Rubens

Plaintiff paid $15,000 for a 1 percent interest in an oil lease, and agreed, in addition, to pay his pro rata share of drilling costs. He actually paid $1,228.16 towards expenses, and owed an additional $426.49 when the venture was abandoned because of failure to find oil in paying quantities. Plaintiff then brought an action to recover his money from Texam Oil Corporation, which was both the transferor of the 1 percent interest and (during a portion of the time) the operator of the drilling venture. Texam counterclaimed to recover the $426.49 due under the contract. The trial court gave judgment that plaintiff take nothing on his complaint and that defendant recover the amount of its counterclaim. Plaintiff is appealing from the judgment.

*80 Although plaintiff asserts in his brief that “There are many independent grounds for requiring the return” of his investment, all of his arguments center around the theory that there were violations of the Corporate Securities Act which made the transaction “void” and thereby entitled him to rescind. (Corp. Code, § 26100.) Some background facts which are not in dispute may be stated first to place the issues in context.

Plaintiff is a…