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News Breaks
July 29, 2014
08:11 EDTCHKChesapeake announces exchange agreement with RKI Exploration
Chesapeake Energy announced that it has entered into an agreement with RKI Exploration & Production to exchange nonoperated interests in approximately 440,000 gross acres in the Powder River Basin in southeastern Wyoming. Under the agreement Chesapeake will convey to RKI approximately 137,000 net acres and its interest in 67 gross wells, with an average working interest of 22% in the northern portion of the PRB, where RKI is currently designated operator. In exchange RKI will convey to Chesapeake approximately 203,000 net acres and its interest in 186 gross wells, with an average working interest of 48% in the southern portion of the PRB, where CHK is currently designated operator. In addition to the exchange of acreage, Chesapeake will pay RKI $450M in cash. The transaction, which is subject to certain closing conditions including the receipt of third-party consents, is expected to close in August. Upon closing of the acreage exchange, Chesapeake’s PRB acreage will be concentrated in the Southern Area. It will operate nearly 100% of its 388,000 net acres in the PRB, and will hold an approximate 79% average working interest. Chesapeake currently holds approximately 322,000 net acres in the PRB with a 38% average working interest. Anticipated key benefits of the RKI acreage exchange include the following: Increases Chesapeake’s PRB holdings by 66,000 net acres and average working interest from 38% to 79%; Consolidates Chesapeake’s position in the Southern Area, which offers multiple stacked oil pay zones with potentially recoverable gross resource estimated to be in excess of 2 billion barrels of oil equivalent; and adds net incremental production of approximately 4,500 boe per day.
News For CHK From The Last 14 Days
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June 29, 2015
10:09 EDTCHKOn The Fly: Analyst Upgrade Summary
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06:45 EDTCHKChesapeake upgraded to Buy from Underperform at Sterne Agee CRT
Sterne Agee CRT upgraded Chesapeake (CHK) two notches to Buy from Underperform and increased its price target to $13 from $9. The firm said shares are now oversold and the "short" call is now crowded. Sterne Agee CRT said management is working to mitigate the near-term liquidity drain and is aggressively pursuing alternatives to keep pipeline counter-party Williams Companies (WMB) whole on its contract, which could reset shares higher. The firm said the focus should be on Chesapeake's absolute liquidity and raised estimates to reflect slightly improved NGL fundamentals. Sterne Agee CRT recommends trading oriented accounts cover shorts and go long as any catalyst may drive a short squeeze rally in shares.
June 25, 2015
16:00 EDTCHKOptions Update; June 25, 2015
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15:48 EDTCHKChesapeake options active as share trend lower
Chesapeake July 11 and 12 puts are active on total put volume of 59K contracts (43K puts). July call option implied volatility is at 42, August is at 44; compared to its 52-week range of 23 to 68. Active put volume suggests traders taking positions for large price movement.
10:00 EDTCHKOn The Fly: Analyst Downgrade Summary
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05:56 EDTCHKChesapeake downgraded to Sell from Neutral at UBS
UBS analyst William Featherston downgraded Chesapeake Energy (CHK) to Sell after his firm cut its long-term normalized natural gas price forecast to $4.00 from $4.50. Featherston thinks Chesapeake carries "far too much financial leverage" and he views the shares as expensive relative to peers. The analyst cut his price target for the stock to $11 from $16. Shares of the natural gas producer closed yesterday down 22c to $11.56. Featherston coupled the downgrade with an upgrade of Marathon Oil (MRO) to Buy.
June 22, 2015
16:00 EDTCHKOptions Update; June 22, 2015
iPath S&P 500 VIX Short-Term Futures down 78c to 17.45. Option volume leaders: AAPL FB BAC CHK WMB BABA TWTR MU AMBA TSLA JPM

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