Texas jury awards T. Boone Pickens 146 million in West Texas oil lawsuit
PECOS — Two Midland-based oil companies and Dallas-based J. Cleo Thompson intentionally failed to meet their end of a decade-old agreement with Dallas oil mogul T. Boone Pickens to acquire and drill more than 160 oil wells in Reeves and Pecos counties, a West Texas jury ruled Wednesday.
After about three hours of deliberation over the course of two days, the Reeves County jury of five women and seven men awarded Pickens' Mesa Petroleum Partners up to $146 million in damages against the three defendants combined.
Lawyers for the defendants and company officials said Wednesday that the evidence does not support the verdict and they plan to appeal.
The verdict follows a three-week trial in a decade-old business dispute in which Pickens claims J. Cleo Thompson, Baytech and Delaware Basin Resources improperly cut Mesa out of a lucrative deal in the Red Bull region of the Permian Basin.
Read more: http://www.dallasnews.com/business/energy/2016/11/23/texas-jury-awards-t-boone-pickens-146-million-west-texas-oil-lawsuit
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