Texas Standard Oil & Gas, L.P., Grimes Energy Co., and PetroVal, Inc v. Frankel Offshore Energy, Inc.

MAJORITY OPINION

CHARLES W. SEYMORE, Justice.

Appellants, Texas Standard Oil & Gas, L.P. (“Texas Standard”), Grimes Energy Co. (“Grimes”), and PetroVal, Inc. (“Petro-Val”) [collectively “GTP”],1 appeal a judgment in favor of Frankel Offshore Energy, Inc. (“Frankel”) in this suit arising out of the parties’ failed venture for development of oil and gas prospects.

Frankel sued GTP seeking damages for various claims, including breach of fiduciary duties, and rescission of a settlement agreement previously executed by the parties in which Frankel released all of its claims. GTP counterclaimed for…