5th Circ. Reverses Chesapeake Win In $115M Oil Lease Row

Law360, New York (February 2, 2012, 5:16 PM EST) -- The Fifth Circuit on Wednesday reversed a lower court’s decision in favor of Chesapeake Energy Corp. in a suit brought by Preston Exploration Co. after Chesapeake withdrew from a $115 million oil and gas lease agreement between the companies.

A three-judge panel vacated a Texas federal court’s June 2010 order that had sided with Chesapeake’s argument that Preston had not sufficiently identified the oil and gas properties they were planning to sell in three three purchase and sale agreements the companies had entered into in October...
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