[Download] "Resolute Ins. Co. v. Percy Jones Inc." by United States Court of Appeals Tenth Circuit * eBook PDF Kindle ePub Free
eBook details
- Title: Resolute Ins. Co. v. Percy Jones Inc.
- Author : United States Court of Appeals Tenth Circuit
- Release Date : January 04, 1952
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 59 KB
Description
This was an action for the partial cancellation of an oil and gas lease given by appellants to one R. T. Harber and by him assigned to appellees, F. E. Harper and Roy J. Turner, on the ground of failing to diligently develop and operate the leased premises.The lease was dated July 27, 1947, and covered the Northwest Quarter (NW 1/4) of Section Eight (8), Township Fourteen (14), North Range Two (2), West I.M., located in Oklahoma County, Oklahoma. On October 31, 1943, appellees, other than the Liberty National Bank and Trust Company of Oklahoma, completed Gregg No. 1 oil well in the center of the Southeast 40 acres of the tract. On August 29, 1947, after repeated demands, the same appellees completed the drilling of Gregg No. 2 on the Southwest Quarter of the tract in question. This well, while making some oil, was abandoned as a dry hole on September 26, 1947. No further drilling operations have been undertaken on the leased premises. Upon proceedings instituted by appellees, the Corporation Commission of Oklahoma unitized what is known as the East Edmond Bartlesville Unit November 15, 1948. The Southeast Quarter of the leased premises, on which Gregg No. 1 was located, was taken into the unit but the remaining 120 acres were excluded therefrom. The primary term of the lease expired July 27, 1949. Repeated demands, both oral and written, were made upon appellees thereafter for development on the undeveloped portion of the tract, all of which were refused on the ground that in view of the dry hole on the Southwest Quarter of the tract and in view of the thickness of the sand under the Gregg No. 1, they did not believe that they were justified in risking the cost of drilling a well on either of the North 40 acres of the North half of the tract.