Schermerhorn & Merrick v. Climax Oil Corp.

Opinion by

MAXEY, 0.

This action grows out of a contract executed between the Climax Oil Corporation, Schermerhorn & Merrick, and the Magnolia Petroleum Company. The facts are that the Magnolia Petroleum Company was ready to drill a well in the northern part of their lease in the southeast corner of the west % of the northwest % of section 31, township 2, range 2 west, in Carter county, Okla. Schermerhorn & Merrick owned an oil and gas lease on the north % of the southeast quarter of the northwest quarter of section 31, township 2, range 2 west, on which was a producing gas well, and the Climax…