Whiting Oil & Gas Corp. v. Atlantic Richfield Co.

Opinion by

Judge BOORAS.

In this action concerning the exercise of a contractual option to purchase real property, defendant, - Atlantic - Richfield - Company (ARCO), appeals the trial court's judgment in favor of plaintiff, Whiting Oil and Gas Corporation, formerly Equity Oil Company (Equity). We affirm.

I. Factual Background

In 1968, ARCO and Equity entered into an agreement (1968 agreement) involving three parcels of land in western Colorado: the Boies Block, the Figure Four Claims, and the Sunset claims. Equity owned undivided interests in the surface estates and mineral estates of each…