2014: Federal Government Clears Chesapeake Energy In Michigan C - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |


2014: Federal Government Clears Chesapeake Energy In Michigan Case

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On Monday, May 5, 2014, Michigan Attorney General Bill Schuette announced a $5 million civil settlement with Delaware-based Encana Oil & Gas to resolve allegations that it and Chesapeake conspired to suppress prices in a Michigan land auction in 2010. In addition to the civil settlement, Encana also reportedly pleaded no contest to one count of criminal antitrust violations.

In a statement, Attorney General Schuette said, "Allegations of big-rigging are taken seriously, and today's settlement with Encana is a good result for taxpayers."

The settlement came on the same day that a preliminary hearing in the case against Chesapeake and Encana was to begin. According to a news release from the Michigan AG's office, the proceedings against Chesapeake went ahead as planned. The hearing is to determine if there's sufficient evidence to bring the matter to trial.

Here is the complete statement sent to News 9 from Gordon Pennoyer, Director of Strategic Communications for Chesapeake Energy:

"This [settlement] changes nothing for Chesapeake. The Michigan State action has no merit and we are vigorously contesting it. There was never an agreement between Chesapeake and Encana regarding leasing activity in Michigan in 2010. Our Board reached that conclusion more than a year ago after a thorough review, and now the Department of Justice Antitrust Division has closed its investigation related to leasing activities in Michigan."

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