Agreement is available on the Important Documents page.
Who is included?
The Settlement Class in the Litigation consists of all non-excluded persons or entities who received working interest, royalty, and/or overriding royalty payments from Defendant for oil and/or gas proceeds from oil and/or gas wells located in the State of Oklahoma with check dates between September 1, 2014, up to and including February 28, 2021.
The persons or entities excluded from the class are: (1) agencies, departments, or instrumentalities of the United States of America or the State of Oklahoma; (2) publicly traded oil and gas companies and their affiliates; and (3) the Released Parties.