Exxon Corp. v. Jefferson Land Co., Inc.

DIES, Chief Justice.

This case involves the interpretation of a gas lease which requires Exxon, the producer/lessee, to pay the lessor/royalty owners “. . . the market value at the well of one-eighth (⅛) of the gas so sold or used. . ” The time period by stipulation of the parties is January 1,1973, through September 30, 1975. All of the gas involved here is sold in the intrastate market.

Expert witnesses for both sides gave opinions of the market value at the well of this gas for the quarters of the stipulated time frame. The trial court did not accept the opinions of any of the experts and…