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Texas Supreme Court Holds that References to “One-Eighth” in Old Oil and Gas Conveyances Presumptively Refer to the Entire Mineral Estate

The Energy Law

In the 1920s—the time the deed at issue was executed—lessors commonly reserved a one-eighth royalty interest when they executed oil and gas leases. Texas courts refer to this phenomenon as the “estate-misconception” theory. Dawkins , 483 S.W.3d Element Petroleum Props., 11-21-00103-CV (Tex. Eastland June 1, 2021).

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Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., to Acquire Sitio Royalties Corp. in All-Equity Transaction; Increases Base Dividend

Oil & Gas 360º

existing net DUCs and permits with an average lateral length of ~9,500 feet PRO FORMA HIGHLIGHTS Approximately 85,700 net royalty acres in the Permian Basin; ~43% operated by Diamondback Pro forma Viper owns an average 1.8% For more information, please visit www.viperenergy.com. About Sitio Royalties Corp.

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Texas Supreme Court Rules on Modification of NPRIs

Producer's Edge

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.

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Louisiana Second Circuit Finds Holder of Mortgage Encumbering a Mineral Lease Solidarily Liable with Mineral Lessees for Damages Under the Louisiana Mineral Code

The Energy Law

10] First, the mortgagee claimed that the trial court erred in its conclusion that the mortgagee was assigned a portion of the working interest in the Lease because the mortgage only granted the mortgagee a security interest in the Lease. [11] Tauren immediately assigned a portion of the overriding royalty interest to Wells Fargo.”

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EPA and BSEE Team Up to Resolve Offshore Environmental Violations

The Energy Law

Recently, when there was talk about Houston-based ATP Oil and Gas’ (ATP) legal problems, it was inevitably about its bankruptcy and its effort to bring the overriding royalty interests it had conveyed back into the bankrupt estate as debt instruments. The consent decree neither defines the term “responsible corporate official.”

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Emerging on the Other Side of the Coronavirus Pandemic: Raising Structured Capital for Small and Mid-Size Businesses

The Energy Law

This article briefly describes four structured capital raising techniques that may be available to meet those needs: (1) convertible debt instruments; (2) convertible or non-convertible preferred equity instruments; (3) preferred limited partnership interests; and (4) debt instruments issued with “equity kickers”.