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McMURRY OIL CO. v. DEUCALION RESEARCH, INC.

Nos. 92-46, 92-47.

842 P.2d 584 (1992)

McMURRY OIL COMPANY, a Wyoming Corporation; John W. Martin; J.J. Meier; Fort Collins Consolidated Royalties, Inc., a Colorado Corporation; Hurley Oil Properties, a Wyoming Corporation; W.N. McMurry; Mountain States Exploration, Inc., a Colorado Corporation; Martin Properties, Ltd., an Alabama Domestic Partnership; Enervest of America, Inc., a New York Corporation; Rissler & McMurry Company, a Wyoming Corporation; Marion H. Rochelle; Weeks, Brewer & Associates, a California Corporation; and High Horizons, Phase II, a Washington Corporation, Appellants (Defendants), v. DEUCALION RESEARCH, INC., a North Dakota Corporation, Appellee (Plaintiff). DEUCALION RESEARCH, INC., a North Dakota Corporation, Appellant (Plaintiff), v. McMURRY OIL COMPANY, a Wyoming Corporation; John W. Martin; J.J. Meier; Fort Collins Consolidated Royalties, Inc., a Colorado Corporation; Hurley Oil Properties, a Wyoming Corporation; W.N. McMurry; Mountain States Exploration, Inc., a Colorado Corporation; Martin Properties, Ltd., an Alabama Domestic Partnership; Enervest of America, Inc., a New York Corporation; Rissler & McMurry Company, a Wyoming Corporation; Marion H. Rochelle; Weeks, Brewer & Associates, a California Corporation; and High Horizons, Phase II, a Washington Corporation, Appellees (Defendants).

Supreme Court of Wyoming.

December 3, 1992.

Attorney(s) appearing for the Case

Neil J. Short, Casper, for appellants in Case No. 92-46 and for appellees in Case No. 92-47.

Stephenson D. Emery of Williams, Porter, Day & Neville, Casper, for appellee in Case No. 92-46 and appellant in Case No. 92-47.

Before MACY, C.J., and THOMAS, CARDINE, URBIGKIT and GOLDEN, JJ.

URBIGKIT, Justice.

McMurry Oil Company and associates (Sellers) entered into a written agreement to sell a collection of oil and gas properties to Deucalion Research, Inc. (Buyer). When the sale fell through, cross-suits followed seeking possession of $50,000 earnest money in addition to contesting fault in the sale agreement termination. The trial court found retention of the $50,000 an unjustified penalty and granted the return of the earnest money to the prospective...

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