Sellers Ask Texas Justices To End Fight In $230M Energy Deal

Law360 (December 4, 2019, 9:46 PM EST) -- Texas Supreme Court justices questioned whether Texas Panhandle oil and gas owners accused of breaching a deal to sell their assets could be bound by anything less formal than a final sale agreement or if they were free to reject a $230 million offer and strike a deal with a another bidder.

At issue in the case is what constitutes a "definitive agreement" — the term used in a confidentiality agreement between scorned buyer Le Norman Operating LLC and the sellers — Chalker Energy Partners III LLC; Raptor Petroleum LLC and affiliated parties; and R. Byron Roach Trustee LLC and Russell...

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