Chesapeake Gets New Trial In $115M Oil Lease Battle

Law360, New York (December 5, 2012, 7:55 PM EST) -- A Texas federal judge on Wednesday awarded Chesapeake Energy Corp. a new trial regarding Preston Exploration Co.'s $115 million breach of contract suit, saying a rereading of a Fifth Circuit decision overturning an initial Chesapeake win allowed further examinations in the case.

U.S. District Judge Gray H. Miller said a review of the Fifth Circuit decision revealed the appellate court did not mandate that Chesapeake must fulfill leases contained in several purchase-and-sale agreements for oil and gas properties the companies entered into in 2008. 

“Upon reviewing...
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