Magnolia Petroleum Co. v. Vaughn

This is an action to cancel the undeveloped portion of an oil and gas lease.

On December 11, 1913, Edwin T. Richards and Irene A. Richards executed and delivered to the Corsicana Petroleum Company a lease for oil and gas purposes on a 130-acre tract of land in Carter county and a 70-acre tract of land in Jefferson county. The two tracts of land are not contiguous, being about a mile air-line apart. The cash consideration for the lease was $25,840. The lease required the lessee to commence operations within three months from date or pay an advance rental of $1 per acre for each three months…