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EXCO's Eagle Ford Deal On Ice: Sues Chesapeake
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Chesapeake is under fire for terminating a longterm transaction confirmation with Raider Marketing (who merged with EOC) on May 31, 2017. As a result of this contract termination, a Purchase Agreement for EXCO to sell Eagle Ford acreage to Venado cannot be closed because such a termination materially affects the gathering of Exco's wells.
Although the closing date has been extended, EXCO and Raider filed a lawsuit on June 6 alleging Chesapeake breached its contract with Raider, engaged in tortious interference with the existing contract through termination of the contract, and engaged in tortious interference with prospective business relations by preventing EXCO and Venado from closing on the purchase agreement. Additionally, EXCO and Raider asked for a temporary restraining order and…
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