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Moncrief Oil Promises Money To UT If It Wins Suit

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Oct 2, 2008 7:54 am US/Central

Moncrief Oil Promises Money To UT If It Wins Suit

AUSTIN (AP) ― A lawsuit Moncrief Oil International has filed over its interests in one of Russia's largest natural gas fields could benefit the University of Texas.

The Fort Worth company has promised the university 25 percent of the net proceeds of the case if it wins. That could be up to $500 million. If Moncrief loses, then the university wouldn't get anything.

The pledge announced by the university on Tuesday is tied to the outcome of the company's lawsuit over interests in the Yuzhno-Russkoye gas field in Siberia. Moncrief Oil says it owns 40 percent of the gas field, with an estimated value of $16 billion.

The company alleges that Gazprom, the Russian oil giant that controls the gas field, isn't honoring its contracts with a Gazprom subsidiary, which date to the 1990s.

The lawsuit alleges that Gazprom sold a stake in the gas field to a German company without Moncrief Oil's knowledge.

The pledge would be used to establish an alternative energy program, Richard Moncrief said in a statement released by the university.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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