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Gold/Mining/Energy : Chesapeake Energy CHK

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From: JakeStraw	4/13/2005 8:14:15 AM
	of 726

Chesapeake Energy to Buy Oil, Gas Assets biz.yahoo.com Tuesday April 12, 5:18 pm ET Chesapeake Energy Reaches Four Agreements to Buy Oil, Natural Gas Assets From Private Sellers OKLAHOMA CITY (AP) -- Chesapeake Energy Corp. on Tuesday said it reached four separate agreements to buy oil and natural gas assets from private sellers for $686.4 million in cash. Chesapeake recently closed one of the deals for about $228 million in cash and said it expects to complete the remaining purchases by May 31. The sellers include Laredo Energy II LLC and its partners; Pecos Production Co.; Rubicon Oil & Gas I LP and a Dallas-based independent oil and gas company. The company said it identified 276 proved undeveloped and 375 probable and possible drilling locations on the acquired properties. The assets are located in South Texas, East Texas and the Permian Basin. In separate statements, Chesapeake said it will sell $400 million in convertible preferred stock and $600 million in senior notes due 2016 through private placements to help fund the acquisitions. The company said it will use the proceeds to pay down debt on its credit facility if the deals are not completed.

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