ERG Sues Nabors Unit For $100M Over Failed Oil, Gas Deal

Law360, New York (March 20, 2012, 8:14 PM EDT) -- Oil and gas operator ERG Resources LLC on Tuesday hit a Nabors Industries Inc. unit with a $100 million suit claiming that it refused to close a $45 million deal that would have given ERG control over certain oil and gas interests, after Nabors allegedly received higher offers.

In a complaint filed in Texas state court, ERG says it entered into an agreement with Nabors Global Holdings II Ltd. on March 9 to buy certain shares of its Ramshorn International Inc. unit. The shares would have...
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