On October 17, 2017, the Court preliminarily approved a Settlement in the above-captioned litigation (the "Litigation") between Plaintiff, Dorsey J. Reirdon (“Plaintiff”), on behalf of himself and the Settlement Class, and XTO Energy Inc. (“Defendant”). The Litigation seeks damages for Defendant’s alleged failure to pay statutory interest on royalty payments made by Defendant (or on behalf of Defendant) outside the time periods set forth in the Production Revenue Standards Act, 52 Okl. St. §570.10 (the “PRSA”) for oil and gas production proceeds from oil and gas wells in Oklahoma. Defendant expressly denies all of Plaintiff’s factual and legal allegations. The Court has made no determination with respect to any of the parties’ claims or defenses.
Am I part of the Settlement Class?
The Settlement Class consists of the following individuals and entities, subject to the exceptions as described in the answer to Question No. 6 of the Notice, which can be downloaded from the Important Documents page:
All non-excluded persons or entities who between January 1, 2009 and October 31, 2017 received royalty and/or overriding royalty payments from Defendant (or Defendant’s designee) for oil and gas production proceeds from oil and gas wells in Oklahoma.
What does the Settlement provide?
In consideration of the Settlement, Defendant has agreed to pay $20,000,000.00 in cash. In addition, Defendant has agreed to, commencing on the later of (i) December 31, 2017 or (ii) the Effective Date and continuing unless or until there is a change in the law, implement new procedures and policies for paying statutory interest to royalty interest owners and overriding royalty interest owners in Oklahoma without awaiting a request for such statutory interest. See the Settlement Agreement for full details. Plaintiff estimates these Future Benefits have a net present value of at least $20,000,000.00.
What are my options?
Your rights and options - and the deadlines to exercise them - are summarized below. These rights and options are explained in the Notice and in the Settlement Agreement, which can be downloaded from the Important Documents page, and further information about each of these can be found in the FAQs.