Every Dog has his day!!!!!!!! Criminal indictments in Michigan for both Encana and Chesapeake.

http://www.reuters.com/article/2014/03/05/us-michigan-oil-charges-i...

Indeed!

Chesapeake, Encana charged in Michigan over collusion • 3:00 AM

  • Michigan has indicted Chesapeake Energy (CHK) and Encana (ECA) with conspiring to keep down oil and gas lease prices in the state.
  • If found guilty, the companies could face penalties of up to $1M, while individuals could receive prison sentences as well as fines.
  • The charges follow an investigation that was sparked by a Reuters article about how then Chesapeake CEO Aubrey McClendon and other senior executives at the company and at Encana discussed not "bidding each other up."
  • The talks came after Michigan prices soared to as high as $3,000 per acre in mid-2010; they then fell sharply later that year.
  • Encana and Chesapeake still face a separate, federal investigation.

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Permalink Reply by Frank Walker on March 6, 2014 at 3:09am

Aubrey continues to be revered and admired by many.  I've never understood why some folks think highly of obvious rascals and even crooks;  maybe it's a form of envy.  Anyway, when illegality is involved it's not "just business".

Permalink Reply by RangeRover on March 6, 2014 at 8:56am

Where's the "illegality", Frank.

Permalink Reply by Kenneth Duncan on March 6, 2014 at 9:17am

Please look up the definition of the word collusion

Permalink Reply by Shower Bath on March 13, 2014 at 10:46am

Chesapeake Energy's $5 Billion Shuffle. Not good for landowners.

http://www.propublica.org/article/chesapeake-energys-5-billion-shuf...

SB

Permalink Reply by Paul Butler on March 13, 2014 at 12:52pm

Just as stunning is the fact that these people are still in business.

People are probably signing leases with the principal architect as I write.

These people would be out of business if no one signed with them.

Instead, I'm seeing: "Thank you sir! May I have another?"

It's a shame.

How about the locals, styled "Landmen", that they used to execute the deals?  Those people should have been more candid with the communities they came from.

Most of the Okies fail a smell test the first day you deal with them.

I hope things change.

Hope springs eternal.  Stay classy..........

Permalink Reply by Shower Bath on March 15, 2014 at 1:40pm

Bump. Everyone needs to read the article above.

SB

Permalink Reply by craig on March 15, 2014 at 2:36pm

Unfortunately the vast majority of readers won't really understand what they are reading and what is being described in the propublica article. If you read this article and think you have been educated to know what is legal and what isn't legal in the business world you would be mistaken. 

Permalink Reply by Shower Bath on May 6, 2014 at 10:44am

The feds did not clear Chesapeake and EnCana of wrongdoing. They chose not to pursue the case.

However, Michigan's attorney general is still on the case and EnCana has chosen to settle, pay $5 million, and to cooperate in the case. See the link...

http://www.seekingalpha.com/news/1722903-encana-settles-michigan-an...

SB

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