Important Update: The Court granted final approval to the Settlement on January 29, 2024. Copies of the Court's Order and other relevant pleadings are available on the Important Documents page.
What is this lawsuit about?
The Litigation seeks damages for Defendant Triumph Energy Partners, LLC’s alleged failure to properly pay royalty on gas and its constituents (Class I) and pay statutory interest on allegedly late payments under Oklahoma law (Class II). Defendant expressly denies all allegations of wrongdoing or liability with respect to the claims and allegations in the Litigation. The Court has made no determination with respect to the merits of any of the parties’ claims or defenses.
Who is included?
The Settlement Classes in the Litigation consist of the following individuals and entities:
Class I
All non-excluded persons or entities who are or were royalty owners in Oklahoma wells, where Triumph Energy Partners, LLC was the operator (or a working interest owner) who marketed its share of gas production and royalties on such marketed gas was paid to such royalty owners. The claims in this matter relate to royalty payments for gas and its constituents (including, but not limited to, residue gas, natural gas liquids, helium, nitrogen, drip condensate, or gas used off the lease premises).
Class II
All non-excluded persons or entities who received late payments under the Production Revenue Standards Act from Triumph Energy Partners, LLC (or its designee) for oil-and-gas proceeds from Oklahoma wells and whose payments did not include the statutory interest required by the Production Revenue Standards Act.
The Claim Period means checks or payments made or issued by Defendant any time prior to and including April 30, 2023, subject to the terms of the Settlement Agreement regarding Released Claims. A list of the persons or entities excluded from the Class can be found in the Notice of Proposed Settlement, which is available for download from the Important Documents page.
What does the Settlement provide?
In settlement of all claims alleged in the Litigation, Defendant has agreed to pay Eight Million Two Hundred Thousand Dollars ($8,200,000.00) in cash (“Gross Settlement Fund”). In exchange for this payment and other consideration outlined in the Settlement Agreement, the Settlement Classes shall release the Released Claims (as defined in the Settlement Agreement) against the Released Parties (as defined in the Settlement Agreement). The Gross Settlement Fund, less Plaintiff’s Attorneys’ Fees and Litigation Expenses and Administration, Notice, and Distribution Costs, Case Contribution Award, and any other costs approved by the Court (the “Net Settlement Fund”), will be distributed to final Class Members pursuant to the terms of the Settlement Agreement.
The Class Representative and Plaintiff’s Counsel believe that the Settlement is in the best interest of the Class, and, therefore, they intend to support the proposed Settlement at the Final Fairness Hearing.
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