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.

Representatives for the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.