Chesapeake Launches $130M Suit Over Failed Oil, Gas Venture

Law360, Houston (October 1, 2012, 10:10 PM EDT) -- A unit of Chesapeake Energy Corp. on Monday launched a suit against Gastar Exploration Ltd. in Texas federal court, alleging that it is owed $130 million as a result of a botched joint venture to develop a 54,000-acre oil and gas prospect.

Chesapeake Exploration LLC claims that after it paid millions to Gastar for an interest in the central Texas field and incurred substantial development expenses, a Texas court stripped it of its ownership after finding that Gastar had no right to sell the mineral rights...
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