in Re Devon Energy Corporation, Devon Energy International, Ltd. and Texneft, Inc.

CourtCourt of Appeals of Texas
DecidedJune 8, 2009
Docket01-09-00174-CV
StatusPublished

This text of in Re Devon Energy Corporation, Devon Energy International, Ltd. and Texneft, Inc. (in Re Devon Energy Corporation, Devon Energy International, Ltd. and Texneft, Inc.) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
in Re Devon Energy Corporation, Devon Energy International, Ltd. and Texneft, Inc., (Tex. Ct. App. 2009).

Opinion

Opinion issued June 8, 2009



In The

Court of Appeals

For The

First District of Texas

____________________


NO. 01-09-00174-CV



IN RE DEVON ENERGY CORPORATION, DEVON ENERGY INTERNATIONAL, LTD., AND TEXNEFT, INC., Relators





Original Proceeding on Petition for Writ of Mandamus





O P I N I O N



          By a petition for writ of mandamus, Devon Energy Corporation, Devon Energy International, Ltd., and Texneft, Inc. (collectively, the “Devon defendants”) challenge the trial court’s denial of their motion to stay litigation. In two issues, the Devon defendants contend that litigation in the underlying suit must be abated pending resolution of parallel arbitration involving similar issues and that they have no adequate remedy by appeal. We conditionally grant mandamus relief.

BACKGROUND


          In 1989, real parties in interest, Robert Ferris and Donald Ellison, negotiated with the Oil Ministry of the former U.S.S.R. for the formation of a Russian joint venture (known as ZAO Tatex and referred to herein as “Tatex”) to be funded by investors recruited by Ferris and Ellison. Ferris and Ellison recruited investors Global Natural Resources, Inc. and Global Natural Resources Corporation of Nevada, the predecessors-in-interest of the Devon defendants. Defendant Texneft, Inc. was formed as the United States partner in the Tatex joint venture.

          Two contracts govern the parties’ relationship in the Russian joint venture. The first contract, dated May 15, 1990, between the Devon defendants, Ferris and Ellison, is entitled “Agreement Among U.S. Parties” (the “Original Agreement”) and provides that: (1) Devon Energy Corporation and Devon Energy International, Ltd. (collectively, “Devon”) would supply Texneft with the required capital; (2) Devon would recoup its capital contributions through net proceeds generated by Texneft; (3) once Devon fully recouped its contributed capital (referred to herein as “payout”), it would thereafter own 80% of Texneft while Ellison and Ferris would each receive vested 10% interests in Texneft. The Original Agreement did not contain an arbitration clause.

          In 1994, the parties executed the second contract, titled “Termination Agreement,” which ended Ellison’s role in the Original Agreement and transferred his rights regarding his Texneft interest to Devon. Under the Termination Agreement, Ellison was to receive certain rights derived from the same payout from which his and Ferris’s rights were activated under the Original Agreement. Specifically, upon payout, Ellison was to receive a vested right to 5% of the dividends that Devon receives from current distributions of Texneft’s net profit, subject to certain reserves. Both Ferris’s and Ellison’s rights to distributions are based on the same payout, which is determined by the same receipt and payment of funds by Devon and its appropriate maintenance of the payout account. Unlike the Original Agreement, the Termination Agreement contains an arbitration clause, which provides, in part:

Governing Law and Arbitration: This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. All disputes arising out of or relating to this Agreement or the parties’ relationship shall be resolved by arbitration in Houston, Texas under the rules of the International Centers for Arbitration (the “ICA”).

          On February 11, 2008, Ferris and Ellison sued the Devon defendants in Texas state district court over the timing of the payout, contending that the Devon defendants breached their contract by (1) failing to evidence alleged advances or payments from Devon to Texneft by issuance of preferred stock or notes of Texneft; (2) failing to properly account for payments made to Texneft; (3) failing to properly account for amounts paid by Texneft; (4) failing to contribute to the capital of Texneft all notes, preferred stock, or other securities of Texneft senior to Texneft’s common stock after receiving a sum equal to the Devon defendants’ entire investment in Texneft; (5) failing to make current distribution of Texneft’s profits; and (6) failing to properly account for, and provide Ferris with, the value paid for Texneft in mergers. In their original petition, Ferris and Ellison also requested a declaration that payout “has been reached.”

          The Devon defendants removed the suit to federal court pursuant to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards. See 9 U.S.C. § 205 (2006). After removal, Ellison agreed to arbitrate his claims. Before the federal court, Ferris moved to remand his case back to the state district court. The Devon defendants then moved to stay Ferris’s federal litigation pending resolution of Ellison’s arbitration. The federal court remanded Ferris’s claims back to the state district court, but denied the Devon defendants’ motion to stay for lack of subject matter jurisdiction. Also, the federal court concluded that it lacked jurisdiction because Ferris’s claims did not relate to an arbitration agreement falling under the Convention on the Recognition and Enforcement of Foreign Arbitral Awards. See 9 U.S.C. § 205 (2006). However, the federal court reminded the Devon defendants that they could “move for a stay of Ferris’s claims in the state court.”

          After remand, the Devon defendants moved for a stay of Ferris’s litigation in the trial court pursuant to the Federal Arbitration Act (“FAA”), or, alternatively, the Texas General Arbitration Act (“TAA”). 9 U.S.C.

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in Re Devon Energy Corporation, Devon Energy International, Ltd. and Texneft, Inc., Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-devon-energy-corporation-devon-energy-intern-texapp-2009.