Petroleum Resource Development Corp. v. State Ex Rel. Day

DOOLIN, Justice:. In this case petitioner Petroleum Resource Development Corporation, seeks to offer and sell units consisting of working interests in an oil and gas well. The sale is sought to be made without registration under the Oklahoma Securities Act 71 O.S. 1971 § 1 et seq. as amended 71 O.S.1977 Supp. (the Act), by virtue of the exemption afforded by 71 O.S.1977 Supp. § 401(b)(15)(A).

Petitioner is an Oklahoma Corporation engaged in the business of promoting oil and gas drilling ventures. In October of 1976, Petitioner began offering units of working interest in a proposed oil and gas…