Coe, et al v. Chesapeake Exploration, L.L.C., et al, No. 11-41003 (5th Cir. 2012)
Annotate this CaseChesapeake Exploration entered into an agreement to purchase deep rights held by Peak Energy in certain oil and gas leases in the Haynesville Shale formation at a certain price. Peak Energy filed a complaint against Chesapeake Exploration after Chesapeake Exploration refused to honor its commitment when the price of natural gas plummeted several months after the agreement. Chesapeake Exploration argued that the agreement was unenforceable under the Texas statute of frauds, fatally indefinite, and that Peak Energy had failed to tender performance. The court held that the district court did not err in its instructions to its expert, or in holding that the agreement was enforceable under the statute of frauds; in finding that Peak Energy was willing and able to tender performance of the agreement; and in calculating damages. Accordingly, the court affirmed the judgment.
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