A drilling company has been sued by an oil and gas company in Texas alleging breach of a contract to dig three wells.<\/p>\n
The lawsuit was filed by Conquistador Petroleum on April 5 against E&B Natural Resources Management Corp. and Francesco Galesi in Jefferson County District Court.<\/p>\n
Conquistador claims that E&B failed to fulfill its contract to drill three wells on a 22-acre parcel of the North Port Acres Prospect, after the first well was found to be dry. According to the lawsuit, Conquistador spent $600,000 on seismic data for the property in 2006 and 2007 and $4 million more afterward. <\/p>\n
According to the lawsuit, the two companies signed an exploration agreement on May 1, 2008 which called for E&B to drill three 10,500-foot-deep wells, with E&B’s performance guaranteed by Galesi. <\/p>\n
The lawsuit states that Conquistador obtained a license allowing E&B to drill the wells, but the company failed to do so by (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A drilling company has been sued by an oil and gas company in Texas alleging breach of a contract to dig three wells. The lawsuit was filed by Conquistador Petroleum on April 5 against E&B Natural Resources Management Corp. and…<\/span><\/p>\n