Important Update: Following the Final Fairness Hearing on May 12, 2021, the Court entered its Judgment granting final approval to the settlement as well as an order awarding fees, expenses, and case contribution awards and an Initial Plan of Allocation Order. Copies of these documents are available for download from the Important Documents page.
What is this Lawsuit about?
The Litigation seeks damages for Defendant's Camino Natural Resources, LLC (“Defendant” or “Camino”) 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 has made no determination with respect to any of the parties’ claims or defenses. 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 District of Colorado in the file for the Litigation.
Who is Included in the Settlement?
The Settlement Class in the Litigation consists of the following individuals and entities: All non-excluded persons or entities:
- who received working interest, royalty, and/or overriding royalty payments from Defendant for oil and/or gas proceeds from oil and/or gas wells located in the State of Oklahoma with check dates up to and including May 31, 2020.
- The persons or entities excluded from the class are: (1) agencies, departments, or instrumentalities of the United States of America or the State of Oklahoma; (2) publicly traded oil and gas companies and their affiliates; and (3) the persons or entities listed on Exhibit 5 to the Settlement Agreement and their affiliates and related entities.
What does the Settlement provide?
In settlement of all claims alleged in the Litigation, Defendant has agreed to pay Two Million, One Hundred Thousand Dollars ($2,100,000.00) in cash. In exchange for the payment noted above and other consideration outlined in the Settlement Agreement, the Settlement Class shall release the Released Claims (as defined in the Settlement Agreement) against the Released Parties (as defined in the Settlement Agreement). The $2,100,000.00 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 pursuant to the terms of the Settlement Agreement.