Reservoir Systems, Inc. and Axel Sigmar v. TGS-NOPEC Geophysical Co., LP.

CourtCourt of Appeals of Texas
DecidedNovember 9, 2010
Docket14-09-00528-CV
StatusPublished

This text of Reservoir Systems, Inc. and Axel Sigmar v. TGS-NOPEC Geophysical Co., LP. (Reservoir Systems, Inc. and Axel Sigmar v. TGS-NOPEC Geophysical Co., LP.) 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
Reservoir Systems, Inc. and Axel Sigmar v. TGS-NOPEC Geophysical Co., LP., (Tex. Ct. App. 2010).

Opinion

Affirmed and Opinion filed November 9, 2010.

In The

Fourteenth Court of Appeals

NO. 14-09-00528-CV

Reservoir Systems, Inc. and Axel Sigmar, Appellants

v.

TGS-NOPEC Geophysical Co., L.P., Appellee

On Appeal from the 280th District Court

Harris County, Texas

Trial Court Cause No. 2007-04888

OPINION

            The appellee, TGS-NOPEC Geophysical Co., L.P. (“TGS”) sued the appellants, Reservoir Systems, Inc., and Reservoir’s president and owner, Axel Sigmar, for breach of contract and fraud arising out of a failed business venture.  Reservoir asserted counterclaims.  After a bench trial, the trial court found in TGS’s favor and ordered that TGS recover $5 million on its breach-of-contract claim against Reservoir and $735,000 on its fraud claim against Sigmar.  On appeal, Sigmar challenges the legal and factual sufficiency of the evidence supporting the fraud finding and contends that, because TGS’s only injury was the economic loss of the contract, TGS’s claim sounds in contract alone, not tort.  Reservoir does not challenge the breach-of-contract finding against it, but does contend on appeal that the trial court erred by excluding all evidence of damages on its counterclaims against TGS.  For the reasons explained below, we affirm.

I

            TGS records and processes geophysical seismic data, primarily offshore, and sells the data to oil and gas companies.  Sigmar, in addition to being the president and owner of Reservoir, also was a shareholder Reservoir Systems International S.A. de C.V. (“RSM”), a Mexican company.  Some years before 2006, Sigmar began pursuing a series of potentially lucrative “direct award” contracts between RSM and Pemex, Mexico’s national petroleum company.  The contracts were to provide advanced seismic technologies to Pemex to allow it to gather survey information for Pemex’s producing wells in Mexico.  TGS was intrigued by Sigmar’s ability to obtain a direct-award contract with Pemex and was looking for an opportunity to develop contacts that would enable it to conduct business in Mexico.  In April 2006, TGS began discussing a business arrangement with Sigmar. 

            Initially, TGS considered acquiring an equity position in the project, but eventually decided to loan Reservoir $5 million instead.  The loan, dated May 5, 2006, was secured by a promissory note.  The loan’s purpose was to help Reservoir obtain a $30-million loan from Alliance Capital to finance the Pemex project, including obtaining a source vessel from which the seismic data would be gathered.[1]  TGS also located and arranged for a source vessel and provided consulting services.  Sigmar had told TGS that he was very close to arranging the $30 million in financing from Alliance Capital.  Based on Sigmar’s representations, TGS believed that its loan was needed for Sigmar to finally attain the additional financing.  Ultimately, however, Sigmar failed to secure this financing. 

            The project began to stall when vendors were not paid for their services.  In September, before the start of operations, TGS notified Reservoir that it intended to call the loan.  Reservoir did not repay the loan on the due date.  TGS attempted to salvage the project through meetings with vendors, RSM’s shareholders, and others who wanted Sigmar to relinquish operational and financial control, but Sigmar would not agree.  The project remained undercapitalized, and eventually TGS decided not to invest any more money in it.  Pemex later sued RSM to rescind the contract.

            Kim Abdallah, the vice president of business development at TGS, testified at trial that TGS relied on Sigmar’s representations when it decided to invest in the Pemex project.  Among other things, Sigmar represented that he had strong ties with well-connected individuals in Pemex and the Mexican government.  According to Sigmar, the brother of Mauricio Mireles, one of RSM’s shareholders, had worked at the treasury department in customs and was going to provide important guidance regarding importation problems.[2]  The principal of another shareholder, Erwin Larranaga, was in law enforcement and national security and was expected to provide protection for the equipment.  TGS was interested in obtaining access to Sigmar’s contacts and would not have participated in the Pemex project or loaned Reservoir $5 million but for Sigmar’s contacts.  But by November 2006, the shareholders had filed a lawsuit in Mexico disputing Sigmar’s authority as president of RSM. 

            Sigmar also represented that he had strong relationships with an “alliance” of companies that were purportedly already committed to perform the services required.  The alliance supposedly included, among others, Paulsson Geophysical Services, Inc. (“Paulsson”).  Paulsson owned a trademarked technology known as “Massive 3D VSP,” which Sigmar claimed to have permission to use.  This representation was reflected in Sigmar’s PowerPoint presentation to TGS as well as in a services agreement between RSM and Reservoir.  Additionally, the stated purpose of the July 2006 Pemex contract was for RSM to “obtain and process data from massive 3D seismic vertical profiles in the marine or inland areas, using Massive 3D VSP technology, for the assets of [Pemex].”  TGS relied on Sigmar’s representation that Paulsson was involved in the project when it decided to invest.  Contrary to this representation, however, Sigmar was not authorized to provide Paulsson’s technology.[3]

            The loan agreement between TGS and Reservoir expressly provided that Reservoir was not to use the loan proceeds for any purpose other than “securing and servicing the Pemex contract.”  Abdallah testified that the purpose of the loan was to “engage the operations going forward,” such as obtaining the source vessel and paying for a performance bond.  When Reservoir received the loan, Sigmar conveyed $2 million of it through Tao Technologies to RSM.[4]

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Reservoir Systems, Inc. and Axel Sigmar v. TGS-NOPEC Geophysical Co., LP., Counsel Stack Legal Research, https://law.counselstack.com/opinion/reservoir-systems-inc-and-axel-sigmar-v-tgs-nopec--texapp-2010.