Reynolds v. McNeill

This is an action by the appellants to cancel an oil and gas lease which they executed to appellee McNeill on April 7, 1949. The lease was for a term of six months and as long thereafter as oil or gas was produced in paying quantities. The lessee paid nothing for the lease, the instrument containing this provision: “The consideration for the execution of this lease is: Lessee agrees • to begin the drilling of a well . . . before the 15th of May, 1949, and to continue . . . with due diligence ... to a depth of 5,000 feet unless oil or gas in paying quantities is found at a lesser depth. It is…