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 September 29, 2015 - 5:22 PM EDT
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FBS Properties, Inc. Completes Acquisition of Oil & Gas Companies

FBS Properties, Inc. (“FBS”), founded by investor Fred Schneiderman, recently concluded the acquisition of 100% of Warwick Oil & Gas Inc., a Texas corporation, Warwick Oil & Gas Inc., an Oklahoma corporation, and Reserve Royalty Corporation. The acquired companies have oil & gas interests in more than 20 counties and parishes in Texas, Arkansas and Louisiana.

Shortly after FBS acquired interests in the companies, management refused to fully recognize FBS’s rights (see FBS Properties, Inc. v. Warwick Oil & Gas, Inc. et al, Cause No. 2012-33816). FBS engaged Smyser Kaplan & Veselka, L.L.P. (“SKV”), which then obtained court affirmation of all acquisition rights. SKV Partners Craig Smyser and Jarod Stewart represented FBS. After the trial court issued a final judgment, SKV handled the defendants’ appeal. The appellate court unanimously affirmed the trial court’s judgment in favor of the plantiff FBS. Stewart stated: “We are proud of the results we achieved for FBS.”

FBS is a privately-held Texas corporation focused on oil & gas investment, with locations in Houston and the NYC area. In recent years, as the shale boom exploded in the energy sector, FBS sold a significant portion of its shale acreage holdings (accumulated over the past two decades) to major oil companies engaged in drilling the prominent North American shale plays. At the time FBS’s shale acreage was sold, the aggregate oil & gas gross revenues anticipated on sold acreage sections exceeded one billion dollars. Although the sale price achieved by FBS for the shale assets remains confidential, Schneiderman confirmed: “The sales price represented a favorable transaction for each party.” Upon the sale of its shale acreage, FBS also retained significant overriding royalty interests in every shale well drilled. In addition, as part of each sale, FBS retained all oil & gas rights in depths above and below the shale zones, and is planning a schedule to develop the additional reserves. FBS continues to seek additional opportunistic plays in the energy sector.

In January 2015 SKV was named Texas Firm of the Year by Benchmark Litigation. The Firm of the Year award honors one litigation firm in each state based on the significance of its representations, including precedent-setting verdicts and notable monetary awards. The Texas Firm of the Year award is just the latest in a string of honors for SKV, which was listed as a top firm by U.S. News & World Report, Super Lawyers, and Best Lawyers.

Smyser, Kaplan & Veselka, L.L.P.
Craig Smyser, Partner

Source: Business Wire (September 29, 2015 - 5:22 PM EDT)

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