American Energy-Utica settles with Chesapeake, while McClendon fights on

Wooden gavel with American dollars
Source: DollarPhotoClub

American Energy-Utica LLC, a subsidiary of Aubrey MacClendon’s American Energy Partners LP natural-gas development company have agreed to give Chesapeake Energy Corp. 6,000 acres in northern Harrison County and pay $25 million in a partial settlement that removes them from a suit between MacClendon and Chesapeake.

According to the lawsuit, McClendon “misappropriated highly sensitive trade secrets from Chesapeake” and “subsequently used these trade secrets for the benefit of” a company he founded in 2013, American Energy Partners LP. MacClendon, and American Energy Partners LP of which he is the director, denies the charges and has set up a website to state its case.

American Energy Partners’ subsidiary – American Energy-Utica – of which Aubrey McClendon is no longer a director, chose to reach a settlement with Chesapeake, along with Houston investment firm Energy & Minerals Group and twenty other unnamed investors.

Energy & Minerals Group did not inform McClendon of the decision.

“Although Mr. McClendon is a director and the single largest non-institutional shareholder in AEU, he did not approve the settlement and neither he nor AELP were advised of the negotiated terms of this settlement,” American Energy Partners LP said in a statement.

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