SAN FRANCISCO (Thomson Financial) - Chesapeake Energy Corp. late Monday said
eight new natural gas discoveries and five new oil projects will contribute to
an increase in its drilling and leasehold acquisition activities.
Chesapeake expects to spend an additional $275 million and $675 million for
drilling and leasehold in 2008 and 2009, respectively, in connection with the
discoveries and its ongoing drilling projects.
It also sees production in 2008 at around 21% over its 2007 average rate
and, in 2009, at around 16% above the prior-year average rate. Both forecasts
are above previous estimates, the Oklahoma City-based energy company said.
The stock closed the regular session up 57 cents at $44.86.
Brigid Gaffikin
bg/kh
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