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COASTAL PETROLEUM CO. v. MOBIL OIL CORP.

No. NN-119.

378 So.2d 336 (1980)

COASTAL PETROLEUM COMPANY, Appellant, v. MOBIL OIL CORPORATION, Appellee.

District Court of Appeal of Florida, First District.

January 11, 1980.

Attorney(s) appearing for the Case

Robert J. Angerer, Joseph C. Jacobs of Ervin, Varn, Jacobs, Odom & Kitchen, Tallahassee, C. Dean Reasoner of Reasoner, Davis & Vinson, Washington, D.C., for appellant.

Julian D. Clarkson, Tampa, Hume F. Coleman and F. Alan Cummings of Holland & Knight, Tallahassee, for appellee.

SHIVERS, Judge.

Coastal is the lessee from the State of Florida of three state drilling leases covering some four million acres of sovereign land. On December 16, 1964, Mobil and Coastal entered into a letter agreement which provided a method by which Mobil could earn an undivided one half interest in Coastal leases. Essentially, Mobil could earn this interest if it spent ten million dollars on the leases or if it drilled 102,000 feet of hole on the subject property...

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