TXCO Sues Delta Petroleum Over Oil Leases

Law360, New York (November 24, 2009, 4:31 PM EST) -- Bankrupt oil company TXCO Resources Inc. has filed suit against Delta Petroleum Co. and predecessor Castle Exploration Co. Inc., claiming they forfeited their rights to two oil and gas leases and must transfer those rights to TXCO.

TXCO filed an adversary complaint on Monday in the U.S. Bankruptcy Court for the Western District of Texas, seeking declaratory judgment, an order compelling assignment of Castle's and Delta's interest in the leases, and attorneys' fees.

TXCO and Castle in 1999 executed a letter agreement under which Castle agreed...
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