LL&E Royalty Trust Announces Update of Legal Action

TROY, MI / ACCESSWIRE / December 17, 2015 / On July 14, 2015, the LL&E Royalty Trust (the “Trust” and “Plaintiff”), with Roger D. Parsons as Trustee, received notice from the United States District Court, Eastern District of Michigan, Southern Division (the “Court”) of its Opinion and Order in regards to the action brought against Quantum Resources Management, LLC; QR Energy, LP and QRE Operating, LLC (the “Defendants”).

The Court, with Judge Honorable George Caram Steeh presiding, issued an Opinion and Order granting Defendants’ Motion to Dismiss and allowing Plaintiff 30 days to file amended complaint.

The Trust elected to not file an amended complaint in the United States District Court and subsequently proceeded with filing a Complaint in the State of Michigan in the Circuit Court for the County of Oakland Business Court.

On November 25, 2015, Circuit Court Judge Honorable James M Alexander granted the Defendants’ Motion to Dismiss the Trust’s Business Court Complaint.

Additionally, on August 24, 2015, QRE Operating, LLC filed action in the State of Texas, County of Harris for Declaratory Judgement, pursuant to the Texas Uniform Declaratory Judgment Act, Chapter 37 of the Texas Civil Practice and Remedies Code, for the purposes of determining questions of actual controversy between the parties and construing the rights and obligations arising from the Conveyance of Overriding Royalty Interests to which Quantum and the Trust are parties.

The action in the State of Texas is still pending.

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include all statements included in this press release regarding the amount of any future net revenues attributable to the Trust’s interests. Any investment in LL&E Royalty Trust Units is subject to all of the risks described in the Trust’s periodic and current reports filed with the Securities and Exchange Commission, including the risks described under the caption “Risk Factors” in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2010, filed with the SEC on August 19, 2011. The Trust’s annual, quarterly and other filed reports are available over the Internet at the SEC’s web site at http://www.sec.gov.

SOURCE: LL&E Royalty Trust

ReleaseID: 434883