Bulgarian Gas Investor Seeks Upset Of $67M Damages Verdict

Law360, Dallas (September 11, 2013, 3:46 PM EDT) -- An energy investor who pulled out of a Bulgarian gas-field venture asked the Texas Supreme Court on Wednesday to reverse an appellate court ruling awarding Carlton Energy Group LLC $66.5 million in damages, saying the jury’s market value calculation is too speculative.

Investor Gene E. Phillips and his Phillips Oil Interests LLC and EurEnergy Resources Corp. said in oral arguments that there’s no proof he breached an agreement to buy a minority stake in the gas project and that the jury’s damages award is based on...
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