Lockhart v. Williams

WILLIAMS, Justice.

Appellant, Tom Lockhart, plaintiff below, executed and delivered on February 7, 1935, to Mrs. Harriet Knox two oil and gas leases on the undivided interests of ⅜60 and ⅜4 then owned by Lockhart in a 290-acre tract out of the L. B. Outlaw Survey, Gregg County. As recited in each lease:

“The consideration for this leasehold estate paid and to be paid is the sum of '$15000.00 per well location to be paid if, as and when the oil is produced and to be paid out of one-fourth of the seven-eighths of the oil when produced & sold.

“The amount to be paid to be determined by the…