Midstates Petroleum Company Inc. (MPO) announced that it has received a favorable unanimous opinion from the Louisiana State Supreme Court regarding the company's litigation with Clovelly Oil Company.
In the lawsuit, Clovelly alleged that the Company is subject to an unrecorded Joint Operating Agreement dated July 16, 1972, as the result of the Company's 2007 purchase of working interests in certain acreage in the Pine Prairie field.
The Louisiana Supreme Court unanimously ruled that the 1972 Joint Operating Agreement does not apply to any leases acquired by Midstates after that date and that the Joint Operating Agreement only applies to leases which were owned by the parties to the 1972 JOA at the time it was originally executed. The Supreme Court's decision eliminates any exposure to the Company from this lawsuit, as all leases at issue in the matter were acquired after July 16, 1972.
John Crum, Chairman, President and CEO said, "We are pleased with the expeditious manner in which the Louisiana Supreme Court ruled on this important matter for the Company. This ruling affirms our ownership of acreage in Pine Prairie and we look forward to continued execution of our development plans in the field."
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