Lazy D Grazing Association, a Colorado Corporation, and Cross-Appellee v. Terry Land and Livestock Company, a Wyoming Corporation, and Cross-Appellant

CHRISTENSEN, District Judge.

Lazy D Grazing Association (hereinafter Lazy D) appeals and Terry Land and Livestock Company, Inc. (hereinafter Terry) cross-appeals from a district court judgment that declared the respective interests of the parties in the mineral estate underlying land conveyed by Terry to Lazy D. The validity of that judgment depends upon a proper interpretation of a mineral interest reservation in the context of the following circumstances.

The conveyance to Lazy D, executed in 1965 and consisting of 21,920 acres of land, was part of a larger transaction between Terry and five…