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HONDO OIL & GAS CO. v. PAN AMERICAN PETROLEUM CORP.

No. 7241.

387 P.2d 342 (1963)

73 N.M. 241

HONDO OIL & GAS COMPANY, Western Development Company of Delaware, Yates Brothers and Yates Petroleum Corporation, Plaintiffs-Appellants, v. PAN AMERICAN PETROLEUM CORPORATION, Defendant-Appellee.

Supreme Court of New Mexico.

November 25, 1963.

Attorney(s) appearing for the Case

Losee & Stewart, Artesia, James T. Jennings, Roger L. Copple, Roswell, for appellants.

Atwood & Malone, Roswell, for appellee.

MOISE, Justice.

On May 22, 1952, the parties hereto entered into a master agreement whereby defendant-appellee was granted the exclusive right for a period of six months to conduct geophysical explorations on some 20,000 acres of leases owned by plaintiffs-appellants. The master agreement provided that within 60 days after the expiration of the 6-month exploration period, the defendant had a right to select 3 blocks of acreage...

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