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Harrison Decision: Cabot Oil Denied Equitable Extension of Oil and Gas Lease

2015-03-12 07:44:47| Oil & Gas - Topix.net

On February 17, the Pennsylvania Supreme Court unanimously ruled that state law does not recognize equitable extensions of leases in the absence of an absolute and unequivocal repudiation of the agreement and expressly refused to create an exception for the oil and gas industry when there is a declaratory judgment action that seeks to invalidate a lease without an actual repudiation of that lease. In August 2007, Wayne Harrison entered into a five-year oil and gas lease with Cabot Oil & Gas Corporation .

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