CIG Exploration, Inc. v. State

HOWE, Chief Justice:

{ 1 Plaintiff CIG Exploration, Inc. (CIGE) appeals from the trial court's judgment that the statute of limitations contained in section 78-12-25(1) of the Utah Code barred recovery of royalties it allegedly overpaid defendant State of Utah.

BACKGROUND

2 The material facts are undisputed. In the early 1970s, the Federal Power Commission (FPC) set specific wellhead prices that could be charged for natural gas. In 1978, CIGE and its parent company, Colorado Interstate Gas Company (CIG), entered into a settlement agreement with certain of CIG's customers providing that CIGE…