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You Sold Your Interest in the Contract Area. Are You Still Liable? |
April 3, 2008
Previously published on February 2008
Uncertain about liabilities under your operating agreement? You should be. The decision by the Texas Supreme Court in Seagull Energy v. Eland Energy, (Tex. 2006) continues to resonate through the industry. In essence, it held that a working interest owner continues to be liable under the operating agreement even after it no longer owns an interest in the Contract Area.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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