Encana, Chesapeake said nearing settlements on Michigan collusion probe

|About: Encana Corporation (ECA)|By:, SA News Editor

Encana (ECA) and Chesapeake Energy (CHK) reportedly are negotiating civil settlements with Michigan to try to end a criminal investigation into whether the companies colluded to keep oil and gas lease prices artificially low in the state.

Encana hopes a settlement will be finalized within a few weeks, a lawyer representing ECA said in a recent court hearing, although potential terms of any settlements are unknown.

Michigan's AG has an incentive to resolve the matter before a four-year criminal statute of limitations deadline expires later this year.