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

Producer's Edge

The distinguishing feature of the 24 leases at issue was that KEW owned up to an 80% working interest in them (compared to 75% in all other leases being sold). The sales contracts addressed this extra up-to-5% interest through Section 8.1(iii), Callon acquired and recorded its ownership interest in August 2017.

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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. 2017), where the Court emphasized that “the surface owner owns and controls the mass of earth undergirding the surface.”

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

Producer's Edge

2017), the Court observed that the mineral estate generally includes the right to "possess the minerals" but "do[es] not include the right to possess the specific place or space where the minerals are located." West, 508 S.W.2d 2d 812, 815 (Tex. " • In Lightning Oil Co. Anadarko E&P Onshore, LLC, 520 S.W.3d

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