Fort Stockton ISD suing energy company and appraisal district for $500 million

Fort Stockton ISD suing energy company and appraisal district for $500 million

FORT STOCKTON, TX (KWES) - The Fort Stockton School District is suing an energy company and the Pecos County Appraisal District. All for $500 million in property taxes.

The District claims SandRidge purposely misrepresented the value of its property, the lawsuit says the Pecos County Appraisal District just accepted it.

The lawsuit was filed earlier this month but dates back to 2003.

Fort Stockton ISD estimates they are owned more than $500 million since then. The company they're suing, filed for bankruptcy earlier this year.

Fort Stockton ISD suing SandRidge Energy Inc., two of its associated companies and Pecos County Appraisal District.

FSISD's lawsuit claims SandRidge has intentionally or recklessly omitted and misrepresented the amounts of taxable property to the Pecos County Appraisal District for appraisal purposes.

Now, the unpaid property tax is still owed and SandRidge filed for bankruptcy earlier this year.

The lawsuit goes on to say FSISD believes SandRidge purposely tried to prevent the school District from securing their claim by transferring the money to a third party, shortly before SandRidge's bankruptcy.

FSISD estimates they are owed more than $500 million for the time of 2003-2015.

The lawsuit goes on to list values reported to the Energy Information Administration versus what FSISD says is the value of the entirety of the property.

The suit says in 2007 Sandridge reported the estimated value at $10,115,999,760 FSISD's taxing area only amounted to $1,240,400,028, a loss of $99,326,837 in lost ad valorem tax revenue.

For 2008, FSISD reported a loss of $120,460,673.

We reached out to SandRidge Energy, they told us they do not comment on pending litigations. 
We also attempted to contact FSISD superintendent, our call has not yet been returned.

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