E&P Laredo Oil Inc.’s subsidiary Lustre Oil Co. has settled a three-year lawsuit with Erehwon Oil & Gas LLC and A&S Minerals Development Co. LLC (ASMD), Laredo Oil said in a March 11 press release.
The confidential settlement agreement resolves a title dispute between the parties regarding mineral rights in Valley County, Montana, and includes an undisclosed cash amount.
The agreement “provides clear title to both parties regarding their mineral rights. I feel this settlement positively resets our relationship with ASMD and we look forward to working with ASMD as we develop our mineral rights in the area,” Mark See, chairman and CEO of Laredo Oil, said in the release.
The suit arose in February 2021 when Lustre filed a quiet title action to establish the company’s rights related to mineral leases in Valley County, according to Laredo Oil’s Securities and Exchange Commission filings.
Lustre also sought damages related to A&S to “improperly produce oil on the property subject to Lustre’s mineral leases,” regulatory filings show.
In June 2023, the Montana Seventeenth Judicial District Court granted the defendants’ motion to dismiss without addressing the merits of Lustre’s quiet title action.
Lustre appealed the decision to the Montana Supreme Court and on April 6, 2023, the court’s unanimous decision reversed the “District Court’s decision related to Lustre’s quiet title action and remanded the case to the District Court for further proceedings,” according to Laredo’s SEC filings.
Lustre filed an amended complaint in June 2023 with the district court to reopen the original suit with a different judge.
Recommended Reading
Coast Guard Confirms Amplify’s Platform Elly Unrelated to California Oil Sheen
2024-03-11 - Amplify Energy remains confident that the sheen off Huntington Beach, California is not related to its operations.
Exxon Versus Chevron: The Fight for Hess’ 30% Guyana Interest
2024-03-04 - Chevron's plan to buy Hess Corp. and assume a 30% foothold in Guyana has been complicated by Exxon Mobil and CNOOC's claims that they have the right of first refusal for the interest.
Deepwater Roundup 2024: Offshore Australasia, Surrounding Areas
2024-04-09 - Projects in Australia and Asia are progressing in part two of Hart Energy's 2024 Deepwater Roundup. Deepwater projects in Vietnam and Australia look to yield high reserves, while a project offshore Malaysia looks to will be developed by an solar panel powered FPSO.
Petrobras to Step Up Exploration with $7.5B in Capex, CEO Says
2024-03-26 - Petrobras CEO Jean Paul Prates said the company is considering exploration opportunities from the Equatorial margin of South America to West Africa.
The OGInterview: How do Woodside's Growth Projects Fit into its Portfolio?
2024-04-01 - Woodside Energy CEO Meg O'Neill discusses the company's current growth projects across the globe and the impact they will have on the company's future with Hart Energy's Pietro Pitts.