Emails, Not PSA, Constituted Sale of Oil & Gas Assets Following an Auction – Le Norman v. Chalker
Broker run auctions are a common method of buying and selling oil and gas assets. The auctions typically provide data rooms on the assets and rules for bidding and acceptance. A form Purchase and Sale Agreements is provided and required to executed to consummate a sale. However, a recent Texas appellate court decision found this process can be preempted by emails between a buyer and seller.