More than two dozen property owners who signed oil and gas leases in 2008 have been permitted to re-negotiate certain details of their lease, following a lengthy four-year battle in court.
The 25 property owners, mostly from Columbiana County, signed leases in 2008 for about $10 an acre, thousands of dollars less than market value, and under terms they say were misleading.
The leases were purchased by Patriot Energy Partners, which was formed in 2007. According to court documents, Patriot then sold the deep rights to Chesapeake Exploration, for $1,100 an acre.
The property owners filed suit in Columbiana County Common Pleas Court Aug. 31, 2011, seeking to have the leases rescinded and declared null and void.
At the same time, Patriot and Chesapeake sought to continue the leases, through an arbitration clause found in the contracts.Read the whole article here.
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