Energy Biz Recap: Chesapeake’s New Legal WOES, Ocean Power Goes Into Orbit
Here are Wednesday’s biggest energy sector stories:
More legal woes for Chesapeake (NYSE:CHK), as emails imply that top officials of Chesapeake and Encana (NYSE:ECA) shared sensitive information, which gave CHK executives the advantage in deals with Michigan landowners, according to Reuters. Subsequent to the discovery that Encana was pulling back, Aubrey McClendon ordered his people to renegotiate or postpone closing on at least 10 important deals. The Justice Department and others are investigating. Somewhat separately, CHK plans an appeal to a Federal judge’s ruling that it must pay $100 million to Texas leaseholders, as penalty for backing out of a contract to buy mineral rights from them in 2008. In addition, the firm faces similar suits in Michigan and Pennsylvania and also more in Texas.
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Shares of microcap Ocean Power Technologies (NASDAQ:OPTT) go orbital on word that it reached an agreement with Lockheed Martin (NYSE:LMT) to develop a 19MW wave-energy project off the coast of Australia. The project will utilize OPTT’s PowerBuoy device and Lockheed’s wave-energy converters. The project will be financed in part by a $65 million grant from the Australian government.
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