Foreign Cos. Can Escape ERG Suit, Texas High Court Says
By Michelle Casady (June 17, 2016, 5:41 PM EDT) -- The Texas Supreme Court on Friday upheld a ruling that courts in the Lone Star state lacked jurisdiction to hear oil and gas operator ERG Resources' claims that a Canadian rival and its Bermudian affiliate derailed a $45 million acquisition agreement.
ERG had argued that when Parex Resources Inc. and Parex Resources (Bermuda) Ltd. emailed and called Texas-based Nabors Industries — allegedly to usurp ERG's purchase of Nabors' subsidiary Ramshorn International Ltd. — the Parex companies fell under Texas jurisdiction. They should not have been cut loose from a suit over ERG's failed bid to purchase Ramshorn from Nabors, ERG contended....
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