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Encana (ECA) says an independent internal investigation cleared the company of collusion with...

Encana (ECA) says an independent internal investigation cleared the company of collusion with Chesapeake (CHK) to suppress land prices in Michigan two years ago. ECA does not say how it reached its conclusions and will not release its report; in any case, the U.S. Justice Department and Michigan AG are looking into the allegations.
Comments (2)
  • richardx
    , contributor
    Comments (122) | Send Message
     
    Political Witch Hunt meant to delay going forward with oil and gas.
    5 Sep 2012, 07:30 PM Reply Like
  • Factzplz
    , contributor
    Comments (221) | Send Message
     
    There are some 10,000 drillers in the US -- ALL with the ability to bid on ANY and ALL properties -- yet just two companies were bidding?

     

    This nonsense allegation started with a "poor, down-on-his-luck struggling" cry-baby "farmer" with 20,000 acres (31 sq. miles, hardly a hard-working family farmer with 60 milkers), who wanted $58 million upfront + royalties.

     

    If this farmer is sitting on next biggest oil discovery since Jed Clampett was shooting for some food, when up through the ground come a bubbling crude - then any of the 10,000 drillers would have beaten down his door with a $58 million check.

     

    But since everyone else now knows what ECA knows about his land, and the alleged promised Texas Tea, black gold -- guess what? -- nobody is willing to write the check.

     

    The logic of this Reuters' scam trashing could be extended that all 10,000 drillers are in collusion since nobody wants this loser acreage.

     

    For the shareholders of CHK and ECA they are lucky that this land was discovered to be what it is BEFORE a $58 million check was written.

     

    "Hey Exxon, Chevron, Apache, Devon, and all other flush-with-cash drillers, I got 31 sq. miles of prime oil land, and a bull that shoots blanks. I'll sell you the land for a meager $58 million and I’ll toss in the bull. He'll keep you company while both of you keep drilling but neither will produce a gusher. Please form a line."
    5 Sep 2012, 08:03 PM Reply Like
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