Texas Co. of Mexico, SA v. Roos

BRYAN, Circuit Judge.

We come now to dispose of the various contentions of the parties.

As to the accounting. In our opinion the contract as written did not confer upon the Mexican company, as assignee of Brooks, the right to take over the oil and account to Roos on the basis of its value at the wells. In several places the contract speaks of accounting for all oil produced at the prices realized upon sales, but never once of an accounting upon any other basis. Besides, all net profits were required to be distributed in proportion to the shares of the parties interested. The inference is clear…