Raben v. Schlottman

Defendant Buford 0. Schlottman and three associates entered into a contract denominated “Contract of Organization of the Tepee Buttes Joint Venture”. It was set forth in the contract that the purpose for which the joint adventure was organized was to acquire leases and to prospect for oil and gas. The transactions herein arose out of drilling operations in Butte County, South Dakota. The drilling of a well was abandoned by these persons because of the collapse of the casing, and this resulted in the commencement of an action by them in the United States District Court for the District of…