The Court preliminarily approved a Settlement in the above-captioned litigation (the "Litigation") between Plaintiff, Dorsey J. Reirdon ("Plaintiff"), on behalf of himself and the Settlement Class, and Cimarex Energy Co. ("Defendant"). Defendant has agreed to pay $9,500,000.00 in cash plus certain future benefits, which are estimated by Plaintiff to have a net present value of at least $11,000,000.00, in settlement of all claims alleged in the Litigation.
What is this lawsuit about?
In the lawsuit, Plaintiffs allege that Cimarex Energy Co: (1) failed to pay statutory interest on payments made outside the time periods set forth in the Production Revenue Standards Act, 52 Okla. St. §570.1, et seq. (the “PRSA”); (2) awaited a demand prior to paying statutory interest under the PRSA; (3) misrepresented and/or omitted the amount of statutory interest owed; and (4) is liable to Class Members for breach of the PRSA, actual fraud, constructive fraud, deceit, unjust enrichment/disgorgement, accounting, punitive damages, and injunctive relief. Defendant does not believe it paid statutory interest incorrectly, paid proceeds untimely, or violated any laws, and denies any liability and all allegations of wrongdoing asserted.
Am I part of the Settlement Class?
The Settlement Class consists of the following individuals and entities:
All non-excluded persons or entities who, between March 15, 2011 and July 31, 2018 received payments from Cimarex (or Cimarex’s designee) for oil and gas production proceeds from Oklahoma oil and gas wells.
A list of the excluded persons and entities can be found in the Answer to Question No. 6 in the Notice, which can be downloaded from the Important Documents page.