Trico Oil Co. v. Pelton

This suit arose over the assignment of an oil and gas lease on a tract of land of about 2 1/2 acres, in Rusk county, Tex., which had been carved out of a larger tract of 14 acres. The lease on such 14-acre tract appears to have been owned by one R. E. Blankenship, and on the 27th day of September, 1930, said Blankenship assigned such lease to W. V. Lester. The consideration is recited to be $10,500 cash in hand paid, "and in further consideration of the sum of $7,000.00 to be paid to me out of the proceeds of 1/2 of 7/8ths of the first oil produced and saved from the 14 acre tract hereinabove…