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EXHIBIT 99
CONTACT: MARC ROWLAND,
CHIEF FINANCIAL OFFICER
(405) 879-9232
FOR IMMEDIATE RELEASE TOM PRICE, JR.,VICE PRESIDENT-
JUNE 14, 2000 CORPORATE DEVELOPMENT
(405) 879-9257
CHESAPEAKE ENERGY CORPORATION
ANNOUNCES THREE MID-CONTINENT NATURAL
GAS RESERVE PURCHASES
CHESAPEAKE CONTINUES ACQUIRING LONG-LIVED
MID-CONTINENT NATURAL GAS RESERVES AT ATTRACTIVE PRICES,
MOST RECENT ACQUISITIONS ARE IN OKLAHOMA'S ARKOMA BASIN
OKLAHOMA CITY, OKLAHOMA - JUNE 14, 2000 - Chesapeake Energy Corporation
(CHK:NYSE) today announced that during the past several weeks it has acquired
estimated proved reserves of 33 billion cubic feet of natural gas (bcf) in
Oklahoma's Arkoma Basin in three transactions for total consideration of $22
million. The reserves were acquired for $0.67 per thousand cubic feet of natural
gas (mcf), are 100% natural gas, have a reserves-to-production index of over
nine years and at unescalated prices of $2.50 per mcf and $3.50 per mcf have
estimated PV-10 values of $29.8 million and $48.3 million, respectively. The
properties are contiguous to or near Chesapeake's existing base of operations in
eastern Oklahoma and have numerous drilling opportunities associated with them.
The company plans an active drilling program on these assets during the
remainder of 2000 and in the years ahead. Chesapeake funded the purchases from
cash on hand.
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 reserves, the substantial capital
expenditures required to fund 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, including the report filed on Form 10-K for the year ended
December 31, 1999 and the report filed on Form 10-Q for the quarter ended March
31, 2000.
Chesapeake Energy Corporation is one of the 15 largest independent natural gas
producers in the U.S. Headquartered in Oklahoma City, the company's operations
are focused on exploratory and developmental drilling and property acquisitions
in the Mid-Continent region of the United States. The company's Internet address
is www.chkenergy.com.
