Peak Energy Sues Chesapeake Over $29M Oil Deal

Law360, New York (September 25, 2009, 6:26 PM EDT) -- Mineral leaseholder Peak Energy Corp. has sued a Chesapeake Energy Corp. subsidiary for breach of contract, claiming it backed out of a $29 million purchase agreement for eastern Texas oil and gas prospects after prices of natural gas fell and U.S. credit markets tightened.

Peak Energy filed its complaint Thursday in the U.S. District Court for the Eastern District of Texas, seeking to have Chesapeake Exploration LLC perform the obligations it signed on to in the agreement or the total amount of monetary damages Peak incurred...
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