Texas Court Nixes $1.7M Exxon Award In Lease Row

Law360, New York (July 7, 2011, 5:50 PM EDT) -- A Texas appeals court on Thursday overturned a $1.7 million win for Exxon Mobil Corp. in a contract suit over a leased-out oil well, saying the amount will have to be recalculated.

The oil giant, which won the money in a default judgment against Milestone Operating Inc., must offer evidence that the calculation is correct, Texas' 14th Court of Appeals ruled.

“We hold that the evidence was legally insufficient to support the trial court's damage award,” the opinion said.

Although a setback for Exxon, the default...
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