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US: Michigan blocks energy firms from oil auctions

By  |  April 11, 2014

Two Michigan energy companies were barred from participating in an upcoming auction to lease oil and gas as the firms continue the process of being charged with anticompetitive behavior in a 2010 auctions.

Reports say the Michigan Department of Natural Resources has blocked Chesapeake Energy and Encana from the bidding until the case against the companies has been resolved. Michigan Attorney Genral Bill Schuette charged the firms of colluding to rig the bidding in an auction to lease land assets.

Reports say the companies are accused of illegally conspiring to lower the per-acre cost of those leases to less than $40.

The upcoming auctions are set to take place in May and October.

Full Content: Sacramento Bee

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