Chesapeake to renegotiate 4,400 NY gas leases

ALBANY - A subsidiary of Chesapeake Energy Corp., the country's second-largest natural gas producer, has agreed to let more than 4,400 New York landowners renegotiate old gas leases for more favorable financial and environmental terms, said state Attorney General Eric Schneiderman late last week.

Chesapeake Appalachia will also pay $250,000 to cover the state’s investigation costs.

Chesapeake had tried to extend the leases in 2009, claiming the state's de facto moratorium on shale gas development since it started an environmental review in 2008 constituted an uncontrollable event that allows for a lease extension if an "act of God" or unforeseen circumstance prevents drilling.

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