Eldorado Exploration Inc (fka EDEP)

[Jagman]

Chesapeake to Shut Some Gas Production
Wednesday September 27, 3:32 pm ET
Chesapeake Energy Plans Temporary Shutdown of About 6 Percent Its Gas Production

OKLAHOMA CITY (AP) -- Oil and gas producer Chesapeake Energy Corp. on Wednesday said it plans to temporarily shut down about 6 percent of its natural gas production due to low market prices.
Starting Sunday, the company said it will temporarily close down about 100 million cubic feet per day of unhedged net natural gas production in the Southwest, until gas prices recover from recently depressed levels.

The company currently produces about 1.6 billion cubic feet of natural gas equivalent per day. Chesapeake said it has hedged about 92 percent of its expected gas production at an average price of $9.24 per million British thermal unit.

Natural gas prices on the New York Mercantile Exchange have come down sharply due to a calmer-than-expected hurricane season and weakened demand. Gas fell about 32.5 cents to settle at $4.20 per million British thermal unit Wednesday, near a four-year low.

Shares of Chesapeake fell 16 cents to $28.89 on the New York Stock Exchange on heavy volume of more than 10.7 million shares, compared with average daily trade of 6.8 million shares.