By Erin Ailworth
Aubrey McClendon appears to have lost some support from his
biggest financier over allegations that he started American Energy
Partners LP using trade secrets taken shortly before his forced
departure from Chesapeake Energy Corp. in 2013.
In a lawsuit filed in mid-February, Chesapeake accused Mr.
McClendon--its founder and former chief executive--of making off
with confidential data and maps of oil and gas prospects that he
then used to buy up drilling rights on acreage Chesapeake had hoped
to acquire.
The Energy & Minerals Group, an investment firm headed by
John Raymond that has put billions of dollars into American Energy,
initially defended Mr. McClendon, calling Chesapeake's suit
meritless.
But on Tuesday, an affiliate of American Energy controlled by
EMG said it had agreed to assign approximately 6,000 acres in Ohio
to Chesapeake, along with a combination of cash and payments up to
$25 million. In exchange, the affiliate, American Energy-Utica
LLC--in which EMG is the largest equity investor--and 20 unnamed
investors are being dropped from Chesapeake's lawsuit, according to
a statement from EMG and American Energy-Utica.
Mr. McClendon is no longer an officer of American Energy-Utica,
the statement said.
Mr. Raymond and Energy & Minerals had no immediate
comment.
In response, Mr. McClendon said he has the right to possess the
disputed data. American Energy-Utica. "apparently chose to settle
with Chesapeake before any discovery was taken, evidently for the
business purpose of mitigating further damage that Chesapeake's
litigation has been having on AEU's business and financing
activities," he said in a statement. "This resolution should not be
mistaken as reflecting an informed view of the merits of
Chesapeake's claims or a concession of any liability by any party
to Chesapeake."
Mr. McClendon said that he remains a director of American
Energy-Utica's parent company and an officer of many of its other
affiliates.
Write to Erin Ailworth at Erin.Ailworth@wsj.com
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