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MAGNOLIA PETROLEUM CO. v. OKLAHOMA TAX COM'N

No. 37644.

326 P.2d 821 (1958)

MAGNOLIA PETROLEUM COMPANY, a corporation, Plaintiff in Error, v. OKLAHOMA TAX COMMISSION, Defendant in Error.

Supreme Court of Oklahoma.

Rehearing Denied June 10, 1958.

Attorney(s) appearing for the Case

Sam H. Field and Wendell J. Doggett, Dallas, Tex. for plaintiff in error.

R.F. Barry, Oklahoma City (Chas. B. Wallace, Frank C. Bolton, Jr., R.T. Wilkinson, Jr., Dallas, Tex., Robert W. Richards Oklahoma City, of counsel), for defendant in error.

JOHNSON, Justice.

The case was tried on a stipulation of facts which shows that on February 16, 1948, Magnolia Petroleum Company (hereafter referred to as Magnolia) under a written contract sold all of its joint interest in certain Osage Indian productive oil and gas leases and properties to Kewanee Oil Company (hereafter referred to as Kewanee) for a total lump sum consideration of Two Million Dollars. Kewanee's "prime purpose...

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