Loftus

This is an appeal by the plaintiffs from a judgment in favor of the defendants in an action for the recovery of money and for the reformation of an oil and gas lease and the recovery of certain royalties alleged to be due under the lease as reformed.

Under date of June 15, 1927, the parties to. this action entered into the lease in question, whereby the plaintiffs leased unto the defendants certain lands at Signal Hill, Los Angeles County, for the purpose of exploring, mining and operating for oil and gas and other incidental purposes. The lease, among other things, contained the following clause: “That the Lessees will pay to the Lessors, in cash, the royalties hereinafter specified, and in the manner following : The Lessees shall, on or before the 20th day of each and every calendar month, account to the Lessors for all petroleum produced and saved from the well on the demised land during the preceding calendar month, and at such accounting shall pay to the Lessors the value of one-sixth (1/6) of the total amount of such petroleum so produced and saved; one-half (%) of one-sixth (1/6) of all such payments shall be made to the Western .Savings Bank of Long Beach, California, for…