This excerpt taken from the CHK 8-K filed Feb 15, 2006.
ON ITS OIL AND NATURAL GAS HEDGING POSITIONS
OKLAHOMA CITY, OKLAHOMA, FEBRUARY 13, 2006 Chesapeake Energy Corporation (NYSE: CHK) today provided an update on its oil and natural gas hedging positions. During the past month, the company has increased its hedging positions and has now hedged 71%, 36% and 22% of its anticipated 2006, 2007 and 2008 natural gas production through swaps at NYMEX prices of $9.43 per mmbtu, $9.85 per mmbtu and $9.10 per mmbtu, respectively. In total, the company has hedged approximately 721 bcf of natural gas during the next three years through swaps at an average NYMEX price of $9.49 per mmbtu.
In addition, Chesapeake has hedged 63%, 22% and 14% of its anticipated 2006, 2007 and 2008 oil production through swaps at NYMEX prices of $61.02 per bbl, $62.42 per bbl and $65.48 per bbl, respectively. In total, the company has hedged approximately 7.665 million bbls of oil during the next three years through swaps at an average NYMEX price of $61.97 per bbl.
The following tables compare Chesapeakes hedged production volumes through swaps as of February 10, 2006 to those as of January 17, 2006: