Chesapeake Energy Corporation Announces 2007 Fourth Quarter and Full-Year Production and Proved Reserves.

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Chesapeake Energy Corporation Announces 2007 Fourth Quarter and Full-Year Production and Proved Reserves.

Fourth Quarter 2007 Production of 2.2 Bcfe per Day Increases 10% Sequentially and 34% Year-Over-Year; Full-Year Production of 2.0 Bcfe per Day Increases 23% Year-Over-Year

Proved Reserves Reach Record Level of 10.9 Tcfe and Increase 21% Year-Over-Year; Company Delivers Full-Year Reserve Replacement Rate of 369% from 1.9 Tcfe of Additions at a Drilling and Acquisition Cost of $2.08 per Mcfe

Risked Unproved Reserves Reach 33 Tcfe and Unrisked Unproved Reserves Reach 100 Tcfe; Leasehold and 3-D Seismic Inventories Increase to 13 Million Net Acres and 19 Million Acres, Respectively

OKLAHOMA CITY -- Chesapeake Energy Corporation (NYSE:CHK) today reported production and proved reserves for the 2007 fourth quarter and full year. Daily production for the 2007 fourth quarter averaged 2.219 billion cubic feet of natural gas equivalent (bcfe), an increase of 193 million cubic feet of natural gas equivalent (mmcfe), or 10%, over the 2.026 bcfe produced per day in the 2007 third quarter and an increase of 566 mmcfe, or 34%, over the 1.653 bcfe of daily production in the 2006 fourth quarter.

Chesapeake's 2007 fourth quarter production of 204.2 bcfe was comprised of 187.8 billion cubic feet of natural gas (bcf) (92% on a natural gas equivalent basis) and 2.74 million barrels of oil and natural gas liquids (mmbbls) (8% on a natural gas equivalent basis). Chesapeake's average daily production for the quarter of 2.219 bcfe consisted of 2.041 bcf of natural gas and 29,728 barrels of oil and natural gas liquids (bbls).

The company's sequential and year-over-year gro...

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