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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) MARCH 5, 1998
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CHESAPEAKE ENERGY CORPORATION
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(Exact name of Registrant as specified in its Charter)
OKLAHOMA 1-13726 73-1395733
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
6100 NORTH WESTERN AVENUE, OKLAHOMA CITY, OKLAHOMA 73118
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(Address of principal executive offices) (Zip Code)
(405) 848-8000
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(Registrant's telephone number, including area code)
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
On March 5, 1998, Chesapeake Energy Corporation ("Chesapeake") and Pan
East Petroleum Corp. ("Pan East") announced the recent completion of the first
of their three well horizontal drilling program in the Midwinter portion of the
Helmet area in Northeast British Columbia. The March 5, 1998 press release is
filed herewith as Exhibit 99, and is incorporated herein by reference.
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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: /S/ MARCUS C. ROWLAND
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MARCUS C. ROWLAND
Senior Vice President - Finance
and Chief Financial Officer
Dated: March 5, 1998
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit 99.1 Press Release dated March 5, 1998.
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CONTACT: MARC ROWLAND, CHIEF FINANCIAL OFFICER
(405)848-8000, EXT. 232
FOR IMMEDIATE RELEASE TOM PRICE, JR.,VICE PRESIDENT-
MARCH 5, 1998 CORPORATE DEVELOPMENT
(405)848-8000, EXT. 257
CHESAPEAKE ENERGY CORPORATION AND PAN EAST PETROLEUM CORP.
PROVIDE UPDATE ON ACTIVITY IN NORTHEAST BRITISH COLUMBIA
OKLAHOMA CITY, OKLAHOMA, MARCH 5, 1998 -- Chesapeake Energy Corporation
(NYSE:CHK) and Pan East Petroleum Corp. (TSE:PEC) today announced the recent
completion of the first of their three well horizontal drilling program in the
Midwinter portion of the Helmet area in Northeast British Columbia. The first
well flow tested at rates up to 17 million cubic feet of natural gas (Mmcf) per
day during drilling of a 2,300 foot horizontal section in the Jean Marie
formation, which is found at a depth of approximately 4,000 feet. Production is
expected to commence within the next two weeks at between 5 to 6 Mmcf per day
with anticipated reserves of 6-10 billion cubic feet of natural gas. Average
horizontal well costs in the area are approximately $1.75 million.
Casing has been set on the second well and the horizontal section is scheduled
for drilling next week. The third well is currently drilling and should be
completed by mid-March. Pan East is the operator of all three wells and owns a
50% working interest with the remaining 50% owned by Chesapeake. Further
drilling results from Chesapeake's Pan East and Ranger Oil Limited (NYSE: RGO)
drilling programs in western Canada will be available in late March or in April.
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Chesapeake Energy Corporation is an independent oil and natural gas producer
headquartered in Oklahoma City. The company's operations are focused on
exploratory and developmental drilling and producing property and corporate
acquisitions in major onshore producing areas of the United States and Canada.
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, uncertainties about estimates of reserves, 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 exploratory and developmental
drilling, competition, government regulation, and the ability of the company to
implement its business strategy. These and other risks are described in the
company's documents and reports that are available from the United States
Securities and Exchange Commission
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