Report: Chesapeake Ordered to Pay $100M to Complete Texas Lease Sale
by Dow Jones Newswires
|Thursday, July 12, 2012
A federal judge in Texas Tuesday ordered Chesapeake Energy Corp. to pay $100 million to make good on three executed purchase and sale agreements the Oklahoma City oil and gas company aborted in 2008, the Daily Oklahoman reported Thursday on its website.
U.S. District Judge Gray H. Miller ordered Chesapeake to make the payment for the leasehold, located in the Haynesville Shale in eastern Texas. Preston Exploration Co. and three other leaseholders had sued Chesapeake after the failed closing. Chesapeake, court filings show, had offered $99 million for the leases, but later refused to attend the scheduled closing after raising concerns about titles for some of the land.
A spokesman for Chesapeake said the company would appeal the judge's ruling.
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