Important Update: Following the Final Fairness Hearing on March 24, 2021, the Court granted final approval to the settlement. Copies of Court's orders are available for download from the Important Documents page.
What is the 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. Defendant denies any and all liability related to Plaintiff's allegations.
What does the Settlement provide?
Defendant has agreed to pay $5,900,000.00 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. The Gross Settlement Fund, less Plaintiffs Attorneys' Fees, Litigation Expenses, any Case Contribution Award awarded by the Court, other costs approved by the Court, and Administration, Notice, and Distribution costs, (the "Net Settlement Fund"), will be distributed to Class Members who qualify for a distribution.
Who is included?
The Settlement Class consists of all non-excluded persons or entities to whom: (1) Enterprise (or Enterprise's designee) made an Untimely Payment of oil and/or gas proceeds from an Oklahoma well on or after April 26, 2012 through September 1, 2020, and (2) who have not been paid statutory interest on the Untimely Payment per the Production Revenue Standards Act. An "Untimely 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.lO(B)(l) (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). Untimely Payments do not include: (a) payments of proceeds to an owner under OKLA. STAT. tit. 52 § 570.10(8)(3) (minimum pay); (b) prior period adjustments; or (c) pass-through payments.
A list of the persons or entities excluded from the Class can be found in the Long-Form Notice, which is available for download from the Important Documents page.