Aubrey K. McClendon And American Energy Partners, LP Respond To Chesapeake Energy Corporation's Dismissal Of Its Lawsuit Against American Energy - Utica, LLC
Apr 14, 2015, 10:28 ET
OKLAHOMA CITY, April 14, 2015 /PRNewswire/ -- Aubrey K. McClendon and American Energy Partners, LP (AELP) responded today to the announcement by American Energy – Utica, LLC (AEU) and The Energy & Minerals Group that Chesapeake Energy Corporation (Chesapeake) has dismissed AEU and the John Doe Defendants 1-20 from the lawsuit filed by Chesapeake on February 17, 2015.
AEU apparently chose to settle with Chesapeake before any discovery was taken, evidently for the business purpose of mitigating further damage that Chesapeake's litigation has been having on AEU's business and financing activities. AEU has the right to resolve the case in this fashion, but this resolution should not be mistaken as reflecting an informed view of the merits of Chesapeake's claims or a concession of any liability by any party to Chesapeake.
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. AELP and Mr. McClendon will continue their efforts to have the dispute arbitrated as required by Mr. McClendon's agreements with Chesapeake. As he will show in the appropriate forum, Mr. McClendon rightfully possesses an extensive array of information about more than 16,000 wells, and the related leasehold acreage and future wells, he jointly owns with Chesapeake, including land, well, title, accounting, geological, engineering, reservoir, operating, marketing, and performance information. Mr. McClendon's well-documented agreements with Chesapeake gave him the right to own and use this information for his own purposes, including sharing it with his employees, contractors, advisors, consultants and affiliated entities.
In December 2014, Mr. McClendon agreed to the appointment of his long-time colleague Jeff Fisher as Chairman of the Board of AEU's parent company and Mr. Fisher succeeded Mr. McClendon as CEO of AEU. Mr. McClendon remains a director of AEU's parent company and is the Chairman of the Board or CEO of American Energy – Permian Basin, LLC, American Energy - Woodford, LLC, American Energy - NonOp, LLC, American Energy – Midstream, LLC and American Energy Minerals Holdings, LLC.
Mr. McClendon and AELP have established a website (www.AELPvCHKLitigation.com) on which copies of relevant documents concerning this dispute are located.
About American Energy Partners, LP:
American Energy Partners, LP was founded by Aubrey K. McClendon in April 2013 to capitalize on opportunities available in unconventional resource plays. For additional information, please visit www.americanenergypartners.com.
SOURCE American Energy Partners, LP