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Stock Market & Financial Investment News

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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September 20, 2014
20:43 EDTCHKChesapeake, Weatherford seem attractive, Barron's says
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September 12, 2014
08:05 EDTCHKChesapeake price target lowered to $30 from $35 at Oppenheimer
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September 9, 2014
13:42 EDTCHKChesapeake must face racketeering charges in Michigan trial, Reuters says
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