Important Update: The Settlement Administrator began issuing Distribution Checks to eligible Class Members on August 30, 2022.
What is this lawsuit and Settlement 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. The Litigation also seeks damages for Defendant’s alleged failure to pay or accrue such interest on proceeds held in suspense or paid to various states as unclaimed property.
What does the Settlement provide?
In consideration of the Settlement, Defendant has agreed to pay $15,000,000.00 in cash. The Settlement, if approved, will result in the dismissal of the Complaint against Defendant and the release by all Class Members of all the Released Claims the Releasing Parties have or may have against the Released Parties, as defined in FAQ 13. 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 10. For a more detailed description of the consideration provided by the Settlement, see the Settlement Agreement.
Who is included?
The Settlement Class consists of all non-excluded persons or entities:
- who received during the Claim Period a Late Payment from Defendant (or Defendant’s designee) of Oklahoma Proceeds and whose payments did not also include the statutory interest prescribed by the PRSA;
- whose Oklahoma Proceeds were, during the Claim Period, paid over by Defendant (or Defendant’s designee) to various state agencies as unclaimed or abandoned property without the payment of statutory interest prescribed by the PRSA; or
- who, during the Claim Period, were legally entitled to Oklahoma Proceeds held by Defendant (or Defendant’s designee) in suspense accounts for more than the applicable time periods prescribed in the PRSA without the payment by Defendant (or Defendant’s designee) or earning/accruing of statutory interest prescribed by the PRSA for the benefit of such owners.
A list of the persons or entities excluded from the Class can be found at FAQ 7.