Private citizens with knowledge of bid rigging, underpayment of royalties or other obligations under oil and gas leases with the United States or state governments may be awarded up to 25% of the money recovered under the False Claims Act or similar state laws. In addition, private citizens may be entitled to 10% - 30% of recoveries over One Million Dollars under the Securities and Exchange Commission Act, if publicly traded oil and gas companies materially overstate their reserves or understate or fail to disclose their liabilities.
BID RIGGING may occur when oil and gas companies agree on how much they will bid, agree not to bid, or exchange information about their plans to bid on oil and gas leases.
LEASE UNDERPAYMENT occurs when companies do not pay royalty on all of the production required by the oil and gas leases or if they deduct costs that they are not entitled to deduct.
INACCURATE DISCLOSURES include understatement of oil and gas reserves or failure to properly disclose operating costs or liabilities.
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