HOUSTON, February 3, 2012: The Fifth Circuit has affirmed a summary judgment that Porter Hedges LLP secured for its long-time client, Ryder Scott Company, L.P. In a 17-page opinion issued on January 30, 2012, the Fifth Circuit found that there was insufficient evidence to support claims brought by Capco Energy, Inc. and Capco Offshore, Inc. (collectively “Capco”), two affiliated oil and gas production companies based in Houston, Texas. The lawsuit originally arose out of Capco’s $83 million acquisition of 13 Gulf of Mexico properties from Tana Exploration Company, LLC (“Tana”).
Capco originally filed the lawsuit in August 2008, alleging claims of fraud, negligent misrepresentation, professional negligence, conspiracy, and other business torts against Ryder Scott. . In September 2010, Bankruptcy Judge Wesley Steen granted summary judgment in favor of Ryder Scott and Tana. In March 2011, Judge Kenneth Hoyt affirmed on Capco’s direct appeal from the bankruptcy court.
The Fifth Circuit panel consisted of Justices Edith Brown Clement, Stephen Higginson, and Priscilla Owen. Justice Owen filed a dissent.
Ryder Scott, based in Houston, Texas, evaluates oil and gas properties and independently certifies petroleum reserves quantities in the U.S. and internationally. Founded in 1937, Ryder Scott is one of the largest, oldest, and most respected reservoir-evaluation consulting firms in the industry.
The case is Amco Energy, Inc. f/k/a Capco Offshore, Inc. et al v. Tana Exploration Company, et al (Case No. 11-20264).
The Porter Hedges team was led by litigation partner Jeff Elkin with assistance from partner Lauren Harris and associate David Salton.
For the full opinion, please see here.