Important Update: The Court granted final approval to the Settlement on April 23, 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 sought 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 has made no determination with respect to the merits of any of the parties’ claims or defenses.

Who is included?

The Settlement Class in the Litigation consists of the following individuals and entities:

All non‑excluded persons or entities who, during the Claim Period: (1) received Late Payments from Defendant (or Defendant’s designee) for oil‑and‑gas proceeds from Oklahoma wells; or whose proceeds were escheated to a government entity by Defendant; or whose proceeds from Oklahoma wells were held in suspense by Defendant on or before May 31, 2023; and (2) who have not already been paid statutory interest on the Late Payments or on the amounts held in suspense by Defendant on or before May 31, 2023.

A “Late Payment” for purposes of this class definition means payment of proceeds from the sale of oil or gas production from and an oil‑and‑gas well after the statutory periods identified in Okla. Stat. tit. 52, § 570.10.

The Claim Period means payments made or issued by Defendant (i) with respect to the White Star Wells, checks or payments dated between and including May 19, 2019, and May 31, 2023, sent by or on behalf of Contango or its predecessor(s); (ii) with respect to all other wells, and except as stated below regarding funds held in suspense, checks or payments dated between September 30, 2017, through May 31, 2023; (iii) with respect to suspense funds, the amounts held in suspense by Contango on or before May 31, 2023, attributable to production dates before November 1, 2019. For all production dates prior to October 1, 2019, for funds held in suspense as of May 31, 2023, statutory interest is calculated from October 1, 2019, through September 30, 2024.

What does the Settlement provide?

In settlement of all claims alleged in the Litigation, Defendant has agreed to pay Eight Million One Hundred Thousand Dollars ($8,100,000.00) in cash (“Gross Settlement Fund”). 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 $8,100,000.00 cash payment is referred to as the “Gross Settlement Fund.” The Gross Settlement Fund, less Class Counsel’s Attorneys’ Fees and Litigation Expenses and Administration, Notice, and Distribution Costs, 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.

The Settlement Agreement also includes Future Benefits for the Settlement Class.