Texas Supreme Court
Arkoma Basin Exploration Company, Inc., Petitioners v. Fmf Associates 1990-A, Ltd., Respondents
January 25, 200851 Tex. Sup. Ct. J. 342
Summary
The Texas Supreme Court held that Arkoma Basin's reserve estimates in the mature Wilburton field were actionable statements of fact, while those in the speculative South Panola field were nonactionable opinions, affirming fraud verdicts for two partnerships and reversing the rest; it also found the damages evidence legally sufficient, that the trial court's remittitur order restarted appellate deadlines, and that Arkoma properly preserved its objections. Justice O’Neill, concurring and dissenting, argued the South Panola opinions were still actionable because they were based on intentional falsification.