Important Update: On June 4, 2020, the Court granted final approval to the settlement and approved class counsel's fees and expenses, the case contribution award, and administration expenses. Copies of the final approval documents are available from the Important Documents page.
What is this lawsuit about?
The Litigation seeks damages for Defendant’s alleged failure to pay statutory interest on payments made by Defendant (or on behalf of Defendant) outside the time periods set forth in the Production Revenue Standards Act, 52 Okla. St. §570.1, et seq. (the “PRSA”) for oil and gas production proceeds from oil and gas wells in Oklahoma. Defendant denies any and all liability related to Plaintiff’s allegations and further states that neither Plaintiff nor any of the Class Members are entitled to the relief sought in the Litigation and further states that it would not be appropriate to award any type of damages, an accounting, disgorgement, or injunctive relief to the Class Members. Defendant further denies it would be appropriate to certify a contested class based on the facts and claims at issue in the Litigation.
What does the Settlement provide?
Defendant has agreed to pay $900,000.00 in cash (“Gross Settlement Fund”) in settlement of all claims alleged in the Litigation. In exchange, the Settlement Class shall release any Released Claims the Releasing Parties may have against the Released Parties.
Who is included?
The Settlement Class consists of the following individuals and entities:
All non-excluded persons or entities who received payments for proceeds for the sale of oil or gas production from Defendant (or Defendant’s designee) for wells in the State of Oklahoma more than two (2) months after the end of the month within which the production was sold and whose payments did not include the full amount of the interest owed thereon.
To learn more about who is excluded, please read the Notice of Proposed Settlement.