Musson v. Rice

DOOLIN, Chief Justice.

Appellant, hereinafter “seller”, purchased a one-eighth working interest in Andrea # 1 Well, located in Noble County, Oklahoma for $43,733.80 on July 15, 1980. Seller subsequently sold a one-thirty-second interest to each of the three appellees, hereinafter “buyers”, for approximately $12,000 each. These three sales took place between October 15 and October 22, 1980.

On December 27, 1982 buyers brought this action against seller alleging various violations of the Oklahoma Securities Act, 71 O.S.1981 § 201. After various motions and hearings, buyers’ remaining cause of…