Peak Wins $20M In Oil Rights Spat With Chesapeake

Law360, New York (March 25, 2011, 8:21 PM EDT) -- A Texas federal judge on Friday awarded Peak Energy Corp. $19.8 million in its suit alleging that a Chesapeake Energy Corp. subsidiary violated a contract when it abandoned an deal to acquire oil and gas leases as the natural gas market plummeted in 2008.

Judge T. John Ward in the U.S. District Court for the Eastern District of Texas ruled that Chesapeake Exploration LLC should pay for damage that Peak incurred when, believing it had a binding agreement for the sale, it kept the mineral rights...
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