On August 16, 2017, C&T announced a proposed settlement of this case. Under the proposed settlement, Defendants will 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 agreed to 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.
On November 6, 2017, the Delaware Court of Chancery entered an Order and Judgment approving the Settlement. For additional information and to view the Stipulation of Settlement and Notice of Pendency And Proposed Settlement of Stockholder Derivative Action, click here.