Fordoche, Inc. v. Texaco, Inc., Texaco Exploration and Production, Inc.

DENNIS, Circuit Judge:

This case deals with the performance of obligations under right of first refusal (ROFR) clauses, also termed “preferential rights” clauses, in four joint operating agreements (JOAs) to which defendant-appellee Texaco Exploration and Production, Inc. (“TEPI”) and plaintiffs-appellants, Fordoche, Inc. and Ronnie and Rebecca Theriot (“Fordoche group”) were parties. Each of the ROFR clauses required that any party to the JOA, before selling any of its mineral interest described in the JOA to a third party, must first offer the same interest to the other parties to the JOA on…