Proceedings

10th Cir 5th Cir acreage acres agreement Amerada Petroleum Corp amount applied assignment basis Blackacre bonus capital clause co-owner Comm Comm'r commenced Commissioner contract corporation cotenant court held decision deductions delay rental depletion division order drill or pay driller dry hole economic interest excess profits tax expense fair market value Federal Power Commission footnote foreign gas lease implied covenants income tax investment joint joint operating agreement land lessee lessee's lessor Magnolia Petroleum Co ment Merrill mineral mining partnership natural gas Oil & Gas oil and gas oil or gas oil payment Okla operations opinion overriding royalty paid parties petitioner Phillips Petroleum Co pipe line plaintiff pooling primary term production provision purchaser received regulations result royalty interest royalty owner rule Section Stanolind sublease Sun Oil Co supra taxable taxation taxpayer termination Texas tion tract transaction United Whiteacre