Chesapeake Energy Corp. has had a difficult year. The Oklahoma City-based oil and natural gas producer has endured lawsuits from landowners, a plummeting stock price, a scandal involving its board chairman, and ongoing state and federal probes into the company.<\/p>\n
Landowners in Texas, Michigan and North Dakota have filed lawsuits against the company, claiming that Chesapeake reneged on lease agreements. As the price of gas decreased, Chesapeake attempted to cancel hundreds of lease agreements with mineral rights owners, only to be rebuked in court. <\/p>\n
A recent decision by the U.S. Court of Appeals is one example. Chesapeake attempted to void an agreement with Plano, Texas-based Peak Energy Corp., claiming that the letter of intent both parties signed did not amount to a valid contract. The Fifth Circuit upheld a multi-million dollar ruling from the district court, holding that Chesapeake breached its contract and ordering the company to (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Chesapeake Energy Corp. has had a difficult year. The Oklahoma City-based oil and natural gas producer has endured lawsuits from landowners, a plummeting stock price, a scandal involving its board chairman, and ongoing state and federal probes into the company.…<\/span><\/p>\n