Oil, Gas Interest Owners Bring Class Suit Over Sale Proceeds

Law360, New York (May 11, 2016, 3:01 PM EDT) -- Several Texas oil and gas companies were hit with a proposed class action in federal court Tuesday accusing them of cheating the owners of certain mineral interests out of millions of dollars by falsely claiming ownership rights.

The complaint accuses ELP2 Minerals Ltd., 1893 Oil & Gas Ltd. and related companies and executives of violating the Racketeer Influenced and Corrupt Organizations Act by scheming to score oil and gas proceeds from a tract of land in Live Oak County, Texas, that were owed to Verde Minerals LLC and other interest owners.

"Defendants' actions reveal their firmly held belief that family wealth,...

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