GEODYNE ENERGY INCOME PROD. PARTNERSHIP v. NEWTON CORP.

No. 03-0209.

161 S.W.3d 482 (2005)

GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E, Geodyne Energy Income Production Partnership I-F, Geodyne Production Partnership II-A, and Geodyne Resources, Inc., Petitioners, v. The NEWTON CORPORATION, Respondent.

Supreme Court of Texas.

Decided April 8, 2005.


Attorney(s) appearing for the Case

Cynthia Keely Timms, Karin B. Torgerson, C. Michael Moore, Locke Liddell & Sapp, LLP, Dallas, for Petitioner.

Jeffrey C. King, Jamie Lavergne Bryan, Hughes & Luce, L.L.P., Dallas, for Respondent.

Laura Rowe, Hicks Thomas & Lilienstern, LLP, Houston, J. Robert Beatty, Locke Liddell & Sapp LLP, Dallas, Royal B. Lea III, Bingham & Lea, P.C., San Antonio, Stephen L. Tatum, Cantey & Hanger, L.L.P., Fort Worth, Joseph R. Knight, Baker & Botts, Austin, for Amicus Curiae.


Justice BRISTER delivered the opinion of the Court.

The Newton Corporation bid $300 at an industry auction, and got a quitclaim deed of Geodyne's1 interest in an offshore mineral lease. Six months later, Newton was informed that the lease had expired and the operator wanted reimbursement for the costs of plugging and abandoning the well. Finding a violation of section 581-33(A)(2) of the Texas Securities Act (TSA),2<...

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