The Litigation seeks damages for Defendant’s alleged failure to pay statutory interest on payments made by Defendant (or on Defendant’s behalf) outside the time periods set forth in the Production Revenue Standards Act, 52 O.S. § 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 Plaintiffs’ allegations and further states that neither Plaintiffs nor any of the Class Members are entitled to the relief sought in the Litigation and further states that it would not be appropriate to award any type of damages to the Class Members.
A more complete description of the Litigation, its status, and the rulings made in the Litigation are available in the pleadings and other papers maintained by the United States District Court for the Eastern District of Oklahoma, 101 North 5th Street, Muskogee, OK 74401, in the file for Case No. 22-cv-00063-JAR. Some of the relevant pleadings are available at the Important Documents page.
Release
If the Court enters a final order approving the Settlement, all Class Members, on behalf of the “Releasing Parties,” will release any “Released Claims” they have or may have against the “Released Parties.” This means that if you remain a member of the Settlement Class, any and all claims related to unpaid interest for oil or gas proceeds during the Claim Period will be released and discharged.
“Claim Period” means November 30, 2003, through July 21, 2022.
“Released Claims” means all claims and damages (statutory, contract, tort, equitable, punitive, and other relief) of the Releasing Parties related to underpaid and unpaid statutory interest for payments on Oklahoma oil and gas production made during the Claim Period. This release includes claims asserted in the Litigation, or that could have been asserted in the Litigation, for failure to pay interest on payments made outside the time periods set forth in the Production Revenue Standards Act or applicable contracts, but does not include claims alleged in: Rhea v. Apache (E.D. Okla., Case No. 14-cv-00433-JH); or Chieftain Royalty Co. v. Apache (Caddo County, Case No. CJ-2012-81).
“Released Parties” means Defendant as well as its respective parent companies, subsidiaries, affiliates, former or present officers, directors, members, employees, agents, attorneys, board members, successors, assigns, and consultants.
“Releasing Parties” means Plaintiffs and all Settlement Class members who do not timely and properly opt-out or submit a request for exclusion from the settlement, and who are not otherwise excluded from the Settlement Class by order of the Court.