LAW 389 - Oil and Gas Law.

Oil and gas law comprises some of the most complex contract and property law issues; particularly the determination of rights and obligations. Students in this course will learn how the basic principles of property, contract, and tort law have been used to develop the body of law pertaining to the oil and gas industry. The legal issues encountered by students will encompass the nature of oil and gas rights, the determination of oil and gas ownership rights, the leasing and transfer of those rights, and the development and marketing of oil and gas. The course will also examine the rise and use of conservation regulations such as spacing, pooling, and unitization by state regulatory agencies to ensure the fair and efficient production of oil and gas. The interplay between local, state, and federal governments will be surveyed, as will current issues relating to horizontal drilling, hydraulic fracturing, and split estates. Further, this course provides an opportunity for students, even those not necessarily interested in oil and gas law, to continue to develop their contract and property law skills by applying the basic principles to problems in a specialized legal context. Three hours. Hembree.