Water Co. Says Centennial Sunk $150M Saltwater Well Deal
Law360 (July 1, 2020, 4:38 PM EDT) -- A Texas water management company told a Houston-area court it's the rightful recipient of $10 million in escrow funds from a busted $150 million saltwater disposal well deal with a Centennial Resource Development unit.
In a countersuit against Centennial Resource Production LLC, WaterBridge Texas Midstream LLC said Centennial's false assurances of solvency forced it to terminate the disposal well deal at the last minute. WaterBridge said in a Harris County District Court filing Tuesday it was Centennial that breached the companies' February purchase agreement, then twisted the facts of the case in an attempt to escape with $10 million.
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