Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Class-action suit filed against Chesapeake, SandRidge
by Daniel J. Graeber
Dallas (UPI) Mar 4, 2016


disclaimer: image is for illustration purposes only

Chesapeake Energy and SandRidge energy worked to rig bids and limit competition for oil and gas acreage in Oklahoma, a class-action suit alleges.

Dallas-based law firm Burns Charest LLP filed the suit, Thieme v. Chesapeake Energy Corp., et al., on behalf of royalty owners alleging the companies manipulated the lease programs for the Anadarko basin in northwest Oklahoma.

"This case is about cleaning up the oil patch," managing partner Warren Burns said in a statement. "In a rush to reap illegal profits, the defendants violated the trust and confidence of these royalty owners.

The class-action suit followed an indictment against former Chesapeake CEO Aubrey McClendon for conspiracy to rig the leasing process in Oklahoma. The federal indictment alleged Chesapeake worked with second unnamed company to decide who ahead of time would win the leases and then allocate shares to the respective other company.

"His actions put company profits ahead of the interests of leaseholders entitled to competitive bids for oil and gas rights on their land," U.S. Assistant Attorney General Bill Baer said in announcing the charges earlier this week.

McClendon co-founded Chesapeake alongside Tom Ward and helped establish it as a leader in the U.S. shale natural gas industry. Ward, named in the class-action suit filed by Burns Charest, later went on to become chairman and CEO at SandRidge.

McClendon died in a single-vehicle crash in Oklahoma City, one day after the federal indictment was released.

Burns Charest last year won a confidential settlement with Chesapeake for unpaid royalties related to oil and gas properties in Texas.

There was no statement from either company on the class-action suit.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Iraqi-focused Genel feeling market strains
London (UPI) Mar 3, 2016
Iraqi oil-focused Genel Energy said that, even though production was up 22 percent from 2014, revenues for the year fell 34 percent on oil price weakness. "The Kurdistan Regional Government has since successfully increased exports to record levels, hitting over 650,000 barrels of oil per day and reaching a ready market of international purchasers," Chairman Tony Hayward said in a statem ... read more


OIL AND GAS
Europe 2030: Energy saving to become 'first fuel'

New model maps energy usage of every building in Boston

The forecast for renewable energy in 2016

US, Canada and Mexico sign clean energy pact

OIL AND GAS
Device 'fingerprints' could help protect power grid, other industrial systems

Electric Car War Sends Lithium Prices Sky High

Creation of Jupiter interior, a step towards room temp superconductivity

Quantum phase transition underpins superconductivity in copper oxides

OIL AND GAS
Study: Bubbles boost efficiency of biorefinery systems

Researchers find glue that binds biomolecules in nucleolus

Biofuels from algae: A budding technology yet to become viable

Researchers' new advance in quest for second generation biofuels

OIL AND GAS
Fukushima Disaster Shows Need to Continue Improving NPP Safety Measures

India to allocate $440M annually for nuclear power investments

Nuclear Waste Illegally Dumped in Kentucky Landfill

Glitch halts Japan reactor days after restart: utility

OIL AND GAS
Offsetting climate change's effects

Vietnam hit by worst drought in 90 years

Dartmouth-led team develops method to predict local climate change

Climate 'carbon budget' soon maxed out: study

OIL AND GAS
Volkswagen says CEO got diesel snag warning as early as May 2014

Who and what is driving and when

Google takes some blame in self-driving car bang-up

Peugeot Citroen reveals 'real-world' fuel consumption

OIL AND GAS
IS suicide bombers penetrate Iraq army HQ, kill general

IS-claimed blast kills at least 24 at Iraq Shiite funeral

At least 33 killed in IS-claimed Baghdad bombings

At least 9 dead in IS-claimed blasts at Baghdad mosque: police

OIL AND GAS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.