News & Analysis as of

Purchase Agreement Contract Terms Oil & Gas

Gray Reed

An Asset is an “Asset” Whether or Not BOEM Consents

Gray Reed on

The negotiators and scriveners of the purchase and sale agreement in Matter of PetroQuest Energy, Incorporated would have been well served to have considered all the potential ramifications, however remote, flowing from the...more

Gray Reed

Busted Land Transaction Violated the Statute of Frauds

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In the Estate of Terry Banta presents yet another purported Texas land transaction doomed because of disregard for the Statute of Frauds. Terry Banta and the Herriotts entered into an oral agreement for the Herriotts to...more

Orrick - Antitrust Watch

Merger Non-Compete Clauses – Be Lawful or Be Gone

Non-compete clauses are commonly included in M&A agreements. Although generally recognized as lawful, non-competes must fulfill certain requirements to comply with antitrust and competition laws. A recent FTC enforcement...more

Gray Reed

A Twist in Oil Patch Arbitration

Gray Reed on

Would you trust your $12 million arbitration to accountants rather than lawyers? Sometimes it makes sense. In Order_Apache v. YPF SA, delegating an accounting dispute to accountants was right. The problem was in the...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Identifying and Addressing Environmental Issues in Petroleum Marketing Agreements (“Presentation”)

The Arkansas Oil Marketers Association Environmental Workshop was held on August 30th in Little Rock. I undertook a presentation titled: Identifying and Addressing Environmental Issues in Petroleum Marketing...more

Gray Reed

Texas Supreme Court Dabbles in Bankruptcy Law

Gray Reed on

Noble Energy Inc. v. ConocoPhillips Company, a 6-to-3 Texas Supreme Court decision, is a reminder of two things: How parties to a property transaction describe what’s being acquired and what’s being left behind can have...more

Jones Day

Japanese Report: LNG Sale and Purchase Agreement Destination Restrictions Likely Anticompetitive

Jones Day on

On June 28, 2017, the Japan Fair Trade Commission ("JFTC") published a report based on a survey conducted from July 2016 to May 2017 ("Report"), concluding that destination restrictions provided in liquefied natural gas...more

Gray Reed

TXO v. Vela Remembered in a Gas Royalty Case

Gray Reed on

Westport Oil & Gas Company, L.P. v. Mecom et al. presented this question: Was the lease royalty based on a gas purchase agreement formula or on the royalty clauses’s market value at the well provision? Spoiler alert:...more

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