FDPK Class Action Lawyers Secure Total Value of $36 Million in Settlement for Underpaid Oil and Gas Royalty Holders
On May 12, 2021, Judge Keith P. Ellison in the US District Court for the Southern District of Texas granted final approval with no objectors to the Talisman Energy Class Action Settlement (Regmund, et al. v. Talisman Energy, USA, Inc.), a class action alleging failure to pay contractually owed oil and gas royalties.
Feinstein Doyle Payne & Kravec, LLC Partners Joe Kravec and Wyatt Lison served as Co-Class Counsel along with Bryan Blevins and W. Michael Hamilton of the Texas-based law firm Provost Umphrey.
The Settlement Agreement provides a total value of over $36 million to Texas oil and gas royalty holders. The gravamen of the case was that Talisman breached leases with these royalty holders by using a volumetric allocation rather than a compositional allocation that accounts for actual well production and estimating shrinkage factors. This occurred in the Eagle Ford Area from January 1, 2013 to June 1, 2016.
Judge Ellison praised Joe, Wyatt, and their co-counsel in the Order and Judgment Granting Plaintiffs’ Motion for Attorneys’ Fees, Litigation Expenses, and Case Contribution Awards, noting “Class Counsel brought their significant experience to bear in undertaking a complex oil and gas case on a fully contingent basis, expended substantial resources with no guarantee of success, devoted 5,097.8 hours of professional time to the matter for nearly six years, and achieved a result which provides participating class members with a cash fund from which 100% of their alleged royalty underpayments will be recovered, and the freedom from future claims for recoupment or defensive offsets by Talisman.”
“The settlement provides participating class members with full relief after the payment of fees and costs,” Partner Joe Kravec said. “This is a tremendous settlement for participating class members. I’m pleased that we could achieve this result.”
If you have a similar issue, such as not getting the proper oil and gas payments for royalties you believe you are owed under your contract with an oil and gas company, contact Feinstein Doyle Payne & Kravec, LLC today.
Learn more about the settlement at www.EagleFordRoyaltySettlement.com.
Click on the links to review important documents: