Important Update: At the Final Fairness Hearing on January 14, 2019, the Court granted final approval to the settlement and approved class counsel fees and expenses and administration expenses. Copies of the final approval documents are available from the Important Documents page.
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 did not decide which side is right.
Additional information about the lawsuit and important court documents may be found on the Important Documents and FAQs pages of this website.
Who is included?
The Settlement Class includes:
All non-excluded owners of a Royalty Interest in Oklahoma wells with respect to whom Citation paid or incurred an obligation to pay proceeds derived from the sale of oil, gas and/or other minerals occurring from the production month of January 1997 through and including the production month of March 2017; provided that excluded from the Settlement Class are those persons and entities listed on Appendix 1 to the Settlement Agreement.
What does the Settlement provide?
In settlement of all claims alleged in the Litigation, Defendant has agreed to pay Three Million Dollars ($3,000,000.00) in cash. The $3,000,000.00 cash payment is referred to as the "Gross Settlement Fund." The Gross Settlement Fund, less Class Counsel's Fees and Expenses, and other costs approved by the Court (the "Net Settlement Fund''), will be distributed to Final Class Members or credited to their suspense accounts pursuant to the terms of the Settlement Agreement.
To view the Settlement Agreement, and other important court documents, please visit the Important Documents page of this website.