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ESPLANADE OIL & GAS, INC. v. TEMPLETON ENERGY INCOME CORP.

No. 88-3713.

889 F.2d 621 (1989)

ESPLANADE OIL & GAS, INC., Plaintiff-Appellant, Cross-Appellee, v. TEMPLETON ENERGY INCOME CORPORATION, Defendant-Appellee, Cross-Appellant.

United States Court of Appeals, Fifth Circuit.

December 6, 1989.

Attorney(s) appearing for the Case

P. Keith Daigle, Halpern & Daigle, Metaire, La., for plaintiff-appellant cross-appellee.

Nancy Scott Degan, Roy C. Cheatwood, Jones, Walker, Waechter, Poitevent Carrere & Denegre, New Orleans, La., for defendant-appellee cross-appellant.

Before CLARK, Chief Judge, GEE and SMITH, Circuit Judges.

CLARK, Chief Judge:

I.

Esplanade Oil & Gas, Inc. (Esplanade) appeals the denial of relief from Templeton Energy Income Corporation's (Templeton) alleged breach of a letter agreement to purchase certain oil and gas properties. The district court concluded that Templeton was justified in refusing to complete the purchase because a condition precedent contained in the letter agreement was not fulfilled. Templeton cross-appeals the district court's adverse...

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