Gulf Production Company v. Continental Oil Company

Summary

The Texas Supreme Court affirmed the trial court and Court of Civil Appeals, holding that the Turners' acceptance of syndicate interest certificates satisfied the delay rentals and kept the 1927 oil and gas lease in force, that the homestead rights of the Turners did not bar such acceptance, that oral modification of the lease's payment method was permissible, and that no defect in the lease acknowledgments or notary qualifications invalidated the lease. Two dissenting opinions argued that the unless clause could not be altered by parol agreement and that the lease terminated on April 7, 1928.