Root Refining Company v. Brooks

D. S. Brooks was on September 15, 1925, the president of Root Refineries, Inc., a Louisiana corporation, having its principal office at Shreveport in that State. Brooks maintained an office at El Dorado in this State where the company’s refinery was located. On the date mentioned, Brooks purchased an oil and gas lease from Harry Ezzell, covering a forty-acre tract of land in Union County. The consideration for the lease was the sum of $40,000 of which $20,000 was to be paid in money the balance in oil, “if as and when produced.” Of the money payment, $5,000 was in cash paid by a draft on the…