The Houston First Court of Appeals affirmed on all issues a judgment vindicating DeepRock Venture Partners, LP and Paul Touradji and awarding them $1.75 million on counterclaims, Smyser Kaplan & Veselka, LLP announced today. Plaintiffs Gary Beach, Beach Capital Partnership, LP, Playa Oil & Gas, GP, LLC and Playa Oil & Gas LP sued SKV’s clients for $162 million, alleging primarily a failure to develop an oil and gas salt dome prospect in southern Louisiana. After a three-week jury trial in the 55th District Court of Harris County, SKV’s clients obtained a take-nothing verdict against the plaintiffs on their claims and an award of $1.75 million on coun-terclaims against Gary Beach and Beach Capital for breach of contract and breach of fiduciary duty. SKV partners Jeff Potts and Land Murphy tried the case and defended the appeal, as co-counsel with Sean O’Brien, of O’Brien L.L.P., in New York. The case is Beach Capital Partnership, L.P., Gary M. Beach, Playa Oil and Gas GP LLC, and Playa Oil & Gas LP v. DeepRock Venture Partners LP and Paul Touradji.
SKV Appellate Victory in $162 Million Oil and Gas Dispute
February 16, 2015
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