If You Are or Were a Royalty Owner in an Oklahoma Oil and Ga

|Apr 14|magazine13 min read

SEATTLE, April 14, 2020 /PRNewswire/ -- Go to www.taylorsheridanfund1settlement.com for more information, including the entire Settlement Agreement with its exhibits (the "Settlement Agreement").  Exhibit E to the Settlement Agreement contains a list of the Class Wells subject to the Settlement.  All capitalized terms not defined herein have the same meaning as set forth in the Settlement Agreement.

The Settlement Class includes:

All royalty owners who received or who were entitled to receive royalty payments from Sheridan Production Company, LLC, ("SPC") attributable to production from Oklahoma wells that are or have been operated (or marketed and directly paid to royalty owners) by SPC, and produced gas (such as residue gas, natural gas liquids, or helium) prior to March 23, 2020 (the "Petition Date").

Excluded from the Settlement Class are: (1) the Office of Natural Resources Revenue f/k/a The Minerals Management Service (Indian Tribes and the United States) (2) Defendants and their employees, officers, and directors; and (3) any NYSE or NASDAQ listed company (and its subsidiaries) engaged in oil and gas exploration, production, gathering, processing or marketing.

The litigation which is the subject of the Settlement seeks damages for Defendants' alleged improper payment of royalty.  Defendants have adamantly denied, and continue to deny, all claims asserted in the litigation and have vigorously defended against them.  Nothing contained in this notice should be construed as suggesting the Court's (as defined below) view as to which side might prevail should this matter proceed to class certification and trial on the merits.

On March 31, 2020, the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Court") preliminarily approved the settlement in which Defendants have agreed to pay $5,094,000.00 (Five Million Ninety-Four Thousand Dollars) in cash (the "Settlement Proceeds"), subject to the conditions and qualifications set forth in the Settlement Agreement, including the provisions decreasing such amount for the return to Defendants of any Monies Payable to Opt-Outs.

The Settlement Proceeds is a gross amount before deduction of court approved Class Fees and Expenses (which includes Settlement Class Counsel's attorney fees and litigation expenses, the Class Representatives' contribution award, and payment of expert and consulting fees) and at least $94,000.00 in Administration Expenses.  The remainder of the Settlement Proceeds (the "Net Settlement Amount") will be distributed to Settlement Class Members, returned to the Reorganized Debtors, or otherwise distributed per Court order, all as provided in the Settlement Agreement.

Complete information about the Settlement, including information on the distribution of the Net Settlement Amount, can be found in the Settlement Agreement.  In exchange for the consideration being provided by the Defendants under the Settlement Agreement, Settlement Class Members will release Defendants and other Released Parties identified in the Settlement Agreement from all Released Claims as further described in the Settlement Agreement.

The attorneys and law firms who represent the Settlement Class as Settlement Class Counsel include:  (a) Rex A. Sharp of Sharp Law, LLP in Prairie Village, KS; (b) Allan DeVore and Jandra Cox of DeVore Law Firm PLLC in Oklahoma City, OK; (c) Michael E. Grant of Grant Law Firm PLLC in Oklahoma City, OK; and (d) Charles Rubio of Diamond McCarthy, LLP in New York, NY. Y ou may hire your own attorney if you wish; however, you will be responsible for your attorney's fees and expenses.

What Are My Legal Rights as a Settlement Class Member?

  • Do Nothing, Stay in the Settlement Class, and Receive Benefits of the Settlement: If the Court approves the proposed Settlement, you will receive the benefits, if any, provided in the Settlement Agreement after the Effective Date.
  • Stay in the Settlement Class, but Object to All or Part of the Settlement: You can file and serve a written objection to the Settlement and appear before the Court. Your written objection must contain the information described in the Notice of Settlement found at the website listed above and must be filed with the Court no later than May 29, 2020. If you stay in the Settlement Class, you will be bound by any Judgment entered by the Court.
  • Opt-Out of the Settlement Class: To exclude yourself from the Settlement Class you must submit a written opt-out to the Settlement Administrator at the following address: Taylor‑Sheridan Fund 1 Settlement, c/o JND Legal Administration, PO Box 91231, Seattle, WA 98111. Your opt-out must contain the information described in the Notice of Settlement that can be found at the website listed above. You cannot opt-out yourself on the website, by telephone, or by e‑mail.

IN ORDER TO BE VALID, YOUR OPT-OUT MUST BE RECEIVED BY THE SETTLEMENT ADMINISTRATOR ON OR BEFORE 5:00 P.M. (CST) ON MAY 29, 2020.

The Court will hold a Settlement Fairness Hearing on July 13, 2020 at 10:00 a.m., CST in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, Courtroom 400, 4th Floor, 515 Rusk Street, Houston, Texas, 77002.

At the hearing, the Court will consider whether the proposed Settlement is fair, reasonable, and adequate.  The Court will also consider the request for Class Fees and Expenses and Administration Expenses.  Please note that the date of the Settlement Fairness Hearing is subject to change without further notice.  If you plan to attend the hearing, you should check with the Court and www.taylorsheridanfund1settlement.com to confirm no change to the date and time of the Settlement Fairness Hearing has been made.

This notice provides only a summary of the Settlement Agreement.  For more detailed information regarding the rights and obligations of Settlement Class Members, read the Settlement Agreement and other documents posted on the website above, contact the Settlement Administrator through the "Contact Us" page on the website or at 1-888-670-0458.

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SOURCE JND Legal Administration