Pettit v. Danciger Oil & Refining Co.

BOND, Chief Justice.

On November 30, 1936, Gibson Oil Corporation, owner of a 50-acre oil and gas mining interest in Upshur County, Texas, assigned the lease to Monte Oil Company,, with warranty of title free and clear of all" liens and encumbrances except as retained therein. The consideration for the assignment was the sum of $60,000 in cash and the further consideration of $60,000 to be paid from the proceeds of oil, gas and/or casing-head gas produced, saved and marketed from said lease until the $60,000 shall have been paid. Subsequently appel-lee, Danciger Oil & Refining Company, became…