Cook v. Bishop

DOOLIN, Chief Justice.

Tom Cook, Firehole Oil Co., Firehole II, Inc., J. Tate Hale, Jim Black Children’s Trust, and the Statman Co., [investors] brought an action for rescission under the Oklahoma Securities Act, 71 O.S.1981, §§ 1-501, for sale of unregistered securities involving fractional oil and gas working interests sold by Larry G. Bishop and Bishop Royalty, Inc. [issuer]. The issuer answered inter alia that the investors were knowledgeable, sophisticated, and had been engaged in oil and gas exploration for many years; the interests sold were exempt from registration under 71 O.S.1981, §…