Emerald Oil Used Confidential Info To Snag Lease, GMX Says

Law360, New York (November 15, 2013, 7:12 PM EST) -- Bankrupt oil and gas producer GMX Resources Inc. launched a suit Wednesday claiming Emerald Oil Inc. breached a confidentiality agreement by using information it obtained as a potential bidder in GMX's Chapter 11 sale to snap up a mineral lease in North Dakota.

As a prospective suitor, Emerald Oil received access to a virtual data room after signing the confidentiality agreement and took advantage of the detailed information for its own benefit, according to the adversary suit.

Emerald Oil learned GMX planned to drill on a...
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