ConocoPhillips Sued Over Unpaid Oil Lease Revenues

Law360, New York (August 5, 2011, 8:12 PM EDT) -- ConocoPhillips Co. was hit with a breach of contract lawsuit Friday in Texas court accusing the oil giant of failing to pay revenues owed on several gas leases acquired by MSB Energy Inc. from bankrupt Reichmann Petroleum Corp.

MSB bought the leases from Reichmann after the company's Chapter 11 reorganization plan was confirmed by a Texas bankruptcy court in May 2008, according to a complaint filed by Baytex Credit Corp., which bought the rights to sue Conoco over the leases in March as part of MSB's...
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