BHP Says Royal Blue Is Stalling $117M Oil, Gas Sale

Law360, Houston (February 21, 2014, 1:56 PM EST) -- A BHP Billiton Ltd. subsidiary launched a suit in Texas state court Thursday alleging Royal Blue Energy Inc. is refusing to complete a $117 million purchase of oil and gas leases while publicly representing that the deal already closed.

BHP Billiton Petroleum Properties (NA) LP says Royal Blue agreed to purchase hundreds of thousands of leasehold acres located in West Texas by the end of 2013, but has repeatedly pled for additional time to consolidate cash in order to finalize the transaction. BHP notes that although...
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