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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: atticus4paws who wrote (30892)	5/16/2003 11:11:58 AM
From: Art Bechhoefer	Respond to of 36161

Chris, with NG prices above $6, any NG producer must be doing much better than would have been predicted earlier, even with the cold winter in the northeast. CHK has been hedging its production partly to obtain collateral for buying more domestic NG properties. It may be the major producer from Oklahoma fields, after having made some recent acquisitions. The skill in hedging, combined with the recent purchases, has resulted in Chesapeake actually increasing its proven reserves, whereas many other companies are experiencing reductions. If $6 NG is now going to be the rule rather than exception, then CHK shares should go up even more. Art