Power Gas Marketing & Transmission, Inc. v. Cabot Oil & Gas Corporation, et al., 948 A.2d 807 (Penn. Sup. Ct. 2008)

(case involves a joint operating agreement (entered into in 1969) between the parties involving contribution of for oil and natural gas leases to a newly-formed joint venture; joint operating agreement also included preferential purchase rights; claim was that the preferential purchase rights clause violated the rule against perpetuities; court holds that legislature’s repeal of the rule against perpetuities effective for interests created after 2006 should apply in this case because policies prompting the creation of the rule are “no longer laudable” and applying the rule in this case would hurt the oil and gas industry).

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