Springbok Royalty Partners, LLC v. Sarah Woolley

CourtLouisiana Court of Appeal
DecidedNovember 20, 2024
Docket55,953-CA
StatusPublished

This text of Springbok Royalty Partners, LLC v. Sarah Woolley (Springbok Royalty Partners, LLC v. Sarah Woolley) is published on Counsel Stack Legal Research, covering Louisiana Court of Appeal primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Springbok Royalty Partners, LLC v. Sarah Woolley, (La. Ct. App. 2024).

Opinion

Judgment rendered November 20, 2024. Application for rehearing may be filed within the delay allowed by Art. 2166, La. C.C.P.

No. 55,953-CA

COURT OF APPEAL SECOND CIRCUIT STATE OF LOUISIANA

*****

SPRINGBOK ROYALTY Plaintiff-Appellant PARTNERS, LLC

versus

SARAH WOOLLEY Defendant-Appellee

Appealed from the First Judicial District Court for the Parish of Caddo, Louisiana Trial Court No. 637,080

Honorable Brady O’Callaghan, Judge

THOMAS, SOILEAU, JACKSON Counsel for Appellant, & COLE, LLP Springbok Royalty By: Steven E. Soileau Partners, LLC, and for Third Party Appellee, Michael Heldoorn

MILLING BENSON WOODWARD, LLP Counsel for Appellee By: C. Randall Loewen Sarah A. Fisher

Before PITMAN, COX, and THOMPSON, JJ. PITMAN, C. J.

Plaintiff/Appellant Springbok Royalty Partners, LLC (“Springbok”)

appeals a summary judgment granted in favor of Defendant/Appellee Sarah

Woolley (“Woolley”) finding that a letter agreement (“LOI” for letter of

intent) was unenforceable for want of consideration as required by Texas

law and due to its ambiguities. Springbok’s cross-motion seeking specific

performance was denied. For the following reasons, we reverse the

summary judgment granted in Woolley’s favor and remand for further

consideration. We affirm the denial of Springbok’s summary judgment.

FACTS

Springbok is a Delaware limited liability corporation with its

principal place of business located in Dallas, Texas. It is also licensed to do

business in Louisiana and has its principal business office in Baton Rouge.

Springbok entered into an LOI with Woolley, a resident of New York, who

owns land in Caddo Parish, Louisiana. In the agreement, she allegedly

agreed to sell to Springbok her mineral interests from properties located in

Sections 8, 16 and 17 in Township 16 North, Range 15 West, in Caddo

Parish, comprising approximately 238 mineral acres.

Paragraph 1, Description of the Offer, in the LOI dated March 9,

2022, states that Springbok submitted an initial cash offer of $2.3 million

(the “purchase price”) in “consideration for a Mineral Deed . . . dated

effective as of 03/01/2022” for all of the right, title, interest and estate held

and/or owned by Woolley in and to 238.12 net mineral acres underlying the

land described in Exhibit A, including all royalties on production, executive

rights to lease and any and all of her rights relating to the ownership of the minerals. The description of the offer includes a clause that gives Springbok

a reasonable time to examine the title to the minerals.

Paragraph 2, Acceptance and Termination of Offer, required that

Woolley sign and return an executed counterpart to the LOI before

March 11, 2022, or the offer would automatically terminate and be void.

Paragraph 3, Occurrence of Closing, states as follows:

a. In the event that you do accept this Offer by executing and delivering to Offeror a duly executed counterpart to this Letter prior to the Expiration Time in accordance with Section 2 prior to the earlier to occur of (i) the Expiration Time and (ii) the withdrawal or cancellation of this Offer by Offeror pursuant to Section 2, then, for a period of 60 Business Days (as defined below) beginning on the day after the day on which Offeror receives such executed counterpart to this Letter (such period, the “Pre-Closing Period”), (A) Offeror shall have the right to acquire all of your right, title, interest and estate in and to the Minerals for the Purchase Price (subject to reduction if, and to the extent, provided in this Letter) and (B) this Letter shall form a binding agreement and you shall be deemed to have received good, valuable and sufficient consideration for your execution and delivery of your counterpart to this Letter and your performance of your obligations hereunder (and you shall not take a position to the contrary). In order to exercise such purchase right, Offeror shall deliver written notice to you prior to the expiration of the Pre-Closing Period stating that Offeror is prepared to close the Transactions (such notice, a “Closing Notice”). Notwithstanding anything to the contrary in this Letter or otherwise, in the event that, prior to the expiration of the Pre-Closing Period, (x) Offeror does not deliver a Closing Notice to you or (y) Offeror delivers written notice to you stating that Offeror has determined that the state of your title in and/or to any of the Minerals or any other matters related to the Minerals or the Transactions are not acceptable to Offeror, then this Letter and the Offer (and the respective rights and obligations of Offeror and you hereunder and with respect thereto) shall automatically terminate and be void and of no further force or effect without any further action of Offeror or you. (Emphasis added.)

2 Other pertinent paragraphs of the agreement include Paragraphs 8 and

9 which state as follows:

8. Amendments: Time is of the Essence; Governing Law, Counterparts: This letter may be amended, modified or supplemented only pursuant to a written instrument signed by the parties hereto. This Letter shall be governed by, and construed in accordance with the laws of the State of Texas without regard to conflicts of law rules. Time is of the essence to both you and Offeror in the performance of this Letter. To the extent either party seeks to enforce this Letter in a legal proceeding, each side is responsible for its own attorney’s fees and costs of court, except if Offeror is the prevailing party, then Offeror shall be entitled to recover its reasonable attorney’s fees and costs. This Letter may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute on (sic) and the same instrument.

9. Execution of Mineral Deed. IN THE EVENT THAT YOU CHOOSE TO EXECUTE THIS LETTER AND SUBSEQUENTLY DELIVER THE MINERAL DEED PURSUANT TO AND IN ACCORDANCE WITH THIS LETTER, YOU WILL SELL ALL OF YOUR RIGHT, TITLE INTEREST AND ESTATE IN AND TO THE MINERAL INTERESTS IN THE PROPERTY(IES) DESCRIBED IN THE MINERAL DEED.

Woolley executed the LOI on March 11, 2022. Springbok performed

its due diligence and provided a closing notice to Woolley. It also allowed a

time period for Woolley’s attorney to examine the deed and make

suggestions as to certain modifications, including protection for a timber

farm on the surface and an amendment as to price. However, when

Springbok would not negotiate the starting date for the sale of the minerals

from March 1, 2022, to May 1, 2022, Woolley refused to sell and transfer

her mineral rights. In the interim, she had been offered more money for her

mineral rights from another company.

3 In May 2022, Springbok filed suit against Woolley alleging that the

LOI is binding, valid and enforceable; that the company had performed all

the conditions precedent to recover under the agreement; and that Woolley

had breached the agreement. It sought specific performance of the transfer

of the minerals and damages for the losses it sustained as a result of her

failure to sell, including delay damages and any lost mineral production

revenue to which it would have been entitled had the deed been timely

executed, together with legal interest and costs.

On August 1, 2022, Woolley answered, asserted affirmative defenses,

a reconventional demand and a third party demand. Her affirmative

defenses were that she never entered into a binding agreement for the sale of

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Bluebook (online)
Springbok Royalty Partners, LLC v. Sarah Woolley, Counsel Stack Legal Research, https://law.counselstack.com/opinion/springbok-royalty-partners-llc-v-sarah-woolley-lactapp-2024.