OKLAHOMA CITY (AP) - An oil and natural gas company in Oklahoma City has agreed to settle a lawsuit over royalty payments in north Texas in a nearly $53 million deal.
The Oklahoman (https://bit.ly/20w6mVk ) reports that Chesapeake Energy Corp. agreed to pay $29.4 million in cash and $10 million through a promissory note payable in three years. Joint venture partner Total has also agreed to pay $13.1 million in cash.
If the deal is approved by at least 90 percent of the class-action plaintiffs, it would end the case brought by Tarrant and Johnson county landowners who said the company underpaid royalty payments by several hundred million dollars for natural gas production from the Barnett Shale.
A Chesapeake spokesman says the company is pleased to have reached a resolution and that it looks forward to strengthening its relationship with royalty owners.
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Information from: The Oklahoman, https://www.newsok.com
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