KMI CONTINENTAL OFF. PROD. v. ACF PETRO.

No. 01-86-0054-CV.

746 S.W.2d 238 (1987)

KMI CONTINENTAL OFFSHORE PRODUCTION CO., et al., Appellants, v. ACF PETROLEUM CO., et al., Appellees.

Court of Appeals of Texas, Houston (1st Dist.).

Rehearing Overruled March 3, 1988.


Attorney(s) appearing for the Case

Larry R. Veselka, Jane F. Warmack, Vinson & Elkins, Houston, for appellants.

Reinnette Morin Marek, Michael L. Grove, Charles E. Frost, Jr., Chamberlain, Hrdlicka, White, Johnson & Williams, K. Charles Peterson, Reynolds, Allen & Cook, Houston, for appellees.

Before DUGGAN, HOYT and LEVY, JJ.


OPINION

LEVY, Justice.

KMI Continental Offshore Production Co. ("KMI") and Florida Exploration Company ("Florida") appeal from a summary judgment entered against them. The dispute centers around an oil and gas exploration agreement the parties entered into and whether KMI and Florida timely exercised an option available to them by the agreement. We hold that KMI and Florida did not timely exercise their option...

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