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Continental Resources suing Chesapeake Energy over stalled land deal

Continental Resources Inc. has filed a breach of contract lawsuit against Chesapeake Energy Corp. over a failed land deal.
BY JAY F. MARKS jmarks@opubco.com Published: February 10, 2011
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“Chesapeake has convinced numerous leasehold owners in Michigan to sell leases to Chesapeake instead of other prospective purchasers, and then manufactured alleged title defects or other alleged justification not to close the agreements after discovering negative information concerning the zones within the Collingwood range,” according to the lawsuit.

Continental is seeking damages in excess of $75,000.

The lawsuit was filed in Garfield County District Court in August.

Continental filed an amended petition in the case last month, court records show.

Chesapeake had until Wednesday to file a response to the new petition, but the courthouse was closed due to heavy snowfall.

“This is an unfortunate commercial dispute between two highly regarded Oklahoma-based companies that in all other respects share a great deal of mutual admiration for each other from the CEOs on down,” Chesapeake spokesman Jim Gipson said.