Oklahoma Petroleum Allies Interest Payments Settlement

If you received late payments for oil-and-gas proceeds from Oklahoma wells, you may be eligible to claim compensation from a class action settlement.

Oklahoma Petroleum Allies, LLC has agreed to pay $950,000 to settle a class action lawsuit for allegedly failing to pay statutory interest on late payments under Oklahoma law.

Who are the class members?

To be considered a class member in this settlement, you must meet the following criteria:

• You received late payments from Oklahoma Petroleum Allies, LLC for oil-and-gas proceeds from Oklahoma wells during the claim period.
• Your proceeds were sent as unclaimed property to a government entity by the defendant.
• You have not already been paid statutory interest on the late payments.

The claim period covers checks or payments made by the defendant dated between October 15, 2018, and November 1, 2023.

How much can class members get?

The settlement provides a Gross Settlement Fund of $950,000. After deductions for attorneys' fees, litigation expenses, and other costs, the remaining Net Settlement Fund will be distributed to the class members.

Class Counsel intends to seek an award of up to 40% of the Gross Settlement Fund for attorneys' fees, which amounts to $380,000. Additionally, litigation and administration expenses are estimated to be approximately $120,000. The plaintiffs also intend to seek a case contribution award not exceeding $19,000.

Net Settlement Fund Calculation:

• Gross Settlement Fund: $950,000
• Attorneys' Fees (40%): $380,000
• Litigation and Administration Expenses: $120,000
• Case Contribution Awards: $19,000

Net Settlement Fund: $950,000 - $380,000 - $120,000 - $19,000 = $431,000

The Net Settlement Fund of $431,000 will be distributed among eligible class members. The distribution will be based on the allocation methodology approved by the court.

Class members do not need to take any action to receive compensation. If you are entitled to a distribution, you will automatically receive your portion of the Net Settlement Fund.

Settlement Fund Breakdown

The settlement fund of $950,000 will cover:

• Attorneys' fees of up to $380,000.
• Litigation and administration expenses estimated at $120,000.
• Case contribution awards for class representatives not exceeding $19,000.

Important dates

• Fairness Hearing: December 2, 2024

When is the payout date?

The next step is the Final Fairness Hearing scheduled for December 2, 2024. After the hearing and resolution of any appeals, the Settlement Administrator will distribute the Net Settlement Fund to the class members.

Why is there a class action settlement?

The class action lawsuit was filed due to the alleged failure of Oklahoma Petroleum Allies, LLC to pay statutory interest on late payments for oil-and-gas proceeds under Oklahoma law. The defendant denies all allegations of wrongdoing, but a settlement was reached to avoid further litigation.