Oil and Gas Leases: Nature of Lease Real Estate License Requirement

摘要

Wellington Resource Group brought suit against Beck Energy Corporation, asserting claims in contract and unjust enrichment. Transact Partners International, LLC intervened in the suit and asserted the same claims against Beck. Transact alleged that, in a written contract, Wellington had agreed to help Beck find a purchaser for a set of oil and gas leases, wells, and related assets that Beck wished to sell. In return, Beck had agreed to pay Wellington a commission in the event that Wellington found a buyer who purchased the assets. Transact and Wellington later entered an agreement to be co-brokers who would work together to find a purchaser of Beck's assets and then split between themselves the fee that Beck would pay. Transact and Wellington found a purchaser who paid Beck nearly $85 million for the assets, but Beck refused to pay any commission.