A Texas jury has awarded oil tycoon T Boone Pickens more than $140million over a dispute.
It comes after Pickens accused Cleo Thompson and Delaware Basin Resources of attempting to cheat him out of profits and ownership interests regarding more than 160 wells.
In a statement, a spokesman for Pickens said he hoped the result would mean the “long history of fair dealings” in the oil industry continues.
He said:”We have maintained from the beginning that Mesa’s oil and gas interests were taken illegally. The Red Bull is part of what is now one of the biggest resource plays in the world, and we are hopeful that the jury’s decision here will mean that the long history of fair dealings in the oil industry continues. This case emphasizes and validates important legal rights, and we are proud to have been a part of it.”
Cleo Thompson chief financial officer Paul Rudnucki said the firm had been “gratified”, adding the award from the jury was “a fraction” of what Pickens had originally been asking for.