The proposed Settlement provides monetary relief for Settlement Class Members relating to the calculation, payment, and/or reporting of coalbed methane gas royalty payments made during the Class Period by EQT.
Under the Settlement, EQT will make a payment to the Settlement Class of $300,000. The payment will be distributed among the Class Members on a pro-rata basis, net of Court-awarded attorneys’ expenses and administrative costs, and in accordance with the Settlement Agreement’s Plan of Distribution.
In exchange for the benefits received by the Class, EQT will be released from claims the Settlement Class Members may have against EQT based on the deduction of severance taxes, and the prices on which EQT based royalty payments, in accordance with the Settlement Agreement. The settlement does not include claims relating to other deductions taken from royalty payments or alleged late or delayed payments into escrow. The release would extend to EQT and those having a working interest in its wells (including Range Resources-Pine Mountain, Inc.) and their parents, present and former subsidiaries and affiliated entities, and their predecessors, successors and assigns, and each of their present, former, and future officers, directors, employees, agents, successors, assigns, attorneys, and legal representatives.
The Settlement affects only EQT-related entities and does not affect how any other non-EQT related entity calculates and/or pays royalties. The Settlement does not affect any other case pending in the Western District of Virginia concerning the payment of coalbed methane royalties.