Walter H. Walne, III (Tracy)


Direct: 713.622.2881
Mobile: 713.962.3825

Mr. Walne has been a licensed attorney for over forty years, and most of his practice has involved various aspects of the oil & gas business, including the founding of two exploration companies: Black Stone Oil Company (now Black Stone Energy Company, LLC) with Thomas L. Carter, Jr., and later his own Prospect Oil Company.  He has been employed by large and medium sized law firms, and he has been a sole practitioner until establishing Walne Law PLLC with his two associates.  His clients have been involved in projects from Texas to Pennsylvania as well as offshore Texas and Louisiana and in South America and West Africa.  The transactions in which he has been involved include the purchase and sale of producing oil & gas properties, reserve based loan transactions, and exploration and development projects.  His contributions to his client’s businesses include due diligence examinations, contract negotiation and preparation of various trade agreements such as farmouts, participation agreements, joint operating agreements for upstream oil & gas drilling and development projects and providing counsel with regard to issues which arise in day to day operations..  He has also had experience with title opinions, pipeline right-of-way matters, and onshore and offshore regulatory compliance.

Mr. Walne was raised in Midland, Texas, received his undergraduate degree at Princeton University and his juris doctor at the University of Texas School of Law.  He served in the United States Marine Corps Reserve and achieved the rank of captain.  He is married to Marina Ballantyne Walne, Ph.D., the founding head of the John Cooper School in The Woodlands, Texas (among other accolades), and has three sons: Dixon, a restaurateur in Ft. Collins, Colorado; Travis, a landman in Houston; and Kelly, a trial lawyer in Houston.  Mr. Walne has served as the Cubmaster, Scout Master and Venture Crew advisor in the scouting program at St. John the Divine, and he now serves as a Stephen Minister there.