Arkoma Basin Exploration Company, Inc., Petitioners v. Fmf Associates 1990-A, Ltd., Respondents

Summary

The Texas Supreme Court held that Arkoma Basin’s reserve estimates in the mature Wilburton field were actionable statements of fact under Virginia fraud law, while estimates in the speculative South Panola field were non‑actionable opinions; it affirmed the appellate court’s fraud verdict for the two partnerships, found the damages evidence legally sufficient and properly preserved, and ruled that a signed remittitur order modifies the judgment and restarts appellate deadlines, affirming the court of appeals’ judgment as to FMF Associates 1988‑B and Lazare and reversing it for the remaining respondents.