There are two oil and gas companies which are suing BP (NYSE:BP) and Apache Corporation. With Regards to the rights to purchase almost $400 million of assets in New Mexico.
There are two pending transactions being disputed. Both properties in question were announced June 20th. The first is BP's sale of assets to Apache for $7 billion. The second is Concho Resources Incorporated purchase of Marbob Energy Corporation for $1.66 billion.
There are certain operating agreements in place for the properties which Concho has valued at $400 million. BP told Marbob that they had full plans to exercise their rights to the land, which will be turned over to Apache. Under the operating agreement, BP is required to give Marbob a purchase right notification which the company has failed to do.
Marbob and Concho have filed a lawsuit in New Mexico state court. They are seeking a judgement requiring BP to file the correct paperwork. When BP was questioned, they declined comment. Bill Mintz Apache spokesman stated that he believes that BP has exercised a valid preferential right. "We expect Marbob to deliver the property," said Mintz.
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