A purchaser of offshore oil field leases from bankrupt Cox Operating LLC challenged US government claims for nearly $12 million in royalty payments, pointing to alleged calculation errors.
Dallas-based Natural Resources Worldwide LLC urged the US Bankruptcy Court for the Southern District of Texas to deny claims assessed by the Office of Natural Resources Revenue, saying the federal agency “has refused to provide adequate support—or even a consistent explanation” for royalties assessed on a set of Gulf Coast oil fields.
The amounts due to the government on account of the leases “increased materially” without detailed explanation after Natural Resources bought ...
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