Producer’s Edge
TEXAS OIL AND GAS LAW BULLETIN
Assignments of oil and gas leases often consist of broad and abstract granting clause in the body, which then points to an exhibit for a listing of the specific interests being assigned, and it is not uncommon for...
The Texas Supreme Court heard oral arguments last week in a case that could substantially clarify, or even fundamentally reshape, the characterization and ownership of underground storage rights in Texas.
The Texas Business Courts will potentially impact a wide range of cases, from high-value contract disputes to intricate corporate governance issues.
To many oil and gas lawyers the COPAS accounting procedure is sometimes an afterthought. But, in the context of JOA disputes, whether or not directly involving accounting issues, the COPAS procedure can have a critical impacts.
In this case, the Texas Supreme Court affirmed the Railroad Commission’s rejection of 16 applications to force pool a narrow winding tract of riverbed minerals with neighboring horizontal wells pursuant to the Texas Mineral Interest Pooling Act (“MIPA”).
What happens when language in the body of an assignment of oil and gas interests conflicts with descriptions in the exhibits? Can limitations in the exhibit, such as depth references, supersede the operative granting language in the body of an agreement?
Purchase and sale transactions often progress through several stages of instruments, like layers of an onion, before they reach the final definitive purchase agreement, and perhaps even more layers before they reach the final assignment and post-closing items.
A security interest, under Texas’ version of the Uniform Commercial Code (the “Texas UCC”), is an interest in personal property or fixtures which secures payment or performance of an obligation. Real property is not subject to the Texas UCC.
Following the Texas Supreme Court’s ruling in Van Dyke v. Navigator Group that courts interpreting “antiquated instruments” that use 1/8 within a double fraction must begin with the rebuttable presumption that 1/8 refers to the entire mineral estate, Texas courts have wrestled with its implications.
Producer’s Edge, Volume 6, Issue 2, brings you regulatory developments, and industry trends tailored for the oil and gas sector.
