2002 Casing Mechanic 
Producer's Edge
APRIL 30, 2025
The Case In this recent case, the Texas Supreme Court resolved whether ratification of a lease or signing of a stipulation agreement could transform a fixed non-participating royalty interest (NPRI) into a floating NPRI. In short, the court held that mere ratification of a lease does not alter a fixed NPRI.
The Energy Law
MARCH 25, 2020
In such cases, hedge counterparties may increase calls for margin and collateral posting both in frequency and amount. In the 2002 ISDA Master Agreement this concept appears in the “force majeure” termination event, and in the 1992 ISDA Master Agreement it is often adopted as an “impossibility” additional termination event.
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