Thomas R. Craddick, Sr and Sandra H. Staley/Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP v. Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP/Thomas R. Craddick, Sr and Sandra H. Staley

CourtTexas Court of Appeals, 8th District (El Paso)
DecidedMay 28, 2026
Docket08-24-00010-CV
StatusPublished

This text of Thomas R. Craddick, Sr and Sandra H. Staley/Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP v. Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP/Thomas R. Craddick, Sr and Sandra H. Staley (Thomas R. Craddick, Sr and Sandra H. Staley/Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP v. Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP/Thomas R. Craddick, Sr and Sandra H. Staley) is published on Counsel Stack Legal Research, covering Texas Court of Appeals, 8th District (El Paso) primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Thomas R. Craddick, Sr and Sandra H. Staley/Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP v. Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP/Thomas R. Craddick, Sr and Sandra H. Staley, (Tex. Ct. App. 2026).

Opinion

COURT OF APPEALS EIGHTH DISTRICT OF TEXAS EL PASO, TEXAS ———————————— No. 08-24-00010-CV ————————————

Thomas R. Craddick, Sr. and Sandra H. Staley, Appellants/Cross-Appellees v. Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP, Appellees/Cross-Appellants

On Appeal from the 143rd District Court Reeves County, Texas Trial Court No. 22-08-24486-CVR

M E MO RA N D UM O PI NI O N

Thomas R. Craddick, Sr., and Sandra H. Staley appeal from an adverse summary judgment

rendered in their suit for bad-faith washout of overriding royalty interests, conspiracy, and breach

of contract. In a cross-appeal, Cimarex Energy Company, Prize Energy Resources, Inc., and BPX

Properties (N.A.) LP, appeal the trial court’s denial of their motions for summary judgment on

limitations, as an alternative ground for affirmance. We affirm. I. BACKGROUND

A. The 1943 lease

In 1943, George C. Fraser, George L. Burr and David H. McAlpin executed an oil and gas

lease (the Lease) to Standard Oil Company of Texas covering approximately 1,440 acres in Reeves

County. The Lease required full development of the leased acreage, contemplating “the full

prospecting and developing for oil and gas of the land hereby leased, including the putting down

of as many wells as the facts justify[.]” Balanced against that clause, it also included a surrender

provision:

[I]n the event that Lessee or his assigns, by reason of failure to find oil in paying quantities, or for other reasons, desires the cancellation of this lease, or any part thereof, that they will in good faith have made out and delivered promptly to the Lessors . . . such release or cancellation paper as that, when placed upon the county records, will remove any cloud or lien upon [Lessor’s] title to the land released in the event the recording of lease had placed any such cloud or lien upon same.

B. The parties’ interests under the Lease

The Lease was assigned several times in the following decades. In the course of those

assignments, two overriding royalty interests (ORRIs) were reserved. In 1990, Thomas Craddick,

Appellant/Cross-Appellee, acquired by assignment a portion of the Lease, limited as to a certain

area and depth. He then reassigned that portion to NRM Operating Company, L.P., reserving an

ORRI as compensation for services rendered. NRM reassigned the Lease to Staley Gas Co., Inc.,

which reassigned it to George Staley. In 2014, George Staley reassigned it to an affiliate of BPX,

reserving a similar ORRI as compensation. 1 After Staley’s passing, his ORRI passed to his wife,

Sandra Staley, who is a Co-Appellant/Cross-Appellee in this proceeding.

1 The lessee was actually BHP Billiton Petroleum Properties (N.A.), LP, a wholly owned subsidiary of Appellee/Cross- Appellant BPX. The parties refer to BHP and BPX collectively as “BPX.” We follow suit.

2 Ownership of the underlying mineral interest2 subject to the Lease followed a separate path,

ultimately passing to Co-Appellee/Cross-Appellant, Cimarex Energy Co.3

As the chain of title demonstrates, at the time the Lease was assigned to BPX in 2016,

Texas Pacific Land Trust owned the surface and a nonparticipating royalty interest (NPRI), while

Cimarex owned the underlying mineral interest subject to the Lease, and Craddick and Staley

owned ORRIs.

C. The challenged transaction

At the time BPX acquired the Lease, it was in a tenuous state. Three wells had been

drilled—one plugged and abandoned, one shut in, and one producing intermittently. Internally,

BPX debated whether the Lease had already terminated for lack of production in paying quantities.

BPX proposed and requested from Cimarex that it participate in workover operations, but Cimarex

declined.

On March 2, 2017, BPX received an unsolicited offer from Cimarex for an acreage swap.4

The proposal would require BPX to convey an 87.5% net revenue interest5 (NRI) in acreage under

the Lease and an interest in unrelated acreage. BPX, however, only owned a 75.9375% NRI in the

2 Because the mineral estate had already been conveyed to Standard Oil and its assigns by the Lease, the underlying mineral interest included only a “possibility of reverter in the mineral estate” and a lessor’s royalty. Jupiter Oil Co. v. Snow, 819 S.W.2d 466, 468 (Tex. 1991). A possibility of reverter is simply “the real property term of art for what the grantor owns as a future interest.” Luckel v. White, 819 S.W.2d 459, 464 (Tex. 1991). The Lease “actually convey[ed] the mineral estate (less those portions expressly reserved, such as royalty) as a determinable fee.” Nat. Gas Pipeline Co. of Am. v. Pool, 124 S.W.3d 188, 192 (Tex. 2003). That is, Standard Oil and its assigns held “title to all of the oil and gas in place” in fee simple determinable. Id. at 192. 3 The grantee was Appellee Prize Energy Resources, Inc., a wholly owned subsidiary of Appellee Cimarex. Because the parties refer to Prize and Cimarex collectively as “Cimarex,” we do so as well. 4 The basic terms of the proposed acreage swap were (1) Cimarex would convey 640 acres outside of the Lease and (2) BPX would convey 480 acres under the Lease, 20 acres outside of the Lease, and a lump sum payment of $2,100,000 equal to $15,000 per acre for the 140-acre difference. 5 “Net revenue interest” is the lessee’s share of production after all burdens, such as royalties and overriding royalties, have been deducted from the working interest. Sw. Energy Prod. Co. v. Berry-Helfand, 491 S.W.3d 699, 714 n.9 (Tex. 2016) (citing 8 H. WILLIAMS & C. MEYERS, OIL & GAS LAW, MANUAL OF OIL & GAS TERMS, 650 (2015)).

3 Lease acreage.6 The difference of 11.5625% equaled the sum of Craddick and Staley’s ORRIs, so

the offer implicitly required elimination of the ORRIs. After a meeting, BPX sent Cimarex an

email suggesting that BPX could only deliver its 75.9375% NRI through an assignment of the

Lease but that Cimarex would be able to eliminate the ORRIs by releasing the Lease. BPX’s email

stated: “If Cimarex acquires the lease via the trade and then allows it to terminate, the overrides

and BPX’s NRI would be eliminated and Cimarex would end up with [an] NRI of 99.21875%.”

Cimarex did not respond to this email. Instead, it gave notice that the Lease had terminated for

lack of production. It also gave notice of its election to participate in new drilling, expressly

reserving its right to claim that the Lease had terminated. Days later, BPX changed course and sent

Cimarex a counteroffer to the acreage swap proposal. Instead of conveying the Lease subject to

the ORRIs, BPX offered to execute a release of the Lease acreage. On release, the Lease acreage

would revert to Cimarex unburdened by Craddick and Staley’s ORRIs. Cimarex accepted BPX’s

offer within days. The parties entered into a letter agreement effective May 1, 2017, finalizing the

details of the acreage swap and the form of the release. BPX filed the release in the Reeves County

public records on July 7, 2017.

Cimarex, now holding the mineral estate unencumbered by any lease, proceeded to self-

develop the subject acreage as an owner-operator by drilling new wells. In late 2018 or early 2019,

Craddick realized he had not received an annual payment in 2018 as required by the Lease. After

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Thomas R. Craddick, Sr and Sandra H. Staley/Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP v. Cimarex Energy Company, Prize Energy Resources, Inc. and BPX Properties (N.A.) LP/Thomas R. Craddick, Sr and Sandra H. Staley, Counsel Stack Legal Research, https://law.counselstack.com/opinion/thomas-r-craddick-sr-and-sandra-h-staleycimarex-energy-company-prize-txctapp8-2026.