When is an Oil and Gas Joint Venture Interest a Security?

When is an Oil and Gas Joint Venture Interest a Security?

The recent case of SEC v. Arcturus, decided by the U.S. Court of Appeals for the Fifth Circuit, tackled that very question. I wrote about that case in an article published in the November 2019 issue of the Dallas Bar Association's "Headnotes" newsletter. The article is titled, surprisingly enough, "When is an Oil and Gas Joint Venture Interest a Security?"  It is available here.