Gas power Chesapeake continues move into oil

OKLAHOMA CITY (AP) - Chesapeake Energy Corp. CEO Aubrey
McClendon says he hopes the company's gradual move into oil and
natural gas liquids will end the perception it's a "proxy" for
natural gas prices.
McClendon told shareholders Friday that Chesapeake is active in
12 oil plays in Oklahoma, Texas, New Mexico, Colorado and Wyoming.
He says the move into oil is due in part to low natural gas prices.
He hopes it "will help break that relationship" between
Chesapeake's stock price and natural gas prices in the coming
years.
Chesapeake remains one of the top independent natural gas
producers in the U.S. Natural gas accounted for about 90 percent of
Chesapeake's production in the first quarter of 2010.
Chesapeake's stock was at $24.42 in midday trading Friday, up
one cent.


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