Chesapeake has finalized the acquisition of WildHorse Resources

03/02/2019

Photo: Chesapeake.

OKLAHOMA CITY – Chesapeake Energy Corporation has announced that it has finalized the acquisition of WildHorse Resource Development Corporation. The merger had already been approved by Chesapeake shareholders and WildHorse shareholders at special meetings held on January 31, 2019.

At the option of each common shareholder of WildHorse, the consideration consisted of either 5,998 common shares of Chesapeake (the "Share Consideration") or a combination of 5,336 common shares of Chesapeake and $ 3.00 in cash (the "counterparty"). "), exchange for each WildHorse common share. As a result of the merger, the common shares of WildHorse will no longer be listed on the New York Stock Exchange.

Chesapeake President and CEO Doug Lawler commented, "In 2018, Chesapeake Energy continued to leverage our business continuity and transformational progress roadmap with financial and operational improvements. our operating expertise and experience, provides another engine of oil growth with a large oil inventory for years to come and provides us with extraordinary flexibility and capability to help us achieve our strategic goals. "

Concurrent with the closing and as previously announced as part of the merger agreement, David W. Hayes has joined the Chesapeake Board of Directors, effective immediately. In addition, Jay C. Graham will be appointed to fill the next vacancy on the Chesapeake Board. In a separate vote at the special meeting, Chesapeake shareholders approved a proposal to amend Chesapeake's restated certificate of incorporation to increase the number of authorized shares of Chesapeake. Ordinary shares of Chesapeake from 2,000,000,000 to 3,000,000,000.

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