Urban v. Phy

RUDKIN, Circuit Judge.

March 2, 1923, Andrew Urban and C. A. Coleman entered into a contract in writing wherein Urban agreed to sell and Coleman agreed to purchase an undivided one-half interest in certain oil and gas leases covering 1120 acres of land in the state of Texas. Under the terms of the agreement, the sum of $15,-000 was to be paid by Coleman to Urban in the manner following: “An amount sufficient to meet payment of pay rolls for general expense while-well is being drilled to the depth of 3,000 feet.” It was further agreed that Urban should drill the well to the depth of the Ranger…