Daily GPI / NGI All News Access

McClendon Leases Office Space, Employs Chesapeake Execs

Chesapeake Energy Corp. founder Aubrey McClendon, who was forced to retire as CEO on April 1, has leased office space in Oklahoma City and lured two executives to what appears to be the start of at least one new company.

According to an Oklahoma City official, McClendon secured a $200,000 building permit to lease the sixth floor of the Harvey Parkway Building, which is near Chesapeake's headquarters. Chesapeake had owned the building until January. The floor being leased has an estimated 16,000 square feet.

Arcadia Capital LLC and McClendon Energy Operating LLC have been registered for McClendon by former Chesapeake director Shannon Self, state records indicate. Arcadia was registered Jan. 17. American Energy Partners LP also was registered by Self and it is to be housed with the other two companies at the Harvey building, but it was unclear whether it was a McClendon entity.

If McClendon were to begin working in the U.S. energy industry again, his efforts may be complicated by a noncompete agreement with Chesapeake.

McClendon's contract bars him from using for one year confidential information that he acquired from Chesapeake. He also is prohibited from acquiring, or from helping someone else acquire, oil and natural gas interests immediately adjacent to Chesapeake holdings while he continues to receive severance payments.

With drilling rights on close to 15 million net acres across most of the U.S. onshore basins, finding a spot to lease land not adjacent to Chesapeake may prove difficult.

To read the full story go to www.shaledaily.com.

©Copyright 2013 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.

Copyright ©2018 Natural Gas Intelligence - All Rights Reserved.
ISSN © 2577-9877 | ISSN © 1532-1231
Comments powered by Disqus