Chesapeake Energy CHK Message Board

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Gold/Mining/Energy : Chesapeake Energy CHK

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To: Ed Ajootian who wrote (511)	5/19/1999 5:08:00 AM
From: John Romeo	of 726

Ed, Thanks for following up. Tonight I finally got to listen to a recording of the conference call. They are unhedged!Also said that preferred has indentures limiting any type of payment until prices get to $2.75-3.00mcf.Which is where next January futures are trading, at least recently.There has been some correction this week. I like the play on natural gas.It will be the energy source of choice in utility/Manufacturing.Hear demand will outstrip supply in next few years and CHK is on target to produce at least 33Bcfe or more this year,at 80% NG.Also heard they replace 125% of production.Plan on selling 50mm in non core assets. Just announced small buyback plan of common and preferred or bonds. They seem to have shifted the economies of scale in their favor,production costs were below plan and though highly leveraged a small $.30 change in NG has tremendous effect on cash flow. At under $2,the common is intriguing. Thanks, John

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