Three energy firms have filed a $1.1 billion lawsuit against Apache Corporation for alleged damages related to oil and gas leases in Texas.
The dispute centers on contracts Apache signed in 2011 with Texas-based Apollo Exploration and Oklahoma’s Cogent Exploration and SellmoCo covering a series of oil and gas leases in the Texas Panhandle, attorneys for the companies said in a statement.
The attorneys said the case involves potential damages of more than $1.1 billion relating to “certain purchase and sale agreements, mineral leases, and mutual interest agreements” for properties located in the Texas counties of Hartley, Moore, Potter and Oldham.
The lawsuit was filed in the 385th District Court in Midland in Texas.
The three companies allege that they were entitled to reclaim up to one-third of the interests they sold to Apache under their contracts.
The firms also claim that Apache never provided required documents for 2012 and 2013.
The plaintiffs are asking the court to order Apache to provide a “proper accounting” of the drilling and payout records associated with their contracts, information they allege that Apache has failed to provide.
In addition to the requested accounting and the allegations of breach of contract and fraud, the lawsuit also includes claims against Apache for breach of fiduciary duty, negligence, gross negligence and conversion, among others.