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, Okla. Stat. tit. 52, § 570.1, et seq. (the “PRSA”) for oil and gas production proceeds from oil and gas wells in Oklahoma. Specifically, in the Petition, Plaintiff alleges Defendant: (1) failed to investigate and pay statutory interest on payments made outside the time periods set forth in the PRSA; (2) misrepresented and/or omitted the amount of statutory interest owed; and (3) is liable to Class Members for breach of the PRSA, breach of the duty to investigate and pay interest, fraud, disgorgement, accounting, punitive damages, and injunctive relief. Defendant denies any and all liability related to Plaintiff’s allegations.
What Does the Settlement Provide?
In consideration of the Settlement, Defendant has agreed to pay $2,700,000.00 in cash. The Settlement, if approved, will result in the dismissal of the Original Petition and First Amended Complaint against Defendant and the release by all Class Members of all the Released Claims the Releasing Parties may have against the Released Parties, as defined in Answer to FAQ 2. 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 in FAQ 9.
Am I a Class Member?
The Settlement Class consists of the following individuals and entities, subject to the exceptions listed in FAQ 6:
"All non-excluded persons or entities to whom: (1) Defendant (or Defendant’s designee) made a Late Payment of oil and/or gas proceeds from an Oklahoma well between July 28, 2016 and June 24, 2020, and (2) who have not been paid statutory interest on the Late Payment per the Production Revenue Standards Act. A “Late Payment” for purposes of this class definition means payment of proceeds from the sale of oil and/or gas production from an oil and/or gas well after the statutory periods identified in Okla. Stat. tit. 52, § 570.10(B)(1) (i.e., commencing not later than six (6) months after the date of first sale, and thereafter not later than the last day of the 2nd succeeding months after the end of the month within which such production is sold). Late Payments do not include: (a) payments of proceeds to an owner under Okla. Stat. tit. 52, § 570.10(B)(3) (minimum pay); (b) prior period adjustments; or (c) pass-through payments."