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Gold/Mining/Energy : Chesapeake Energy CHK
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To: hcirteg who wrote (347)3/6/1998 12:04:00 AM
From: Mark Adams  Read Replies (1) of 726
 
Thought you might find this of interest. CHK looks to be holding up well.

Chesapeake Energy Estimate -3: Cites Drop In Oil Prices
Dow Jones Newswires

The company said a steep decline in oil prices and higher finding and drilling costs during the second half of 1997 pushed Chesapeake's capital costs higher than the discounted value of its proved reserves. Under Securities and Exchange Commission regulations, Chesapeake was forced to take a charge against earnings.

Chesapeake could take future writedowns if oil or gas prices fall further, if accounting adjustments need to be made or if its reserve estimates are revised downward.

As of Dec. 31, 1997, Chesapeake's proved reserves were 18 million barrels of oil and 339 billion cubic feet of natural gas, or 448 billion cubic feet of gas equivalent. This represents an 11% increase from the 403 billion cubic feet of gas equivalent reserves as of June 30, 1997.

For 1998, Cheapeake expects to produce about 135 billion cubic feet of gas equivalent, assuming it completes the aquistion of Hugoton by March 15, of DLB by April 30 and Occidental Petroleum's Texas Panhandle properties by May 29.

In 1997, the company produced 80 billion cubic feet of gas equivalent.

Chesapeake expects to see 1998 results"significantly improved" from 1997.
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