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TERRA RESOURCES v. FEDERATED ENERGY COM'N

No. CA-2144.

465 So.2d 127 (1985)

TERRA RESOURCES v. FEDERATED ENERGY COMMISSION.

Court of Appeal of Louisiana, Fourth Circuit.

Rehearing Denied March 27, 1985.

Writ Denied May 24, 1985.

Attorney(s) appearing for the Case

John M. McCollam, Philip N. Asprodites, Guy E. Wall, Gordon, Arata, McCollam, Stuart & Duplantis, New Orleans, for plaintiffs-appellants.

Charles D. Marshall, Jr., David N. Schell, Jr., Appeal Counsel, Milling, Benson, Woodward, Hillyer, Pierson & Miller, New Orleans, for defendant-appellee.

Before GARRISON, BARRY and LOBRANO, JJ.

BARRY, Judge.

Terra Resources Inc. sued Federated Energy Corporation [FEC] because it failed to pay its guaranteed share of costs for drilling and completing two oil and gas wells in Terrebonne Parish. The trial court sustained FEC's exception of prematurity and Terra appeals.

Pursuant to a Joint Venture Operating Agreement dated June 26, 1981 FEC was required to drill two oil wells. Terra was to operate the prospect and American Fluorite, Inc. and Peninsula...

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