Chesapeake Energy Corporation reports that it has completed its previously announced acquisition of Mid-Continent gas assets from a wholly-owned subsidiary of Tulsa-based ONEOK, Inc.
Based on internal reservoir engineering estimates, Chesapeake believes that it has acquired approximately 200 billion cubic feet of gas equivalent (bcfe) of proved gas reserves and approximately 60 bcfe of probable and possible gas reserves. The acquired properties are expected to contribute approximately 47,000 thousand cubic feet of gas equivalent (mcfe) per day to Chesapeake's production.
The acquisition was funded with proceeds generated from the company's successful December 2002 offerings of 23 million common shares at $7.50 per share and $150 million of 7.75% senior notes.
