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XAE CORP. v. SMR PROPERTY MANAGEMENT CO.

No. 87466.

968 P.2d 1201 (1998)

1998 OK 51

XAE CORPORATION; Richard L. Beasley and Evelyn H. Lee as Co-Trustees of the Clayton E. Lee Irrevocable Trust; Evelyn H. Lee in her individual capacity; Rachel Beasley; William Lee Beasley; and Carl Jean Scully, Plaintiffs/Appellees, v. SMR PROPERTY MANAGEMENT COMPANY; SMR Preferred Partners II 1991 Limited Partnership; SMR Preferred Partners Development Fund 1992 L.P., a Delaware limited partnership; SMR Preferred Investors 1993 Limited Partnership; SMR Energy Inc.; SMR Natural Gas Income Fund 1993 Limited Partnership; Tandem Oil & Gas Company, L.L.C.; SMR Natural Gas Partners 1994 Limited Partnership; SMR Energy Inc-W.P.; and SMR Private Income Fund 1993 Limited Partnership, Defendants/Appellants.

Supreme Court of Oklahoma.

Rehearing Denied November 3, 1998.

Attorney(s) appearing for the Case

James C.T. Hardwick, Donna N. Blakley, Sharon Taylor Thomas, Hall Estill, Hardwick, Gable, Golden & Nelson, P.C., Oklahoma City, for Appellants.

Philip D. Hart, C. David Stinson, McAfee & Taft, P.C., Oklahoma City, for Appellees.

Mark D. Christiansen, Crowe & Dunlevy, P.C., Oklahoma City, and Rand Phipps, Chairman of Legal Committee, Oklahoma Division of Mid-Continent Oil & Gas Association, Oklahoma City, for Amicus Curiae.

HARGRAVE, Justice.

¶ 1 We granted certiorari to review the question whether the implied covenant to market under the oil and gas lease extends to an overriding royalty interest owner. The overriding royalty interest in this case was an in-kind interest granted by separate conveyance rather than reserved in the assignment of oil and gas leases. Specifically, the question is whether the defendants/appellants (hereinafter...

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