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Shell Oil weighs appeal of $66M verdict

 

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KTEN.COM: Shell Oil weighs appeal of $66M verdict

Associated Press – May 17, 2008 10:25 AM ET

DUNCAN, Okla. (AP) – Shell Oil Company is considering an appeal of a $66 million verdict against the oil giant this month awarded by a Stephens County jury in a royalties payment case.

The verdict stems from a case in which five women claimed they were owed royalties that had not been paid since the early 1970s.

The royalties involved a well on a 20-acre lease between Ardmore and Duncan. The area is 1 of old production, in which more than 100 wells have been drilled.

The verdict awards the plaintiffs about $13 million for owed interest payments of about $1 million, plus interest, and $53 million in punitive damages.

A Shell spokesman said yesterday the company disagreed with the jury’s verdict and believes they have solid grounds for an appeal.

Copyright 2008 The Associated Press. All rights reserved.

http://www.kten.com/Global/story.asp?S=8339869

 

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