Oil and Gas Royalties

Austin, TX: (Oct-22-07) A class action lawsuit was brought against Pioneer Natural Resources USA, Inc. by plaintiffs who were royalty owners in oil and gas properties located in the Hugoton field. The properties are owned by Pioneer USA, a subsidiary of Pioneer Natural Resources Company. The lawsuit claimed that a predecessor company to Pioneer USA asserted various claims relating to alleged improper deductions in the calculation of royalties.

As part of a settlement reached, Pioneer USA has made two installment cash payments to settle the plaintiffs' claims with respect to production occurring on and before December 31, 2005. Records show that the settlement was over the $1 million mark. A fund was set up to disburse the money to shareholders. Royalty income from the Hugoton Properties totaled $1,471,645, which includes a reimbursement of $1,096,630, including interest of $110,492 from the previously withheld amounts pertaining to the settlement. [BUSINESS WIRE: OIL GAS ROYALTY]

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