Energy Co. Can't Revive Suit Over Failed Lease Sale

Law360, Houston (November 28, 2012, 7:50 PM EST) -- A Texas appeals court on Wednesday denied a bid by an oil and gas company to restore its suit against EOG Resources Inc. over a failed mineral lease purchase, ruling that the agreement’s terms allowed EOG to back out.

The Fifth Court of Appeals held that language in signed bank drafts relating to four mineral leases EOG had intended to acquire from Green Meadow Oil & Gas Corp. gave EOG the “absolute right” to cancel the deal.

“For numerous reasons, EOG did not approve title,” the...
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