Chesnut v. Coastal Oil & Land Corp.

OPINION

NYE, Chief Justice.

This is an appeal from the judgment of the trial court finding that there was no violation of the Texas Securities Act in the assignment of an oil, gas and mineral lease. From this adverse judgment the appellants have perfected their appeal to this Court.

In 1974, Billy Williams, a local geologist proposed to appellee Coastal Oil and Land Corporation that they acquire a mineral lease on some 2,000 acres of land in Duval County for the purpose of exploring for natural gas. Mr. Williams’ commission for his work was to be $5.00 per acre and ½2 overriding royalty in any…