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IN THE CIRCUIT COURT OF THE
•SECOND JUDICIAL CIRCUIT IN
AND FOR LEON COUNTY, FLORIDA
CASE N0. 76-2078
MOBIL OIL CORPORATION,
a New York corporation,
Plaintiff,
vs.
COASTAL PETROLEUM COMPANY,
a Florida corporation,
Defendant.
FINAL JUDGMENT
The claims in Plaintiff's, MOBIL OIL CORPORATION,
Second Amended Complaint and Defendant-counterclaimants,
COASTAL PETROLEUM COMPANY, First and Third Counterclaims
were tried before the Court without a jury during the weeks
of October 23 and 30, 1978. The Court having heard the
testimony, considered the evidence and arguments of counsel,
makes the following findings:
1. Mobil has proved by a preponderance of the evidence
that as a result of the Memorandum of Settlement dated
January 6, 1976, between the State of Florida and Coastal,
there was a surrender of title by Coastal of a substantial-
:
amount of acreage once covered by the December 16, 1964,
Letter Agreement between Mobil and Coastal, and the State of
Florida leases to Coastal, Leases 224-A, 224-8 and 248.
This surrender of title, if not a strict or technical failure
of title, had the same effect as a failure of title as that
term is used in paragraph 18 of the Letter Agreement and
i
amounts to the same.
2. Mobil expended sufficient money in its operations
under the Letter Agreement and drilled a sufficient number
of feet of hole in search of oil and gas to be entitled to a
J
7 one-half interest in that interest remaining in Coastal
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