Did anyone else receive a postcard today about a class action lawsuit against Burlington Resources? TLDR at the bottom of this post.
Reading through the agreement documents, a settlement of $4 million was reached, payable to recipients of Burlington Resources oil & gas royalties. (Burlington is owned by ConocoPhillips) Looks like Burlington was not paying royalties within 150 days of the date of sale of oil and gas, nor were they reimbursing owners the 18% interest they are required to pay out.
The $4 million settlement does not include the allocation strategy of that money amongst owners.
It does, however, say that the attorneys can be reimbursed “up to 40%” and the original claimant will be paid $80,000 for his time and energy. That leaves about $2 million to be distributed amongst “potentially thousands” of affected owners.
I’m trying to figure out if I would be better off excluding myself from the class action lawsuit and requesting reimbursement for the lost 18% interest that they negligently didn’t pay. How do I know when my gas and oil was actually sold on the “market”?
Also, make sure you know that if you aren’t paid within 150 days of the sale of the oil and gas, MAKE SURE they pay you 18% interest. It’s state law in ND. I believe they said Burlington operates in ND and OK. They are NOT SUPPOSED TO WAIT UNTIL YOU ASK FOR IT, but they apparently still do.
;TLDR How do I know when my gas and oil was actually sold on the “market”?