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) DECEMBER 5, 1997
CHESAPEAKE ENERGY CORPORATION
(Exact name of Registrant as specified in its Charter)
OKLAHOMA 1-13726 73-1395733
(State or other jurisdiction (Commission IRS Employer Identification No.)
of incorporation) File Number)
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 December 5, 1997, Chesapeake Energy Corporation ("Chesapeake"
announced the successful completion of a well located in Pointe Coupee
Parish, Louisiana. The well is producing from the Tuscaloosa formation.
Chesapeake's press release regarding this development is filed herewith
as Exhibit 99, and is incorporated herein by reference.
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,
Senior Vice President -
Chief Financial Officer
Dated: December 9, 1997
_______________________________EXHIBIT INDEX___________________________________
EXHIBIT DESCRIPTION METHOD OF FILING
99 Press Release issued by Filed herewith electronically
the Registrant on
December 9, 1997
CONTACT: MARC ROWLAND, CHIEF FINANCIAL OFFICER
(405)848-8000, EXT. 232
FOR IMMEDIATE RELEASE TOM PRICE, JR.,VICE PRESIDENT-
DECEMBER 5, 1997 CORPORATE DEVELOPMENT
(405)848-8000, EXT. 257
CHESAPEAKE ENERGY CORPORATION ANNOUNCES SUCCESSFUL
LOUISIANA TUSCALOOSA COMPLETION
OKLAHOMA CITY, OKLAHOMA, DECEMBER 5, 1997 -- Chesapeake Energy Corporation
(NYSE:CHK) today announced the successful completion of the Merrick Estate #1,
located in the Judge Digby Field in Point Coupee Parish, Louisiana. This
Tuscaloosa well, completed on November 12, 1997, is currently producing at a
rate of 84 barrels of oil (BO), 14.8 million cubic feet of natural gas (MMCFE),
and 67 barrels of water (BW), with approximately 10,000 pounds of flowing
tubing pressure on a variable sized choke.
The Merrick Estate was drilled to a total depth of 21,756 feet and completed in
the interval between 20,616' and 20,654'. Within this 38 foot gross sand
package, 29 feet of net pay of greater than 12% porosity was found, with
average porosity of 18.5% within this interval. Through November 30, this well
had produced a cumulative 1,474 BO, 228,272 MMCFE, and 972 BW. Chesapeake owns
a 16.82% working interest and 13.04% net revenue interest in this well. Amoco
Production Company owns the remainder of the working interest in this well and
is the operator. The Merrick Estate is the company's second Tuscaloosa success
with one well plugged and abandoned.
Chesapeake's Chairman and CEO, Aubrey K. McClendon, stated, "We are pleased to
see continuing evidence of the success of 3-D seismic in the delineation of
these high-potential fault blocks. This well, located between our recently
completed 90 square mile Morganza 3-D seismic survey and our soon to be shot 45
square mile Irene 3-D project, provides compelling evidence of the success
these new technologies can generate in finding previously untapped reservoirs."
Chesapeake owns 37,500 net acres within a 38,000 gross acre leasehold block in
its Morganza prospect area, located northwest and on trend with the Judge Digby
Field. Chesapeake has recently concluded its 3-D shoot over Morganza with
interpretation expected to begin within the next week. With approximately one
to two months to interpret and delineate optimal Tuscaloosa prospects, drilling
is expected to begin by Spring 1998.
At Irene, Chesapeake's approximate 45 square mile 3-D seismic project located
near Amoco's prolific Port Hudson Field, the company has concluded its
permitting process and expects to complete the shooting phase by the end of
1997. Initial drilling efforts could begin during the second quarter of 1998.
Chesapeake owns approximately 19,000 net acres of leasehold within the almost
21,000 acre lease block.
In additional Chesapeake Tuscaloosa activity, the company is currently drilling
ahead at approximately 16,500' on its Peevy 71#1, located in the Comite Field
in East Baton Rouge Parish, Louisiana. The company plans to drill this well to
a total depth of 18,800 feet and expects to complete this well in the first
quarter of 1998.
####
CHESAPEAKE ENERGY CORPORATION IS AN INDEPENDENT OIL AND NATURAL GAS PRODUCER
HEADQUARTERED IN OKLAHOMA CITY WHICH SPECIALIZES IN UTILIZING ADVANCED SEISMIC,
DRILLING AND COMPLETION TECHNOLOGIES TO DEVELOP NEW RESERVES OF OIL AND NATURAL
GAS. THE COMPANY'S OPERATIONS ARE FOCUSED ON EXPLORATORY AND DEVELOPMENTAL
DRILLING IN MAJOR ONSHORE PRODUCING AREAS OF THE UNITED STATES.
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, INCLUDING THE REPORT FILED ON
FORM 10-K FOR THE FISCAL YEAR ENDED JUNE 30, 1997.