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WebArising under the 2006 version of La. In addition to Texaco, which was still its major leaseholder, LL&E secured royalty agreements with Phillips Petroleum Co., Stanolind Oil & Gas Co., Alder Oil Co., and Plymouth Oil Co., among others. That year the company also saw initial returns from both the tertiary recovery project at Jay Field and the "A" platform of the Brae Field in the North Sea. In 1974 Jacinport reported $2 million in real estate sales. LL&E reported 1986 losses of $20.6 million. A "warranty" contract is an arrangement whereby the producer is obligated to deliver to the purchaser certain quantities of gas; the source of the gas is unspecified and the producer may therefore fulfill his obligation from any source he chooses. We agree with the district court that Section 109 applies. WebAsbestos & Mesothelioma, Medical Malpractice, Nursing Home Abuse, Personal Injury, Products Liability, Workers' Compensation Website Email Profile John J. Lynch Chicago, IL (630) 283-7091 Bankruptcy, Probate, Foreclosure Defense, Real Estate Law, Estate Planning Website Email Profile 121 Cong. Congress thus retained percentage depletion for small, independent producers to encourage domestic production. Oil and Gas lease entities located near Louisiana Land & Exploration Co.. The sour gas streams from the separation system and the oil stabilization system, containing both natural gas and hydrogen sulfide, are combined and further treated in the acid gas removal system. The "depletable natural gas quantity" is whatever portion of its depletable oil quantity the taxpayer chooses to convert to natural gas at a conversion ratio of 6,000 cubic feet of gas to one barrel of oil. Not satisfied? 1763, then to the USA in 1783; W region acquired by the USA in the Respondent thus concludes that if hydrogen sulfide, from which sulphur is derived, is produced from an oil or gas well, it is depletable, if at all, only under section 613A. Hydrogen sulfide is never used as a fuel and is not sold under long-term fixed price contracts. La Land Louisiana. The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. Continuing to diversify, in 1968 Graham obtained the rights to participate in the resort development of approximately 50,000 acres on the western half of Molokai Island, Hawaii--an island previously best known for its leper colony.