Texas Jury Says Talisman Cheated JV Partner Out of $100M

We came across an interesting press release from a law firm that won an extraordinary settlement for its client against Talisman Energy–a $100 million award. What’s interesting is that the plaintiff that sued Talisman is one of Talisman’s joint venture partners–not landowners. Matrix Petroleum invested in a deal with Talisman as a “non-operating” partner. That is, Matrix put up money, but Talisman did all the drilling and selling of the oil and gas they extracted. Matrix says over a period of five years that Talisman intentionally cooked the books–failing to accurately report how much oil was produced, thereby shorting Matrix on their share of the profits. The jury agreed and awarded Matrix the money they should have gotten if Talisman had not cooked the books. Ouch. All of this happened in Texas–the drilling and the trial. So what does it have to do with the Marcellus/Utica? Perhaps nothing. But we do recall reporting that last year Talisman took on a non-operating joint venture partner in the Marcellus from Thailand–Banpu (see Talisman Gets a New Thai JV Partner for Marcellus Drilling in NEPA). Perhaps the bean counters at Banpu will want to give closer scrutiny to the books in their jv with Talisman?…

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