SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) APRIL 2, 1997
CHESAPEAKE ENERGY CORPORATION
(Exact name of Registrant as specified in its Charter)
OKLAHOMA 1-13726 73-1395733
(State or other (Commission File Number) (IRS Employee
jurisdiction Identification No.)
of incorporation)
6100 NORTH WESTERN AVENUE, OKLAHOMA CITY, OKLAHOMA 73118
(Address of principal executive offices) (Zip Code)
(405) 848-8000
(Registrant's telephone number, including area code)
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
On April 2, 1997, Chesapeake Energy Corporation ("Chesapeake") issued
a press release announcing the completion of its Brown #1-H in Washington
County, Texas. The April 2, 1997 press release is filed herewith as
Exhibit 99 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits. The following exhibit is filed herewith:
99 Press Release issued by the Registrant on April 2, 1997.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
CHESAPEAKE ENERGY CORPORATION
By: MARCUS C. ROWLAND
Marcus C. Rowland,
Vice President - Chief Financial Officer
Dated: April 4, 1997
__________________________EXHIBIT INDEX______________________________
EXHIBIT DESCRIPTION METHOD OF FILING
99 Press Release issued by the Registrant Filed herewith
on April 2, 1997. electronically
CONTACT: MARCUS C. ROWLAND, CHIEF FINANCIAL OFFICER
(405)848-8000, EXT. 232
FOR IMMEDIATE RELEASE TOM PRICE, JR., VICE PRESIDENT-
APRIL 2, 1997 CORPORATE DEVELOPMENT
(405)848-8000, EXT. 257
CHESAPEAKE ENERGY CORPORATION ANNOUNCES
PRODUCTION RESULTS OF BROWN #1-H IN GIDDINGS FIELD
OKLAHOMA CITY, OKLAHOMA, APRIL 2, 1997 -- Chesapeake Energy Corporation
(NYSE:CHK) announced today the completion of its Brown #1-H in Washington
County, Texas. Located in the Independence portion of the deep Giddings
Field, this single lateral horizontal Austin Chalk well commenced
production on March 30{th} and is currently producing at a daily rate of
100.3 million cubic feet of natural gas on a 48/64" choke with flowing
tubing pressure of 5,025 psi. Chesapeake owns a 67% working interest in
the Brown and Belco Oil & Gas Corp. owns 30%.
Tom L. Ward, Chesapeake's Chief Operating Officer, stated, "We are proud
that our exploration team has drilled another truly world class well.
Based on initial flow rates and according to Petroleum Information data,
the Brown is both the most productive horizontal well ever drilled and the
most productive well of any type drilled onshore in the U.S. during the
past ten years. The completion of the Brown at a true vertical depth of
14,600' and Chesapeake's successful deep horizontal drilling program in
Louisiana increasingly demonstrate the attractive economics of drilling
deep horizontal Austin Chalk wells."
Aubrey K. McClendon, Chesapeake's Chief Executive Officer, commented
further, "With the Brown completion, Chesapeake has drilled 77 horizontal
wells deeper than 13,000', more than twice the number of the next most
active horizontal driller, confirming Chesapeake's status as the recognized
worldwide leader in deep horizontal drilling expertise. In the future, we
expect to widen our lead as we develop a five-year inventory of deep
drilling opportunities on our 1.5 million net acres of undeveloped
leasehold in the Giddings Field in Texas and in the Louisiana Austin Chalk
Trend. This inventory is more than twice the size of the deep Austin Chalk
undeveloped acreage owned by our nearest competitor. The combination of
Chesapeake's substantial acreage base, our proven geological and
engineering expertise in developing deep fractured carbonates, and our cash
position of approximately $400 million has Chesapeake well positioned to
continue leading the industry in creating shareholder value."
Chesapeake Energy Corporation is an independent energy producer
headquartered in Oklahoma City. The company focuses on utilizing advanced
drilling and completion technologies to develop significant new oil and
natural gas discoveries in major onshore producing areas of the United
States.
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THE INFORMATION IN THIS RELEASE INCLUDES CERTAIN FORWARD-LOOKING STATEMENTS
THAT ARE BASED ON ASSUMPTIONS THAT IN THE FUTURE MAY PROVE NOT TO HAVE BEEN
ACCURATE. THOSE STATEMENTS, AND CHESAPEAKE ENERGY CORPORATION'S BUSINESS
AND PROSPECTS, ARE SUBJECT TO A NUMBER OF RISKS, INCLUDING PRODUCTION
VARIANCES FROM EXPECTATIONS, VOLATILITY OF OIL AND GAS PRICES, THE NEED TO
DEVELOP AND REPLACE ITS RESERVES, THE SUBSTANTIAL CAPITAL EXPENDITURES
REQUIRED TO FUND ITS OPERATIONS, ENVIRONMENTAL RISKS, DRILLING AND
OPERATING RISKS, RISKS RELATED TO EXPLORATION AND DEVELOPMENT DRILLING,
UNCERTAINTIES ABOUT ESTIMATES OF RESERVES, COMPETITION, GOVERNMENT
REGULATION, AND THE ABILITY OF THE COMPANY TO IMPLEMENT ITS BUSINESS
STRATEGY. THESE AND OTHER RISKS ARE DESCRIBED IN THE COMPANY'S REPORTS THAT
ARE AVAILABLE FROM THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.