Appeals Court Reverses On Interest In Oil Wells

Law360, New York (August 20, 2007, 12:00 AM EDT) -- In a dispute between energy companies PetroQuest Energy LLC and Cedyco Corp. over the sale of a working interest in two Louisiana oil wells, an appeals court on Friday reversed a lower court's ruling, rendering judgment in favor of PetroQuest.

The appeals court ruled that PetroQuest had not in fact breached a contract to sell the two oil wells to Cedyco, since the sale required consent from ExxonMobil Corp. that could not be delivered. The ruling reversed a district court's grant of summary judgment and damages...
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