Emails: Encana Tipped Off Chesapeake to Land Plans in Michigan -Reuters

Date : 07/11/2012 @ 11:43AM
Source : Dow Jones News
Stock : Chesapeake Energy Corp. (CHK)
Quote : 5.38  -0.14 (-2.54%) @ 4:48PM

Emails: Encana Tipped Off Chesapeake to Land Plans in Michigan -Reuters

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Rival natural gas producers Encana Corp. (ECA.T, ECA) and Chesapeake Energy Corp. (CHK) shared sensitive information concerning Michigan land deals that allowed Chesapeake to alter its strategy and gain an upper hand in talks with Michigan land owners, Reuters reported Wednesday, citing documents and emails it reviewed.

Emails show that Encana and Chesapeake traded information about Encana's plans on halting new land leasing in Michigan in 2010, and the information allowed Chesapeake to change its own leasing strategy in weeks following that helped cause Michigan land prices to drop dramatically from record highs, the report said.

The two companies are currently under review by the Justice Department and Michigan authorities over possible violations of federal and state laws through their discussions about land prices in the state, Reuters said.

Chesapeake declined to comment to Reuters on its discussions with Encana.

Full story at http://www.reuters.com/article/2012/07/11/us-chesapeake-encana-land-idUSBRE86A0G620120711

Write to nymonitoring@dowjones.com




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