Chesapeake Energy (ticker: CHK, exchange: New York Stock Exchange (.N))
News Release -
Chesapeake Energy Corporation Announces Common Stock OfferingPrinter Friendly Version (pdf format)
OKLAHOMA CITY, Feb 25, 2003 /PRNewswire-FirstCall via COMTEX/ -- Chesapeake
Energy Corporation (NYSE: CHK) today announced that it intends to commence a
proposed public offering of 20,000,000 shares of common stock. Chesapeake
intends to use the net proceeds of the offering to finance, in part, its
recently announced acquisition of natural gas properties from The El Paso
Corporation, which is scheduled to close in March 2003, or in the event the El
Paso acquisition is not consummated, proceeds will be used for general corporate
purposes, including possible future acquisitions.
The offering will be made under the company's existing shelf registration
statement and is expected to price the week of February 24, 2003. The company
has also granted the underwriters an option to purchase an additional 3,000,000
shares of common stock to cover over-allotments.
Credit Suisse First Boston, Morgan Stanley and Salomon Smith Barney will be
joint book-running managers for the offering. Copies of the preliminary
prospectus relating to the offering may be obtained from the offices of Credit
Suisse First Boston, Prospectus Department, One Madison Avenue, New York, New
York 10010, 212-325-2580, Morgan Stanley, Prospectus Department, 1585 Broadway,
New York, New York 10036, 212-761-4000, and Salomon Smith Barney, Brooklyn Army
Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, 718-765-6732.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any state.
This document contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements include estimates and give our current
expectations or forecasts of future events. Although we believe our
forward-looking statements are reasonable, they can be affected by inaccurate
assumptions or by known or unknown risks and uncertainties.
Chesapeake Energy Corporation is one of the ten largest independent natural gas
producers in the U.S. Headquartered in Oklahoma City, the company's operations
are focused on exploratory and developmental drilling and producing property
acquisitions in the Mid-Continent region of the United States.
SOURCE Chesapeake Energy Corporation
CONTACT: Marc Rowland, Executive Vice President and Chief Financial
Officer, +1-405-879-9232, or Tom Price, Jr., Senior Vice President, Corporate
Development, +1-405-879-9257, both of Chesapeake Energy Corporation