Chesapeake Energy Corporation(NYSE:CHK) along with a unit, on Monday, filed a lawsuit against Gastar Exploration and some of its units, in relation to the Hilltop Prospect in Leon and Robertson counties.
The suit filed in a federal court in Houston stated that Chesapeake has been left with well and lease costs that have not been reimbursed and with no rights to the future production from the 19 wells it had paid for in the Hilltop Prospect.
In 2005, Chesapeake and Gastar reached a deal where Chesapeake purchased one-third of Gastar’s interest in the Hilltop Prospect. It also acquired a 20 percent stake in Gastar common stock and entered into an exploration and development agreement with Gastar covering certain counties in Texas.
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The undertakings were “interdependent and essential parts of an integrated transaction,” Chesapeake stated in the lawsuit.
Chesapeake paid $81.6 million for the stake in Gastar and $51.1 million for drilling the wells.
However, an appeals court ruled in 2008 that a third party, Navasota Resources LP, had right of first refusal on the Hilltop Prospect interests that Gastar sold to Chesapeake and ordered the interests be sold to Navasota.Navasota paid Chesapeake about $25.5 million, the lawsuit stated.
It said that Apple's Asian component suppliers have started mass production of a new tablet computer which is smaller than the current iPad.
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“Two of the people said the smaller tablet will have a 7.85-inch liquid-crystal display with a lower resolution compared with the latest iPad model that came out in March,” the Journal said.
Nokia Corporation (ADR)(NYSE:NOK) needs cash and as a part of that the company is planning to sell its headquarters in Finland.
The company said that selling `Nokia House' in Helsinki was one of the options available to the company to dispose off non-core assets.
However the company had no plans to move out of Finland, it said.
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The talks are all set to be on October 9th.
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From US District Judge Raymond Jackson [In part]:
"Before the Court is Defendants' Motion for Summary Judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure. The Cour finds that oral argument of this motion will not aid is decisional process. Having carefully reviewed the parties' pleadings, the Court finds that summary judgment is inappropriate at this time as there are genuine issues of material fact is dispute.
Shares of VRNG soared 28% to $3.95 on hefty volume of 7.50 million shares. Shares of the company are up 300% so far this year.
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