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facts, and stipulation of settled issues are incorporated herein
by this reference.
Algerine Allen Smith (decedent) died testate on November 16,
1990, in Texas. James Allen Smith, decedent's son, is the
executor of the estate. Mr. Smith resided in Larchmont, New
York, at the time he filed the petition in this case.
On April 23, 1970, decedent, as lessor, entered into an Oil,
Gas and Mineral Lease with Humble Oil & Refining Co. (Humble).
Pursuant to this lease agreement, decedent retained a royalty
interest in oil and gas production obtained from an 80-acre tract
of land in Wood County, Texas. On April 23, 1970, Jessamine and
Frankie Allen, decedent's aunts, also entered into oil and gas
leases with Humble, pursuant to which they retained royalty
interests from the oil and gas production obtained from certain
tracts of land in Wood County. Humble was subsequently acquired
by Exxon Corporation (Exxon).
Jessamine and Frankie Allen died in 1979 and 1989,
respectively, and decedent served as the independent executrix of
both estates. Upon Jessamine's death, decedent inherited a
portion of Jessamine's interest in the leased property. Upon
Frankie's death, decedent inherited all Frankie's interest in the
leased property, as well as the remaining portion of Jessamine's
interest which Frankie had previously inherited.
Decedent's, Frankie's, and Jessamine's interests in the Wood
County property were part of a unit formation known as the
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