Southern Energy Fund 2, L.P., Wy-Vel Corporation, and Hira Capital v. Indio Resources, LLC F/K/A Indio Minerals, LLC

CourtCourt of Appeals of Texas
DecidedJune 29, 2023
Docket02-22-00242-CV
StatusPublished

This text of Southern Energy Fund 2, L.P., Wy-Vel Corporation, and Hira Capital v. Indio Resources, LLC F/K/A Indio Minerals, LLC (Southern Energy Fund 2, L.P., Wy-Vel Corporation, and Hira Capital v. Indio Resources, LLC F/K/A Indio Minerals, LLC) 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
Southern Energy Fund 2, L.P., Wy-Vel Corporation, and Hira Capital v. Indio Resources, LLC F/K/A Indio Minerals, LLC, (Tex. Ct. App. 2023).

Opinion

In the Court of Appeals Second Appellate District of Texas at Fort Worth ___________________________ No. 02-22-00242-CV ___________________________

SOUTHERN ENERGY FUND 2, L.P.; WY-VEL CORPORATION; AND HIRA CAPITAL, Appellants

V.

INDIO RESOURCES, LLC F/K/A INDIO MINERALS, LLC, Appellee

On Appeal from the 97th District Court Archer County, Texas Trial Court No. 2018-0090A-CV

Before Birdwell, Bassel, and Walker, JJ. Memorandum Opinion by Justice Birdwell MEMORANDUM OPINION

I. Introduction

Appellee Indio Resources, LLC f/k/a Indio Minerals, LLC assigned to

Appellant Southern Energy Fund 2, L.P. (SEF2) a one-half overriding royalty interest

(ORRI) 1 in two wells located in Archer County and assigned one-quarter ORRIs in

these wells to Appellants HIRA Capital and Wy-Vel Corporation after Appellants

made the winning bid on an online auction site. Appellants subsequently sued Indio

for fraudulent inducement and fraud by nondisclosure based on the materials that

Indio had posted on the auction site. The trial court granted summary judgment to

Indio on Appellants’ fraud claims and ordered them to pay Indio $264,018.62 in

attorney’s fees. In two issues, Appellants challenge both rulings.2 We affirm.

II. Background

Robert Wallace, Indio’s manager, and Hunter Allen, owner of Overton Park

Oil & Gas, L.P. f/k/a Broman Oil & Gas, L.P., were college friends in the early

1 An ORRI is a nonparticipating interest in oil and gas produced at the surface, free of production expenses, carved out of a working interest under a mineral lease. Piranha Partners v. Neuhoff, 596 S.W.3d 740, 742 n.2 (Tex. 2020). Absent an agreement otherwise, an ORRI terminates when the lease terminates. Id. 2 Appellants also complain that the trial court erred by granting summary judgment on their negligent-misrepresentation claim, but they neither pleaded this claim in the trial court nor briefed it on appeal.

2 2000s.3 Wallace and Allen partnered together in March 2013 to acquire the two

Archer County wells at issue from Rogers Drilling using EnergyNet.com, Inc.

(EnergyNet), an online auction site for the sale of oil-and-gas interests. Thus, Indio

and Overton Park became the owners of the two wells. These were the first wells that

Wallace and Allen bought together—one well on each unit of land. They did not have

a geologist analyze the wells or perform any engineering or reservoir studies before

they paid roughly $600,000 for each well, and they had no written plan or projection

for how long they might own or operate them. When they acquired the wells, the net

revenue interest (NRI) 4 was around 76% to 80%, and royalties and overrides

accounted for the remaining 20% to 24%.

Allen testified that “there’s 100 different factors” to look at when trying to

acquire an oil-and-gas property; the factors include cash flow and assumption of

liability for plugging and environmental cleanup. The Archer County wells had no

liability and a strong cash flow.

After acquiring the wells, Wallace and Allen obtained from Rogers Drilling “a

slice of 3-D seismic and evaluated it.” Allen described it as a one-page sheet that they

had asked Ron Rogers about when they went to pick up the title files at Rogers

Wallace graduated with a degree in economics in 2006 and then worked as a 3

landman before partnering with Allen. Allen had a degree in petroleum land management. 4 NRI is the right to receive revenue from production; it is “the revenue side of the interest in [a] well.”

3 Drilling. Rogers did not mention anything to them about pressure issues or a water-

boundary issue, and they did not ask him any questions about those things. According

to Allen, they learned about the water-drive formation after they bought the wells and

thus decided not to use pump jacks because it did “not make any sense from a

reservoir standpoint to put pump jacks on the[] wells.”

Wallace put the 3-D seismic information into ArcGIS, a mapping software, “to

try to create a model” of the reservoir. He used the information from the well logs to

calculate volumetrics with regard to porosity and water saturation. Wallace stated that

the 3-D seismic information that he had looked at related to additional target zones in

the Mississippi Lime formation, where the two wells were located. Wallace’s father, a

reservoir engineer, advised him on how to calculate and look at volumetrics, which

can be used to determine whether one should drill more wells or deepen a well.

In May 2013, Wallace and Allen decided to sell some of the revenue interests in

the Archer County wells because they needed cash to acquire more properties.

Wallace stated that when they decided to sell the ORRI two months after purchasing

the wells, the wells had been “consistent,” and there had been “[n]o issues.” They

primarily used Rogers Drilling’s production history and marketing materials—“the

same materials that [Indio had] used to purchase” the wells—in their own EnergyNet

post. However, they made in the executive summary two statements upon which part

of the litigation is based and which are italicized below:

4 Broman Oil & Gas LP and Indio Minerals LLC, propose to sell a 2% [ORRI] in the Friday Unit #1 and Livingston-Colgan Unit #1 wells and associated leasehold. The leases consist of 390.2 acres[,] and both wells are producing from the Mississippi Lime formation. The wells are located approximately three miles Northwest of Megargel, TX.

The Friday Unit #1 well was drilled by Rogers Drilling Company, Inc. in August 2010 to a total depth of 5144’. The well encountered the top of the Mississippi Lime at 5118’[,] and casing was set to 5121’ in the top of the pay. The well was completed by drilling out the casing shoe and completing the well open-hole. During the past 28 months[,] oil production rate and pressures have stabilized at 23 BOPD on a 4/64” choke with 680 psig flowing tubing pressure and 720 psig casing pressure. The well has a cumulative production of 21.5 Mbo as of late March 2013.

The Livingston-Colgan Unit #1 well was drilled by Rogers Drilling Company, Inc. in August 2010 to a total depth of 5102’. The well encountered the top of the Mississippi Lime at 5100’[,] and casing was set to 5101’ with a formation pack-off shoe in the top of the pay. The well was completed by drilling out the casing shoe and completing the well open-hole. The formation was treated with 205 gallons of 15% HCl. The oil production rate and pressures have stabilized at 22 BOPD on a 4/64” choke with 680 psig flowing tubing pressure and 700 psig casing pressure. The well has a cumulative production of 19.5 Mbo as of late March 2013.

Both wells have produced consistently over their past 26–28 months with no substantive changes in the flowing pressures. The only variation in production has occurred when the wells have been shut-in due to inability to get the oil picked up from the tank batteries.

Sellers intend to use the proceeds from the sale of this [ORRI] to fund [their] ongoing acquisition and development program.

This part of Archer [C]ounty has a significant amount of production from the Mississippian, Gunsight, Strawn, and Caddo formations[,] and the operator is currently analyzing 3D seismic and well logs to locate additional target zones on the 390.2 acres held by these two wells. [Emphases added.]

5 Wallace testified that he and Allen had added the first italicized sentence

because they had seen other sellers state similar things on EnergyNet and in other

Free access — add to your briefcase to read the full text and ask questions with AI

Related

20801, INC. v. Parker
249 S.W.3d 392 (Texas Supreme Court, 2008)
Forest Oil Corp. v. McAllen
268 S.W.3d 51 (Texas Supreme Court, 2008)
Mann Frankfort Stein & Lipp Advisors, Inc. v. Fielding
289 S.W.3d 844 (Texas Supreme Court, 2009)
Frost National Bank v. Fernandez
315 S.W.3d 494 (Texas Supreme Court, 2010)
Travelers Insurance Co. v. Joachim
315 S.W.3d 860 (Texas Supreme Court, 2010)
G & H TOWING CO. v. Magee
347 S.W.3d 293 (Texas Supreme Court, 2011)
National City Mortgage Co. v. Adams
310 S.W.3d 139 (Court of Appeals of Texas, 2010)
Ganske v. Spence
129 S.W.3d 701 (Court of Appeals of Texas, 2004)
Soefje v. Jones
270 S.W.3d 617 (Court of Appeals of Texas, 2008)
Cano v. North Texas Nephrology Associates, P.A.
99 S.W.3d 330 (Court of Appeals of Texas, 2003)
Phan Son Van v. Pena
990 S.W.2d 751 (Texas Supreme Court, 1999)
Dresser Industries, Inc. v. Page Petroleum, Inc.
853 S.W.2d 505 (Texas Supreme Court, 1993)
Unitrust, Inc. v. Jet Fleet Corp.
673 S.W.2d 619 (Court of Appeals of Texas, 1984)
Audubon Indemnity Co. v. Custom Site-Prep, Inc.
358 S.W.3d 309 (Court of Appeals of Texas, 2011)
Provident Life & Accident Insurance v. Hazlitt
216 S.W.2d 805 (Texas Supreme Court, 1949)
Jpmorgan Chase Bank, N.A. v. Orca Assets G.P., L. L.C.
546 S.W.3d 648 (Texas Supreme Court, 2018)
Bombardier Aerospace Corp. v. Spep Aircraft Holdings, LLC
572 S.W.3d 213 (Texas Supreme Court, 2019)
Int'l Bus. Machs. Corp. v. Lufkin Indus., LLC
573 S.W.3d 224 (Texas Supreme Court, 2019)

Cite This Page — Counsel Stack

Bluebook (online)
Southern Energy Fund 2, L.P., Wy-Vel Corporation, and Hira Capital v. Indio Resources, LLC F/K/A Indio Minerals, LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/southern-energy-fund-2-lp-wy-vel-corporation-and-hira-capital-v-indio-texapp-2023.