What is this lawsuit about?
The Litigation seeks damages for Defendant’s alleged failure to pay statutory interest on allegedly late oil‑and‑gas proceeds payments under Oklahoma law. Defendant expressly denies all allegations of wrongdoing or liability with respect to the claims and allegations in the Litigation but has agreed to the proposed Settlement to avoid the uncertainty, burden, and expense of continued 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) (a) received payments from Continental (or Continental’s designee) for oil and/or gas proceeds from Oklahoma wells, or (b) whose proceeds from Oklahoma wells were sent as unclaimed property to a government entity by Continental; and (2) whose payments or proceeds did not include statutory interest under the PRSA. The Settlement Class includes owners of royalty interests, overriding royalty interests, and working interests.
The Claim Period means checks, remittances, payments, or prior period adjustments to Settlement Class Members or to unclaimed property funds for oil and/or gas production from Oklahoma wells commencing on May 1, 2017, and ending on February 28, 2025, subject to the terms of the Settlement Agreement regarding Released Claims.
What does the Settlement provide?
In settlement of Released Claims alleged in the Litigation, Defendant has agreed to pay Sixteen Million Two Hundred Fifty Thousand Dollars ($16,250,000.00) 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.