Chesapeake Loses Key Ruling In Bass Family Royalty Suit

Law360, Dallas (August 24, 2015, 9:54 PM EDT) -- A Texas federal judge has held that Chesapeake Operating Inc. is not permitted to deduct post-production costs under a series of Barnett Shale leases, giving the billionaire Bass family of Fort Worth and other plaintiffs strong footing heading into an early September mineral royalties trial.

U.S. District Judge Ed Kinkeade held in an Aug. 19 order that Chesapeake is not entitled to deduct post-production costs under leases with Edward Bass, several entities associated with the Bass family, two Texas Health Resources resources and other landowners suing Chesapeake for underpaid royalties. The plaintiffs collectively hold royalty and overriding royalty interests covering nearly...

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