Is the Chesapeake Energy Fight with Landowners Over?
8/7/2013 (Updated 10:44:31 PM)Could a fight between Chesapeake Energy and some Southern Tier landowners soon be over?
A group of landowners had sued the company to get out of leases Chesapeake tried to extend using what's called the Force Majeure Clause.
It is basically saying New York's moratorium on fracking allowed the company to extend the leases past their scheduled end date.
Some of those leases were signed over a decade ago for as little as $3 an acre.
In November of 2012, U.S. District Court Judge David Hurd ruled in favor of the landowners, stating that they should be released from those leases, a decision Chesapeake has been appealing. Reuters reported Wednesday that a deal has been struck between Chesapeake and the landowners. When contacted by Fox 40, both Chesapeake and the attorney for the landowners declined comment.
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