Chevron Holds On To $50M Oil Lease In East Texas

Law360, New York (August 30, 2010, 1:02 PM EDT) -- A federal judge has sided with Chevron USA Inc. in a suit brought by PEC Minerals LP over the rights to a 2,400-acre chunk of an eastern Texas oil and gas lease worth more than $50 million.

Judge Michael Schneider of the U.S. District Court for the Eastern District of Texas ruled Friday that six units that are part of a PEC-owned oil and gas lease could remain in the hands of Chevron, the lessee, even though the units were not producing.

Production of oil, mineral...
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