Beaumont personal injury attorney Walter Umphrey is representing two Houston energy companies who say they should have been accorded the same chance to invest in the wells Chesapeake Energy drilled on their leases as Chesapeake CEO Aubrey McClendon. McClendon for years had the right to buy a small stake in every Chesapeake well, and according to a report by Bloomberg News, Chesapeake "was contractually obligated to offer the leaseholders a similar chance to profit in wells it developed across a 10,900-acre swath described as the “sweet spot” of the Barnett Shale." The filing says Chesapeake has 115 wells on the leases and plans 100 more. The plaintiffs also claim Chesapeake of "consistently underpaying proceeds due under their leases" and "refusing to correct errors favoring the company."
The Bloomberg story is here.
-- Jim Fuquay