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CHK » Topics » OF ITS NEAR-TERM NATURAL GAS PRODUCTION

This excerpt taken from the CHK 8-K filed Oct 2, 2006.

OF ITS NEAR-TERM NATURAL GAS PRODUCTION

 

OKLAHOMA CITY, OKLAHOMA, SEPTEMBER 27, 2006 – Chesapeake Energy Corporation (NYSE:CHK) today announced that it has elected to shut-in a portion of its unhedged near-term natural gas production in light of currently low wellhead natural gas prices. Effective October 1, 2006, the company plans to temporarily shut-in approximately 100 million cubic feet (mmcf) per day of net natural gas production (approximately 125-150 mmcf per day gross) in various areas of operations in the southwestern U.S. until natural gas prices recover from recently depressed levels. Chesapeake’s current oil and natural gas production is over 1,600 mmcf of natural gas equivalent per day (91% natural gas) and these shut-ins represent approximately 6% of the company's net oil and natural gas production.

 

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