Presidio Petroleum Faces Legal Action – If you’ve received late royalty payments from oil and gas production in Oklahoma tied to Presidio Petroleum, you might have money coming your way — without having to lift a finger. That’s right. Presidio Petroleum is facing a class action lawsuit settlement worth $475,000, and eligible folks could soon see checks in their mailbox.
This legal showdown is rooted in claims that Presidio didn’t pay mandatory statutory interest when it delayed royalty payments, violating Oklahoma’s Production Revenue Standards Act (PRSA). And now, after a court-approved settlement, qualified class members are finally getting some justice.
Presidio Petroleum Faces Legal Action
| Detail | Information |
|---|---|
| Settlement Name | Broadbent v. Presidio Petroleum LLC |
| Case Number | CV-2022-15 (Roger Mills County, OK) |
| Settlement Amount | $475,000 |
| Class Period | Jan 25, 2018 – Nov 30, 2022 |
| Eligibility | Recipients of late royalty payments from Oklahoma wells |
| Issue | Statutory interest on late payments under Oklahoma PRSA |
| Payout Minimum | $5.00 (only those owed more than this will be paid) |
| Claim Required? | No, payments are automatic |
| Official Website | broadbentsettlement.com |
The Presidio Petroleum class action settlement is a reminder that small checks can come from big problems — especially when laws aren’t followed. For royalty owners, it’s a small win for accountability. For oil companies, it’s a lesson in playing by the book.
Whether you’re a seasoned landowner or just inherited some mineral rights from Grandpa Joe, this case is a good reminder to track your payments, check your records, and know your rights.
What’s This Case All About?
Presidio Petroleum got called out in a lawsuit for not paying statutory interest on delayed royalty payments. In oil and gas land, when companies pay you late for your share of oil or gas sales, they’re supposed to add interest — kind of like how a credit card company charges you interest if you don’t pay on time. But in this case, the tables turned.
According to Oklahoma’s PRSA, companies must pay interest on royalty payments if they’re late. The lawsuit — Broadbent v. Presidio Petroleum LLC — alleged that Presidio skipped this legal requirement, short-changing royalty owners across the state.
Rather than drag it out in court, Presidio settled for $475,000.
Historical Context: Why PRSA Exists
The Production Revenue Standards Act (PRSA) was enacted in Oklahoma to ensure fair and timely compensation for mineral owners. Before this, oil and gas operators could drag their feet on payments without consequences. PRSA made it clear — delay the money, pay the interest. This law protects the “little guy” in energy-rich states where mineral rights are a big deal.
This Presidio case reinforces the importance of these protections. If companies ignore PRSA, lawsuits like this one can hold them accountable.
Who’s Eligible to Get Paid?
Here’s the simple breakdown of who qualifies:
- You received a late payment for oil or gas proceeds from a Presidio-operated well in Oklahoma.
- The payment occurred between January 25, 2018, and November 30, 2022.
- That payment didn’t include statutory interest under Oklahoma law.
If you meet those points, you’re likely in the class. You don’t have to do anything to file a claim. Just sit tight, and if you’re owed more than $5, you’ll get a check in the mail.
Who’s Not Eligible?
Some people and organizations are excluded:
- Presidio and its affiliates
- Government agencies
- Publicly traded oil and gas companies
- Anyone listed in the official exclusion list of the settlement
If you’re on that list, no payout for you.
How Much Will You Get Paid From Presidio Petroleum Class Action Settlement?
The actual amount each person gets depends on how much interest Presidio should’ve paid based on the size and timing of the late payment. Here’s what goes into the calculation:
- Original payment amount
- When the payment was due vs. when it was made
- Oklahoma’s statutory interest rate at the time
If your calculated interest owed adds up to more than $5, you’ll get a check. If it’s less than that, the money stays in the settlement pool.
When Will Payments Be Made?
The final fairness hearing happened on November 14, 2023, and the court gave the green light. Payments are expected to go out sometime in 2025, though no firm date has been posted. If you haven’t moved recently and you’re eligible, you don’t need to worry — the check will find its way to your address.
If you moved or think you were missed, contact the Settlement Administrator at:
Broadbent v. Presidio Petroleum Settlement
c/o Kroll Settlement Administration LLC
P.O. Box 225391
New York, NY 10150-5391
Toll-Free: (833) 933-7643
www.broadbentsettlement.com
Why This Matters for Mineral Rights Owners?
If you’ve got mineral rights in Oklahoma and lease them out to oil companies, this case sets a big precedent. It shows that companies can’t just drag their feet on payments and ignore the interest they owe you. That’s your money — and every cent counts, especially when you’re dealing with unpredictable market swings in oil and gas.
For the oil and gas industry, this lawsuit also signals a wake-up call: follow the rules or face the consequences.
Economic Impact on Rural Oklahoma
Many royalty owners live in rural areas where these payments contribute significantly to their income. Delayed payments can disrupt cash flow for retirees, farmers, and small-town residents. When companies skip the interest, they’re taking more than just money — they’re messing with people’s livelihoods.
Settlements like this one send a message: rural communities matter, and their rights must be protected.
What Should You Do Now?
You don’t need to do a thing if you’re eligible and didn’t opt out before the October 24, 2023 deadline.
But if you want to double-check your eligibility or update your mailing info:
- Visit the official settlement site: BroadbentSettlement.com
- Call the administrator: (833) 933-7643
- Email or write using the contact info on the site
Also, if you’re not sure whether Presidio made late payments to you, check with your accountant, land manager, or mineral rights attorney. They can pull payment records to verify.
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FAQs About Presidio Petroleum Class Action Settlement
Q1: Do I need to submit a claim?
A: No. If you’re eligible and your payment is more than $5, it’ll be mailed automatically.
Q2: How do I know if I’m eligible?
A: You qualify if you got late payments from Presidio Petroleum between Jan 2018 and Nov 2022 for Oklahoma oil or gas wells and weren’t paid interest.
Q3: When will I get paid?
A: There’s no exact date yet, but payments are expected in 2025. Keep an eye on your mailbox.
Q4: What if I moved?
A: Contact the settlement administrator ASAP to update your address.
Q5: Can I still sue Presidio?
A: If you didn’t opt out by the deadline, you can’t file your own lawsuit — you’re part of the class.
Q6: What’s the legal basis for this?
A: Oklahoma’s PRSA law says oil and gas companies must pay interest on late royalty payments. That’s what this whole case hinges on.
Q7: How can I protect myself in the future?
A: Track royalty payments closely. Use royalty management software or work with a professional. Don’t let delays go unnoticed.
