Energy Co. Execs Blocked From Foreclosing On Oil Interests

Law360, Dallas (November 26, 2012, 8:51 PM EST) -- A Texas state judge on Monday blocked three directors of Sun River Energy Inc. from foreclosing on a note that would give them the oil and gas rights to 260,000 acres of land in New Mexico, saying shareholders were at risk of losing all Sun River’s assets if the deal went through.

Dallas County District Court Judge Dale B. Tillery said shareholders faced the risk of irreparable harm if Sun River's CEO Donal R. Schmidt Jr., Chief Operating Officer Thimothy Wafford and former general counsel James Pennington were able to foreclose on the unpaid note, which assigns them mineral rights to...

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