Paxton has been sued in Civil District Court in the Parish of Orleans, New Orleans, Louisiana to rescind the sale of an oil, gas and mineral lease identified as Vermilion Block 179 located in the Gulf of Mexico. The petition was filed December 5, 2011.
Under the terms of the lawsuit, Plaintiff, Montecito Offshore, LLC alleges it is entitled to rescind the sale of the leasehold interest to Paxton, comprising a 70% leasehold working interest, because Paxton did not pay the purchase price, and did not merge with New Orleans based Virgin Oil Company, Inc. which was a condition of the conveyance of the leasehold interest.
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