What is this lawsuit about?

The Litigation seeks 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 the merits of any of the parties’ claims or defenses.

Who is included?

The Settlement Class in the Litigation consists of the following individuals and entities:

All non‑excluded persons or entities who, during the Claim Period: (1) received Late Payments from Defendant for oil‑and‑gas proceeds from Oklahoma wells; or whose proceeds were sent as unclaimed property to a government entity by Defendant; and (2) who have not already been paid statutory interest on the Late Payments.

A “Late Payment” for purposes of this class definition means payment of proceeds from the sale of oil or gas production from an oil‑and‑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 second succeeding month 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); or (b) prior period adjustments.

The Claim Period means checks or payments made or issued by Defendant dated between October 15, 2018, and November 1, 2023, subject to the terms of the Settlement Agreement regarding Released Claims.

What does the Settlement provide?

In settlement of all claims alleged in the Litigation, Defendant has agreed to pay Nine Hundred Fifty Thousand Dollars and Zero Cents ($950,000.00) in cash (“Gross Settlement Fund”). In exchange for this payment and other consideration outlined in the Settlement Agreement, the Settlement Class shall release the Released Claims (as defined in the Settlement Agreement) against the Released Parties (as defined in the Settlement Agreement). The Gross Settlement Fund, less Plaintiffs’ Attorneys’ Fees and Litigation Expenses and Administration, Notice, and Distribution Costs, Case Contribution Awards, and any 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.