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M & T, Inc. v. Fuel Resources Development Co.
United States District Court for the District of Colorado
518 F. Supp. 285 (D. Colo. 1981)
M & T, Inc. (M & T) (plaintiff) and Fuel Resources Development Co. (Fuelco) (defendant) entered into a joint operating agreement with plans to drill an oil and gas well. The parties had agreed to share drilling costs and signed an Authority for Expenditure (AFE) that estimated such costs. Drilling commenced and turned out to be more costly than planned. When drilling expenditures reached the amount estimated in the AFE, Fuelco informed M & T that it would not make any additional payments. M & T continued the drilling process but eventually terminated drilling for financial reasons. M & T brought suit against Fuelco in the United States District Court for the District of Colorado to recover Fuelco’s share of the costs M & T incurred after Fuelco ceased payment.
Rule of Law
Holding and Reasoning (Kane, J.)
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