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BRIEF: Judge Orders Energy Company to Pay $126M
Wednesday, January 14, 2009 9:53 AM


(Source: The Daily Oklahoman)trackingBy Randy Ellis, The Oklahoman, Oklahoma City

Jan. 14--TULSA -- A Tulsa County district judge last week nearly doubled a jury award and ordered an energy company to pay Beckham County royalty owners more than $126 million in a lawsuit over uncompensated natural gas wells and lost profits.

Tulsa-based Helmerich & Payne was listed as the defendant in the lawsuit, but company officials said they believe Denver-based Cimarex Energy Co. will be responsible for paying damages. Cimarex assumed all assets and liabilities for Helmerich & Payne's exploration and production business when it was spun off from the company in 2002, they said.

The judgment will be appealed, Cimarex officials indicated.

A jury last November recommended that royalty owners be awarded about $68.5 million. However, Tulsa County District Judge P. Thomas Thornbrugh nearly doubled that award last week, indicating the jury had under-calculated the amount of interest and profits the energy company had made.

H. B. Krug, Kathryn Krug and Bobbie Ruth Eubanks were listed as plaintiffs in the lawsuit, which was filed in 1998.

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Copyright (c) 2009, The Oklahoman, Oklahoma City

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