Barnett Shale Chesapeake Energy
Chesapeake Energy Prospers With Land Buys
After completing a flurry of acquisitions, including about 8600 undeveloped acres in Texas’ Barnett Shale in January, Chesapeake now owns substantial …
Chesapeake Energy- (CHK)-engages in the acquisition, exploration, and development of properties for the production of crude oil and natural gas from underground reservoirs. As of December 31, 2007, it had 10.879 trillion cubic feet equivalent of proved reserves; and also owned interests in approximately 38,500 producing oil and natural gas wells. Chesapeake Energy Corporation, an oil and natural gas exploration and production company, raised their quarterly dividend 11% to $0.075 a share. CHK’s officers proudly announced that their company will soon be the largest producers of natural gas in the nation; within two months, CHK expects to exceed its competitors: BP PLC and Anadarko Petroleum. Chesapeake Energy’s growth strategy combines an aggressive acquisition program with high organic growth from drilling new producing wells. Over the next two years, Chesapeake Energy Corporation should reap the benefits of its acquisitions, as it expands its drilling program and turns “unproved” and “possible” natural gas reserves into productive wells.
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