Chesapeake Energy may sell $1.8B stock to get cash (largest US nat. gas producer low on cash)

[NickB79]

"Chesapeake Energy Corp., the nation's largest producer of natural gas, seeks to raise up to $1.8 billion through common stock sales in an effort to fund its drilling and exploration activities and mitigate the impact of lower natural gas prices on cash flow."

snip

"But the company said cash flow, borrowings and cash on hand have not been enough to pay for capital expenditures.

Chesapeake has used up the remaining financing available under its $3.5 billion bank credit facility and only $251 million is left of another $460 million credit line. Credit markets remain tight with financial institutions under duress."

http://biz.yahoo.com/ap/081127/chesapeake_energy_capital_raise.html

[indepat]

1. Shit! Just bought Chesapeake Energy several days ago

:cry: