Petro Settles Oil Well Dispute With EPL For $3.8M

Law360, New York (November 22, 2010, 4:35 PM EST) -- Petro Ventures Inc. has agreed to pay just over $3.8 million and take up liability for a damaged offshore well in a multifaceted dispute with Energy Partners Ltd. over a farm-out contract on oil leases off the shore of Louisiana.

The case was originally set to go to trial Monday, but the companies reached a consent judgment Friday in the U.S. District Court for the Eastern District of Louisiana that calls for Petro to make the payment on the farm-out agreement, which had a balance of...
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