First City National Bank Midland v. Concord Oil Company

In a case involving the interpretation of an assignment of two oil and gas leases which called for the termination of production payments when at a time in the future "there remains unproduced 10% of the commercially recoverable liquid and gaseous hydrocarbons in and under such tract[,]" the court held that the payments were to terminate when oil production produced after July 1, 1974 from the two leases equaled 84,366 barrels and 246,031.2 barrels, respectively. The court also awarded attorneys fees to Appellants. All parties appeal. We affirm.