T. Boone Pickens, Mesa awarded $136 million in lawsuit of West Texas investment
The El Paso court of appeals has awarded T. Boone Pickens and Mesa Petroleum Partners about $136 million in a lawsuit relating to his investment in a West Texas oil and gas play.
In the final judgment entered Dec. 8, Mesa was awarded approximately $136 million against Delaware Basin Resources and Baytech of Midland.
In a nearly four-week trial that ended Nov. 23, 2016, the jury unanimously voted in favor of Mesa and found that one of the defendants – J. Cleo Thompson operating company of Dallas – liable for gross negligence and willful misconduct and gave Mesa $146 million against Delaware Basin resources, Baytech and J. Cleo Thompson.
Mesa had also brought a mandamus action in the El Paso court of appeals when nearly a year had passed after the trial and original jury verdict, with no final judgment by the court. The El Paso court of appeals issued conditional mandamus, directing the trial judge to enter judgment.
Mesa has also sued Occidental Petroleum to get back its title to 15 percent of the properties; that case is currently pending.
http://www.mrt.com/business/article/T-Boone-Pickens-Mesa-awarded-136-million-in-12434690.php
