Johnson & Ashe, Inc. v. Kennedy

On May 10, 1925, Johnson & Ashe, Inc., became the. owner of an oil and gas lease on 100 acres of land located in Muskogee county. Thereafter, Gowland & Bauer, a partnership, acquired an interest in the lease. On June 29, 1925,. Johnson & Ashe and Gowland & Bauer entered into a contract with Shaffer Oil & Refining Company whereby it was agreed the oil company would furnish Johnson & Ashe and Gowland & Bauer the sum of $12,000 for the purpose of completing a well on the lease to the Wilcox sand. It was provided in the contract that if upon completion of the well it should prove to be dry, all…