We are pleased to announce a proposed settlement of this case. Under the proposed settlement, Defendants shall cause full, complete and unencumbered ownership of Sanchez Resources LLC (“Resources”) to be transferred to Sanchez Energy Corporation (“Sanchez Energy” or the “Company”), with Resources to be held as a wholly owned subsidiary of Sanchez Energy. In addition, Defendants shall pay or cause to be paid $11,750,000 into an escrow account which, after deduction of any taxes and any attorneys’ fees and expenses awarded by the Court, will be paid to Sanchez Energy. Defendants will also cause certain royalty interests on assets within the Tuscaloosa Marine Shale to be transferred to Sanchez Energy.
The settlement was reached after extensive negotiations, including several mediation sessions before Robert A. Meyer, Esq. of JAMS.
The proposed settlement is subject to court approval. For additional information and to view the Stipulation of Settlement and Notice of Pendency and Proposed Settlement of Stockholder Derivative Action, click here.
The Court has scheduled the Settlement Hearing for November 6, 2017 at 1:00 p.m., Eastern Time, at the Sussex County Courthouse, 34 The Circle, Georgetown, Delaware 19947.