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.

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