Callender v. Crossfield Oil Syndicate

The Buffalo Oil & Gas Company, hereafter called the defendant, was the owner and holder of an oil and gas lease covering an 80-aere tract of land in Toole county, subject to the land owner’s royalty of fifteen per cent and an overriding royalty of twenty per cent. On July 23, 1926, it entered into an agreement with the Crossfield Oil Syndicate, hereafter called the syndicate, under the terms of which defendant agreed to sell and the syndicate agreed to buy the lease for a consideration of $17,000, payable $7,000 at or before the execution of the agreement, and the balance in three payments…