Walter (Tracy) Walne

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.  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 clients’ 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 farm crop broker in Montrose, Colorado; Travis, a landman employed by the energy division of Northern Trust in Austin; and Kelly, a trial lawyer in Marble Falls, Texas.  

Mr. Walne’s civic involvement includes:

• Stephen Minister, 2008 to present at Church of St. John the Divine (Episcopal)

• Venturing Advisor of Crew 55 1998 to 2003; Scoutmaster of Troop 55, 1993 to 1998; Assistant Scoutmaster of Troop 55, 1990 to 1993; and Cubmaster, Cub Scout Pack 55, 1988-90 and 1999-2002; Eagle Scout (Midland, Texas, 1960), District Award of Merit, 1998; Sam Houston Area Council (Houston), Silver Beaver, 2000; St. George Episcopal Award, 2006

• Board of Directors, Sam Houston Area Council, Boy Scouts of America, 1994 to 2002

• Chairman, Friends of Scouting Family Campaign 2008

• District Chairman, Golden Arrow District, Sam Houston Area Council, Boy Scouts of America, 1994-97

• Past Chairman and Member of Board of Directors and Executive Committee, Council on Alcohol and Drugs Houston, 1991 to 2009

• Executive Committee, Gulf Coast Chapter, Muscular Dystrophy Association 1982-86, and Co-Vice Chairman 1984-86

A more complete description of Mr. Walne’s practice is set forth under Areas of Practice.