Important Update: The Settlement Administrator began issuing Distribution Checks to eligible Class Members on October 27, 2021.
What is this Lawsuit about?
The Litigation seeks damages for Defendants’ alleged failure to pay statutory interest on payments made by Defendants (or on behalf of Defendants) outside the time periods set forth in the Production Revenue Standards Act. Defendants deny any and all liability related to Plaintiff’s allegations. A more detailed description of the allegations can be found at FAQ 2.
Who is Included in the Settlement?
The Settlement Class consists of the following individuals and entities:
All non-excluded persons or entities to whom Defendants (or Defendants’ designee): (1) made Untimely Payments for oil and gas proceeds from Oklahoma wells between June 10, 2008 and December 31, 2020, and (2) the payments did not include the statutory interest under Oklahoma’s Production Revenue Standards Act (PRSA), 52 O.S. § 570.1 et seq. An “Untimely Payment” for purposes of this class definition means payment of proceeds from the sale of production from an oil and/or gas well after the statutory periods identified in 52 O.S. §570.10 (B)(l) and (B)(3)(a). Untimely Payments do not include: (a) payments of proceeds to an owner under 52 O.S. §570.10(B)(3) (minimum pay) if paid annually for the twelve months accumulation of proceeds totaling at least $10; (b) pass-through payments; or (c) prior period adjustments.
A list of the persons or entities excluded from the Class can be found at FAQ 7 and in the Long-Form Notice, which is available for download from the Important Documents page.
What does the Settlement provide?
In consideration of the Settlement, Defendant has agreed to pay $9,900,000.00 in cash. The Settlement, if approved, will result in the dismissal of the Petition against Defendants and the release by all Class Members of all the Released Claims the Releasing Parties may have against the Released Parties. The Net Settlement Fund will be distributed to the Class Members who are not excluded from the Settlement Class in accordance with the provisions of the Allocation Methodology and Final Plan of Allocation, which is explained at FAQ 10.