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ADVERTISEMENT Texas Panel Says Apache Lease Interest Can Be Reformed Law360 (June 28, 2021, 7:44 PM EDT) -- The overriding royalty interests on Apache Corp. oil and gas leases can be reformed to comply with the state's rule against perpetuities, a Texas appellate panel said, but it tasked a trial court with hashing out the proper way to do so based on the intentions of the creator of the agreement. In a unanimous opinion on Friday, the Seventh Court of Appeals in Amarillo agreed with the group of Texas Panhandle interest holders, led by Tommy Yowell, that it is possible to reform the ove...

In Apache Corp. v. Hill, et al.,  lessors prevailed in a lease construction dispute because of the court’s unsurprising conclusion that a typewritten addendum to oil and gas leases superseded conflicting provisions in the printed forms. Background Several lessors executed identical oil and gas leases with Apache’s predecessor-in-interest covering 207.62 acres in Brazos County, Texas. Three lease provisions were at issue: Paragraph 9 of the printed form gave Apache the right to release any part of the leased acreage at any time, but they had to provide the lessors with a copy of the rele...

ExxonMobil says a 9 billion barrel oilfield off the low-lying South American nation’s coast could soon outpace Permian production.

Check out the latest E&P and drilling highlights from around the world. 

ADVERTISEMENT Oil Co. Asks Texas Justices To Revisit Apache Arbitration Row Law360 (May 27, 2021, 5:13 PM EDT) -- A Fort Worth, Texas, oil and gas company wants the state Supreme Court to reconsider its April ruling that Apache Corp. can arbitrate a dispute over $15 million in attorney fees and settlement costs related to third-party lawsuits, arguing the court's decision "rewrote" the companies' arbitration agreement. Wagner Oil Co. petitioned the Texas Supreme Court on Wednesday to revisit its 8-0 ruling that an arbitration clause carveout in the company's purchase deal with Apache for $...