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››Judge Confirms $ 11.5 Million in Chesapeake Energy Lease Agreements

Judge Confirms $ 11.5 Million in Chesapeake Energy Lease Agreements

By Mark Herras
June 4, 2021
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Law360 (June 3, 2021, 8:59 p.m. EDT) – A Texas judge upheld $ 11.5 million in bankruptcy settlements between Chesapeake Energy Corp. and Pennsylvania oil and gas lease holders with underpaid royalty claims, saying Thursday the deals were fair and reasonable.

In his opinion, U.S. District Judge Lee Rosenthal dismissed an appeal from the bankruptcy court’s approval of the class action settlements by dissenting tenants, dismissing their arguments that the settlements required more scrutiny than the bankruptcy court had awarded them.

“The settlement is their only practical vehicle for any recovery,” he said.

Oklahoma City-based Chesapeake Energy, one of the largest oil and gas exploration companies in the …

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