Presidio Petroleum LLC is facing a $475,000 class action lawsuit settlement for its failure to pay statutory interest on allegedly late payments under Oklahoma law.
Plaintiff Suzanne Broadbent claims Presidio did not include statutory interest in its late payments during the class period, which is a violation of Oklahoma’s Production Revenue Standards Act (PRSA).
Presidio Petroleum is a prominent oil and gas efficiency company based in Fort Worth, Texas, with its assets positioned in the western region of the Anadarko Basin spanning across Texas, Oklahoma and Kansas. Presidio’s approach doesn’t involve drilling new wells; instead, the company focuses on optimizing the operational, financial and sustainability aspects of existing oil and natural gas assets.
According to the terms of the settlement, class members will receive a proportionate share of the net settlement fund, “based on the amount of statutory interest owed on the original underlying payment that allegedly occurred outside the time periods required by the PRSA, with due regard for the production date, the date the underlying payment was made, the amount of the underlying payment, the time periods set forth in the PRSA, any additional statutory interest Plaintiff’s Counsel believes has since accrued, prior releases where identified by Defendant and excluding those Class Members who would otherwise receive a distribution of $5.00 or less.” Class members who would otherwise receive a distribution of $5 or less will not receive a distribution.
The plan of allocation is subject to change if the court declines to approve the settlement.
Presidio Petroleum Late Royalty Payments Class Action Lawsuit
- Who’s Eligible:
- Persons or entities that Presidio made late payments for oil and gas proceeds from Oklahoma wells during the claim period of Jan. 25, 2018, and Nov. 30, 2022.
- Estimated Amount: At least $5
- Proof of Purchase: N/A
- Claim Form Deadline: 10/24/2023 (Exclusion Deadline)
- Case Name & Number:
- Broadbent v. Presidio Petroleum LLC, Case No. CV-2022-15, in the District Court of Roger Mills County, State of Oklahoma
- How to file a claim:
- Head over to the Claim Form.
- Read over the claim form to see if you are eligible.
- Complete the claim form with your info.
- Submit your claim form to receive your potential award!
(Click here to file a claim)
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Bottom Line
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