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Tuesday, March 11, 2014

Chesapeake and Encana Facing Criminal Antitrust Charges

From Reuters:
Oil and gas giants Chesapeake Energy and Encana Corp. were charged on Wednesday with colluding to keep oil and gas lease prices artificially low in the state of Michigan, the state Attorney General Bill Schuette said.
The announcement follows a lengthy investigation by Schuette's office into whether the firms -- the biggest land leasers during a speculative oil and gas leasing boom in Michigan's Collingwood Shale region during 2010 -- colluded to avoid prices from rising as they acquired land leases from landowners.
Michigan began looking into the companies' activities in 2012 after a Reuters investigation found that executives from the two firms discussed proposals to divide bidding responsibilities in the state for nine private landowners and counties in Michigan.
"I will aggressively prosecute any company who conspires to break the law," Schuette said in a statement.
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