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Stock Market & Financial Investment News

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July 31, 2014
17:48 EDTSJTSan Juan Basin Royalty Trust files lawsui against Burlington Resources
San Juan Basin Royalty Trust trustee Compass Bank has filed a lawsuit against Burlington Resources Oil & Gas Company and its general partner BROG GP, the principal operator of the underlying oil and gas properties in which the Trust owns an interest. The Trust asserts claims for breach of contract and breach of the implied covenant of good faith and fair dealing, and seeks a declaratory judgment arising out of a number of unresolved revenue and expense audit exceptions asserted by the Trust’s auditors. The claims involve Burlington’s failure to properly account for and pay net overriding royalty interests to the Trust with respect to oil and gas production from numerous properties. The Trust seeks monetary relief in excess of $12M.
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