Energy Cos. Pay $12M To End Suit Over Mineral Purchase Pact

Law360, Houston (October 31, 2012, 9:48 PM EDT) -- A Texas appeals court on Monday dismissed an appeal by EXCO Operating Co. LP and BG US Production Co. LLC, after they reached a $12.1 million settlement in Cubic Energy Inc.'s suit claiming they refused to honor a mineral interest purchase agreement.

According to a filing with the U.S. Securities Exchange Commission, EXCO and BG will pay $3 million in cash directly to Cubic, and another $9.1 million will be applied to the company's revolving credit facility with Wells Fargo Energy Capital Inc.

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