Denbury Sues Lloyd's To Recoup $52M In Oil Well Losses

Law360, New York (November 15, 2012, 3:23 PM EST) -- Lloyd’s of London must cover $52 million in pollution cleanup and other costs that Denbury Resources Inc. incurred after discovering a series of wells it had purchased rights to were improperly sealed by a previous owner, Denbury claims in a suit removed to Texas federal court Monday.

The suit alleges Lloyd’s is obligated under an energy exploration and development insurance policy to indemnify Denbury for losses from operations in Yazoo County, Miss., where the oil and gas company purchased a number of leases only to discover...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.