Courseview, Incorporated v. Phillips Petroleum Co.

WALKER, Justice.

This is a controversy over the ownership and enforcement of purchase option rights under a contract executed in 1939 by Amos L. Beaty & Company, Inc., Victor H. Bor-sodi, and Phillips Petroleum Company. By the terms of the contract, Beaty and Borso-di assigned to Phillips some thirty-five oil, gas and mineral leases covering approximately 3,000 acres of land in Brazoria County known as the Chocolate Bayou Prospect, reserving tO' themselves one-fourth of the net profits derived by Phillips from the development and operation of the lands covered by the leases, and also agreed…