Endeavour & SM Energy Settle Lawsuit over PA Marcellus Properties
In July 2011 MDN told you that independent energy company Endeavour International entered into a deal with SM Energy for 50,000 Marcellus Shale acres, three producing gas wells and a pipeline located in McKean and Potter counties in Pennsylvania. The deal was worth $110 million (see Endeavour International Buys Lease for Additional 50K Marcellus Acres & Local Pipeline in PA from SM Energy). Five months later Endeavour pulled out of the deal and SM Energy threatened to sue (see Endeavour Leaves SM Energy at the Altar, SM Ready to Sue).
SM Energy made good on its threat and for the past 2 1/2 years the deal has been tied up in court with both sides suing each other. Endeavour said there were problems with clear title to the property and that the pipeline was not up to scratch. SM said they didn’t misrepresent anything and Endeavour simply got cold feet. Lots of lawyers and legal fees ensued. Today Endeavour issued an announcement that all of the suing and counter-suing is over and both sides have now settled…
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