Hanwha Unit Launches Fraud Suit Over $240M Oil Project

Law360, Houston (July 31, 2013, 4:21 PM EDT) -- A Hanwha Corp. subsidiary hit a Houston-based oil and gas operator with a suit in Texas court on Tuesday, alleging it was conned into partnering with the company to develop wells supposedly valued at $240 million, only to discover they are worth significantly less.

Hanwha Resources (USA) Corp. says it signed on four years ago with O'Ryan Oil & Gas to invest more than $30 million in prospects located in Northeast Texas that have yet to produce promised returns because the operator obscured hurdles to development...
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