Shepperd v. Boettcher & Co., Inc.

URBIGKIT, Justice.

By certification from the United States Court of Appeals for the Tenth Circuit, this court determines as a question of Wyoming law:

“Does the sale of an undivided one-and-two-thirds per cent working interest in an oil and gas lease constitute a ‘security’ as defined by the Wyoming Uniform Securities Act, Wyo.Stat.Ann. § 17-4-101 et seq., when the owner of *183the operating interest retains exclusive control over the drilling operations?”

This certified question is answered “Yes,” subject to circumstances of the individual sales transaction which would be factually determinative.

A…