NP, with Co-Class Counsel Ryan Whaley, represented a class of royalty and overriding royalty owners in this putative class action against XTO Energy Inc. for the alleged failure to pay statutory interest on royalty payments made outside the time periods set forth in the Production Revenue Standards Act for oil and gas production proceeds from oil and gas wells in Oklahoma. After vigorously prosecuting this action for almost two years, NP obtained a settlement on behalf of the Class consisting of: (1) a cash payment of $20 million to compensate the Settlement Class for past damages; (2) up to $750,000 in administration, notice and distribution costs; and (3) Future Benefits to the Settlement Class consisting of binding changes to XTO’s statutory interest payment policies in Oklahoma that have a present value of at least $20 million. The total value of the Settlement equals at least $40.750 million.
On January 29, 2018, the United States District Court for the Eastern District of Oklahoma granted final approval of the settlement.
Additional details regarding the settlement and documents pertaining to the case are available at: http://www.reirdonxtoenergy.com.