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Chesapeake: Emails Contradict Michigan’s Lease-Bid Case

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May 27, 2014

Chesapeake Energy Corp. (NYSE: CHK), the second-biggest U.S. natural-gas producer, said Michigan is cherry picking the company’s internal emails to suggest its former CEO invited Canadian rival Encana Corp.(NYSE: ECA, TO: ECA.TO) to join in dividing the state’s oil and gas lease bids, according to Bloomberg

In March, the competitors were charged by the state with conspiring to divvy up the counties in which each would seek resource exploration rights before a May 2010 auction, driving bid prices down to $40 per acre from $1,510.

Michigan’s lawyers cited Chesapeake emails ...

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