Texas Court Revives Suit Seeking Half Of Plains' $83M Award

Law360, Houston (June 20, 2013, 7:11 PM EDT) -- A Texas appeals court said Thursday that an unclear contract could mean Plains Exploration & Production Co. has to cough up half of an $83 million judgment tied to oil and gas leases it purchased from Torch Energy Advisors Inc.

The First District Court of Appeals ruled that Torch’s sales contract with Plains is ambiguous as to whether or not Torch conveyed its right to a prospective litigation recovery against the federal government for a refund of bonus payments made on the leases, reversing a trial...
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