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May 24, 2014

Chesapeake wants out of anti-trust suit

Misdemeanor case involves Canadian firm

OKLAHOMA CITY —

OKLAHOMA CITY (AP) — Oklahoma City-based Chesapeake Energy Corp. has asked to be dismissed from anti-trust charges filed against it in Michigan.

The Oklahoman reports (http://bit.ly/1kdCT0g ) that the oil and natural gas producer said in a court filing that the state has  no evidence to support charges it conspired with Canadian oil company Encana Corp. to hold down lease prices in the state.

The companies each face two misdemeanor counts of antitrust violations. Both have denied wrongdoing.

The U.S. Justice Department and Securities and Exchange Commission last month ended their investigation into the companies' activities without filing charges.

Chesapeake has said it and Encana considered a joint venture, but decided against it. Chesapeake says lease prices and competition for leases dropped because the Michigan geology was not as good as was hoped.

 

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