St. Landry Oil & Gas Co. v. Neal

In January, 1919, Emma Garrett and others executed a mineral lease on 5 acres of land in the parish of Claiborne to J. M. Eastham, who, on October 6, 1919, assigned the lease to T. S. Neal, one of the defendants in this case. In December of the same year, Neal assigned the lease to the St. Landry Oil & Gas Company, Inc., the plaintiff herein. The consideration for this assignment was $10,000 cash and $15,000, to be paid out of a certain part of the oil produced from the land. In November, 1920, Neal assigned to W. F. Reynolds a one-third interest in the credit portion of the consideration,…