OKLAHOMA CITY--(BUSINESS WIRE)--Jul. 1, 2014--
Chesapeake Energy Corporation (“Chesapeake”) (NYSE: CHK) announced today
it has completed the spin-off of its oilfield services business,
previously conducted through Chesapeake Oilfield Operating, L.L.C., into
a stand-alone, publicly traded company called Seventy Seven Energy Inc.
(“SSE”) (NYSE: SSE).
Following the close of business on June 30, 2014, Chesapeake distributed
to its shareholders one share of common stock of SSE for every 14 shares
of Chesapeake common stock outstanding as of 5:00 pm EDT on June 19,
2014, the record date for the distribution. No fractional shares of SSE
common stock were issued; however, shareholders entitled to receive a
fractional share of SSE common stock in the distribution instead
received the cash value of that fractional share.
SSE common stock will begin “regular-way” trading under the symbol “SSE”
on the New York Stock Exchange (“NYSE”) on July 1, 2014, when markets
open. Chesapeake common stock will continue to trade on the NYSE under
the ticker symbol “CHK.”
Chesapeake Energy Corporation is the second-largest producer of
natural gas and the 10th largest producer of oil and natural gas liquids
in the U.S. Headquartered in Oklahoma City, the company's
operations are focused on discovering and developing its large and
geographically diverse resource base of unconventional natural gas and
oil assets onshore in the U.S. The company also owns
substantial marketing and compression businesses. Further information is
available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.
Source: Chesapeake Energy Corporation
Chesapeake Energy Corporation
Gary T. Clark,
Gordon Pennoyer, 405-935-8878