CHEBOYGAN, Mich. (AP) — Officials say an Oklahoma energy company has pleaded no contest to attempted antitrust violations in Michigan and agreed to pay $25 million to settle claims that it conspired to keep prices down during an auction for oil and gas leases.
Michigan Attorney General Bill Schuette says it’s a victory for property owners who “took deep hits” in the 2010 auction. He says more than 700 victims will be repaid.
In addition, Chesapeake will pay $5 million to the state. Encana Oil and Gas USA agreed last year to pay $5 million.
Separately, Chesapeake pleaded no contest Friday to two misdemeanors in Cheboygan County. The case will be dismissed next year if Chesapeake follows the settlement.
Chesapeake, based in Oklahoma City, says it is pleased to close issues inherited from past management.