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When Contract Language Costs Millions: Court Strikes Down Post-Closing Assignment 'Corrections'

Producer's Edge

The court concluded that the underlying sales contracts did not require the seller to assign any particular percentage of its extra working interest, rendering the attempted post-closing corrections ineffective. The sales contracts addressed this extra up-to-5% interest through Section 8.1(iii),

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Who Owns the Void? Oral Arguments at SCOTX Regarding Underground Storage Rights

Producer's Edge

The deed severed the mineral estate from the surface estate, with Myers-Woodward LLC (“Myers”) now owning the surface estate and a 1/8th non-participating royalty interest in minerals. As I recently summarized in my annual oil and gas law review (Austin W. In  Humble Oil & Refining Co.

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Who Owns the Empty Space? Texas Supreme Court Affirms Surface Ownership of Salt Caverns in Landmark Ruling

Producer's Edge

In 1947, Myers-Woodward's predecessors retained the surface estate but conveyed the mineral estate to Underground Services Markham's (USM) predecessor through a mineral deed that included "all of the said oil, gas and other minerals in, on and under said land." " • In Lightning Oil Co. West, 508 S.W.2d

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