QEP Class Action

General Mineral Rights Discussion
1

I am named in the QEP Class action. I am not sure what I should do if anything. Is it worth getting a lawyer, or should I just sit tight and see how it all plays out? Also interested in figuring out what percent goes to me, if possible. They have class wells listed on the web site, and I figured the percent going to each well I have an interest in, and then my royalty interest in that well. Hoping my calculations are incorrect as I get $3 of the $115,000,000. So as you see I need some guidance! Any is appreciated.

Jill

2

Could you provide the link that shows the class wells?

Thanks.

I've been involved in these before, and have been disappointed in the results. Usually $100 or so, but of course thet depends on the size of your holdings....so in general, unless you have large holdings, it is often not worth your while to get a lawyer. By doing NOTHING you are consenting to the class action lawsuit, and will get a check eventually.

3

Thanks for the reply. Doesn't quite seem fair the lawyers can get up to $38,000,000 and I am getting a few bucks.

At least I know so I won't be waiting in anticipation for a big check to arrive in the mail.

Here is the link to the class wells. The wells I have interest in are Hickman Billy, Hickman Ray, and Reba.

Best, Jill

http://www.chieftain-qep.com/Portals/0/Documents/Stip%20Exhibit%202%20-%20List%20of%20Class%20Wells%20%28CURRENT%20version%20at%20Dkt125%29.pdf

4

P.S. I found the site. For one of my new wells, the total was about $44 and for another well, in which I have a large interest and has been producing a long time, the total was $8800. I'm going to gladly accept the results.

5

How do I figure out my interest? I took the class action amount less attorney fees, and figured the percentage on each well. Out of that figure for each well, do I get the percent which is my mineral interest in that well?

Thanks for the help. Much appreciated.

Jill

6

Out the figure for each well, you get your "net revenue interest" which will be on your monthly checkstub.

This is your net mineral acres, divided by the size of the unit, time your lease royalty.

This is likely what you are calling your mineral interest.

You have to wonder how much an hour 38 million dollars equates to!

7

Read the Class Notice carefully. Many settlements require you to file claims to get paid. You have the right to get a copy of the full settlement agreement from the court. If there is a claims process, the settlement agreement will show what the criteria is for grading claims. If you have to file a claim to get paid, there are also deadlines you need to pay attention to.

I always read these notices and submit claims. I have gotten many chacks over the years. Found money, as far as I am concerned. While many complain about the lawyers fees, you have to look at how much the class is getting also. It is better than letting these companies keep what they probably should not have taken, or they would not be settling.

8

Correct, but this one is typical of the ones I've seen in the last few years:

Do Nothing You will receive benefits due to you, but give up right to sue on your own.
Exclude Yourself

If you don't want to be a part of the settlement, you may file an exclusion.
Object to the Settlement Write to the Court about why you don't like the settlement.
Attend the Fairness Hearing Ask to speak in Court about the fairness of the settlement.
9

Old thread but...I was just contacted by a land man about settlement on one of the wells on this list, and find another well I have interest in on the list too. Found money indeed!

10

So are they nearing making a settlement? Have not heard from anyone? Thanks-

11

That's my understanding but it's not clear yet when or how. Land man was trying to find the heirs of my father, who owned the well at the time in question. (Anthony well in Grady County). He said they had tried to contact him at his old address. I assume we'll get documents in the mail of some sort next since his primary concern was getting contact information and what we had to show ownership. (I had book and page number for final account.) He did not seem like he had a lot of time to answer questions and I didn't ask any. Was completely unaware of the class action suit. He quoted an amount. It's not petty cash. After looking at the list of wells upthread, I found another well we had interest in, the Kelly B. It's listed three times. Two say "minimum" and one is a pretty small decimal compared to the Anthony. If they have started at with the A's and are working down the list, it's probably going to take awhile.