Chesapeake Energy still required to give up $121M

Posted on Monday, May 19th, 2014 at 7:08 pm    

A U.S. Court of Appeals has upheld a previous court decision that requires Chesapeake Energy to pay millions of dollars to three leaseholders, an online report stated on May 1.

According to the report, a three-judge panel of U.S. Court of Appeals in New Orleans decided to reject Chesapeake Energy’s appeal against having to pay $121 million to Texas-based Preston Exploration and two affiliates. In 2008, Chesapeake agreed to acquire 500 oil and gas leases from the three leaseholders, but later withdrew the arrangement when gas prices dropped drastically just before the agreement was about to conclude.

Chesapeake Energy initially won the case, but an appeal won by Preston led to a judgment that the energy company broke the deal with the leaseholders.

Our highly experienced team of brokers at The Mineral Auction helps sellers find the best possible price on their mineral rights. Contact us at (512) 698-2802 to learn about how we can help put your mineral rights up for auction in front of our network of thousands of reputable buyers.

Recent Mineral Rights Posts

Who might buy your mineral rights

Selling mineral rights is much more different than selling most items or property. It goes further t... Read More

Cautions before selling mineral rights

The world of mineral rights is highly marketable, which is one of the reasons companies work hard ... Read More

Permian Basin: A remarkable natural gas and oil discovery

Oil and gas exploration company Apache, based in Houston, Texas, announced on Wednesday, September 7... Read More

Ready to get started? Call us today - (512) 698-2802