Chesapeake plans to purchase production for $100 million

(Oklahoma City-AP) -- Chesapeake Energy Corporation says it's agreeing to buy oil and natural gas production properties for $100-million in four separate deals.<br><br>Two of the deals are expected

Tuesday, March 23rd 2004, 12:00 am

By: News On 6

(Oklahoma City-AP) -- Chesapeake Energy Corporation says it's agreeing to buy oil and natural gas production properties for $100-million in four separate deals.

Two of the deals are expected to close April 1st, and the other two should close May 1st.

The properties are on the Mid-Continent and Permian basins and the Texas Gulf Coast.

Chesapeake didn't name the sellers.

Chesapeake is an Oklahoma City-based independent oil and gas company. It says the properties have combined proved reserved of 68-billion cubic feet of gas equivalent and production of 15-million cubic feet of gas a day.

Also today, Chesapeake increased its 2004 production forecast by 7-billion cubic feet of gas equivalent, or 2.1%