Shivers v. Texaco Exploration & Production, Inc.

OPINION

CORNELIUS, Chief Justice.

This is an appeal from a summary judgment rendered in favor of Texaco Exploration and Production, Inc. in a suit for damages filed against Texaco by Linward Shivers, Roland Shivers, and Jenelle Jacobs Brooks, Trustee of the Herman Jacobs Trust, individually and on behalf of all others similarly situated.

Section 29 of the Internal Revenue Code grants an income tax credit for natural gas produced from a “tight formation.” 26 U.S.C.A. § 29(a),(c) (West Supp.1997). The Shivers group owns royalty interests in leases in which Texaco is the lessee. The wells on these…