Presidio Petroleum late royalty payments $475K class action settlement

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.

The settlement class consists of all non-excluded persons or entities to whom Presidio Petroleum made late payments for oil and gas proceeds from Oklahoma wells between Jan. 25, 2018, and Nov. 30, 2022. 

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.

The deadline for exclusion and objection is Oct. 24, 2023.

A final fairness hearing in the settlement will take place Nov. 14, 2023.

No claim form is required to benefit from the settlement. Class members who do not exclude themselves will automatically receive a settlement payment.

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. 

Potential Award

At least $5

Proof of Purchase

N/A

Exclusion Deadline

10/24/2023

Case Name

Broadbent v. Presidio Petroleum LLC, Case No. CV-2022-15, in the District Court of Roger Mills County, State of Oklahoma

Final Hearing

11/14/2023

Settlement Website

BroadbentSettlement.com

Claims Administrator

Broadbent v. Presidio Petroleum LLC
c/o Settlement Administration
PO Box 225391
New York, NY 10150-5391
833-933-7643

Class Counsel

MORICOLI KELLOGG & GLEASON PC

RANDY C SMITH PLLC

Defense Counsel

GABLEGOTWALS