Drill Deeper

Drill Deeper

News and Updates on Oil & Gas Legal Issues

Tag Archives: Texas Supreme Court

Can Parties Form an Enforceable Contract to Sell Assets Based on Exchanged Emails When the Bid Procedure Required a Purchase and Sale Agreement? Texas Court of Appeals says Maybe

Posted in Transactions
A recent Texas case highlights the importance of making clear which agreements are binding and which are not.  In Le Norman Operating LLC v. Chalker Energy Partners III, LLC, No. 01-15-01099-CV, 2017 WL 4366265 (Tex. App. Oct. 3, 2017), a group of sellers of oil and gas interests closed a transaction with Jones Energy to… Continue Reading

Noble Energy Gets More Than It Bargained For in Bankruptcy Purchase

Posted in Bankruptcy
A recent case from the Texas Supreme Court emphasizes the importance of doing due diligence before purchasing assets from a debtor in bankruptcy. The case, Noble Energy, Inc. v. ConocoPhillips Company, held that Noble, through its predecessor and without realizing it, purchased a $63 million liability when, in addition to purchasing the bankrupt entity’s assets,… Continue Reading