Tenner v. Carmack

Opinion of the Court by

Judge Tilford

Reversing.

This appeal is from a judgment cancelling the fractional interests of the seven appellants, aggregating 18/32, in certain oil and gas leases on a finding by the chancellor' that their assignor, one Estes, to whom the appellees, the owners of the leases, had transferred all but a 1/16 interest, had failed to complete the first, or test well, which undertaking was the consideration for the transfer from appellees to Estes.

The contract between Estes and appellees, who had apparently acquired the leases for speculative purposes, is as follows, with…