ILYM Group: Jay-Bee Production Company; JB Exploration I, LLC; and BB Land, LLC, among others, agree to proposed settlement with oil and gas owners on royalty deduction claims.

WHEELING, W.Va., Aug. 28, 2024 /PRNewswire/ -- Jay-Bee Production Company, JB Exploration I, LLC, BB Land LLC, and other entities and individuals ("Jay-Bee") have reached a proposed settlement with their oil and gas royalty owners who are part of a class action lawsuit, Brenda Lee Hopper and Judith Ash-Young, et al. v. Jay-Bee Oil & Gas, Inc. et al. in the United States District Court for the Northern District of West Virginia, before The Honorable Judge John Preston Bailey, Case No. 5:20-cv-101 (consolidated with 5:20-cv-110). The proposed settlement covers claims for alleged improper royalty deductions for the class period, which spans from 2010 to 2023. Jay-Bee denies the claims in the lawsuit but has agreed to the settlement to resolve the dispute and avoid additional litigation. The Court has granted preliminary approval of the settlement and scheduled a hearing for final approval on December 12, 2024. The date and time for the fairness hearing is subject to change. If that occurs, the new date and time for the hearing will be listed on www.Jay-BeeClassAction.com, along with additional information regarding the settlement.

Under the settlement, Jay-Bee has agreed to pay up to $42.6 million into a settlement fund established to disburse payments to participating class members. The class includes all person and entities, including their respective successors and assigns, who, since May 21, 2010, through December 31, 2023, were paid or due royalties from Jay-Bee, under certain West Virginia oil and gas leases, excluding publicly traded oil and gas exploration companies and leases subject to binding arbitration provisions. Under the settlement, Jay-Bee has agreed to stop charging post-production expenses under certain leases determined by the Court to not allow post-production expenses to be charged to royalty owners. On other leases, as determined by the Court, Jay-Bee will be allowed to charge royalty owners specified post-production expenses consistent with the language of the lease. For any improper deductions charged in 2024, Jay-Bee will refund these deductions directly to royalty owners, with interest.

The settlement is subject to final Court approval and achieving a threshold minimum percentage of participation by the class members.  The publication notice accompanying this press release has further details regarding the settlement.

For more information:

Call: 1-844-744-8424      Visit: www.Jay-BeeClassAction.com

LEGAL NOTICE

If You Were a Royalty Owner and Received or Were Owed a Payment from
Jay-Bee Production Company; JB Exploration I, LLC; and/or BB Land, LLC
Beginning May 21, 2010 for a West Virginia Natural Gas Well,
You Could Benefit from a Class Action Settlement.

A Settlement has been reached with several defendants including Jay-Bee Production Company; JB Exploration I, LLC; BB Land, LLC, and other entities and individuals (together called the "Jay-Bee Defendants") over royalty payments on gas leases in West Virginia.

Are you included in the Settlement?

 Your Jay-Bee Lease may be included if:

• Your lease is on land in West Virginia,
• You owned a royalty interest for this lease anytime from May 21, 2010 to December 31, 2023,
• Gas was produced on the leased land anytime between May 21, 2010 and December 31, 2023,
• You received or are due royalty payments under this lease from the Jay-Bee Defendants, and
• Your lease does not contain a clause requiring all disputes to be resolved by arbitration.

What Does the Settlement Provide?

A Settlement Fund totaling approximately $42.6 million will be established by the Jay-Bee Defendants. After deducting court-approved attorneys' fees and expenses, Settlement Payments will be distributed to eligible Class Members. Going forward, the Class Representatives and Jay-Bee Defendants have agreed as part of the Settlement to new methods to calculate royalties on certain leases.

More details on the Settlement and the methods for calculating royalties in the future are included in the Settlement Agreement and detailed notice, which are available at www.Jay-BeeClassAction.com, or you can call the Settlement Administrator at 1-844-744-8424 with any questions.

How much money can you get?

The amount of your Settlement Payment will be based on:

• The production and sale of the natural gas from wells and leases which you had an interest in during the class period May 21, 2010 and December 31, 2023,
• The percentage ownership that you may own in the wells, and
• The amount of any deductions determined by the Court to have been improperly taken from your royalties, less attorneys' fees, litigation costs and incentive awards.

Eligible Class Members will receive a minimum payment of $200.

What Are Your Options?

If you do not want to be legally bound by the Settlement and release your claims against the Jay-Bee Defendants, you can exclude yourself from the Settlement by notifying the Settlement Administrator in writing prior to October 18, 2024. If you do not exclude yourself, you may object in writing to the Settlement by October 18, 2024. More information on the steps you need to take if you do not want to be legally bound by the Settlement is available at www.Jay-BeeClassAction.com. If you do nothing, you will remain in the Class and be bound by the Settlement.

The Court will hold a hearing on December 12, 2024, to consider approving the Settlement. Attorneys representing the Class will request up to one-third of the Settlement Fund to be awarded as attorneys' fees, plus the costs of litigation, both of which would be deducted from the Settlement Payments before distributing the rest to Class Members. Please note that the attorneys' fees and litigation costs are deducted proportionally from each Class Member's Settlement Payment. You and your own lawyer can appear and speak at the hearing after providing proper notice, but you are not required to do so.

This notice is a summary, to get more information:
Call: 1-844-744-8424      Visit: www.Jay-BeeClassAction.com

SOURCE ILYM Group, Inc.