Myers v. Gulf Coast Minerals Management Corp.

SMITH, Justice.

In September, 1960 Myers and Gulf Coast entered into a contract, commonly referred to as a farmout agreement or letter agreement. Myers alleged, in this suit, that on September 28, 1960, he offered Gulf Coast certain rights, title, and interest in and to a certain oil and gas leasehold estate on specified terms and conditions in writing, and that Gulf Coast accepted the offer and paid the sum of $500.00 immediately upon acceptance of the terms and conditions of- the contract, but failed to comply with the terms of the contract by paying the additional sum of $2000.00 within 30…