SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
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JUNE 6, 2003 (JUNE 6, 2003)
CHESAPEAKE ENERGY CORPORATION
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(Exact name of Registrant as specified in its Charter)
OKLAHOMA 1-13726 73-1395733
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
6100 NORTH WESTERN AVENUE, OKLAHOMA CITY, OKLAHOMA 73118
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(Address of principal executive offices) (Zip Code)
(405) 848-8000
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(Registrant's telephone number, including area code)
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
Chesapeake Energy Corporation ("Chesapeake") issued a press release on
June 6, 2003:
CHESAPEAKE ENERGY CORPORATION ANNOUNCES THE ELECTION OF GOVERNOR
FRANK KEATING AND THE RETIREMENT OF EDGAR F.
HEIZER, JR. FROM CHESAPEAKE'S BOARD OF DIRECTORS
OKLAHOMA CITY, OKLAHOMA, JUNE 6, 2003 - Chesapeake Energy Corporation
(NYSE: CHK) today announced that its Board of Directors has elected Governor
Frank Keating to a term expiring in 2004 and that Edgar F. Heizer, Jr. is
retiring from Chesapeake's Board after deciding not to stand for re-election.
Heizer, 73, was a founding member of Chesapeake's Board, first serving as an
Advisory Director in 1992 and then becoming a full Board member at the time of
Chesapeake's IPO in February 1993. Heizer, who resides in Lake Forest, Illinois,
was Chesapeake's most important individual investor prior to its IPO and has
been one of the country's preeminent venture capitalists during the past four
decades.
Governor Keating, 59, is the President and Chief Executive Officer of the
American Council of Life Insurers, a large trade organization based in
Washington, D.C. He was raised in Tulsa and graduated from Georgetown University
in 1966 and from the University of Oklahoma law school in 1969. Upon graduation
from law school, Keating became a special agent in the FBI and then served as
Assistant District Attorney in Tulsa County. In 1972, Keating was elected to the
Oklahoma House of Representatives and two years later was elected to the
Oklahoma State Senate, where he rose to the position of minority leader.
In 1981, President Reagan appointed Keating as the U.S. Attorney for the
Northern District of Oklahoma. In 1985, he left Oklahoma to begin seven years of
service in the Reagan and Bush administrations. During that time, Governor
Keating served as Assistant Secretary of the Treasury, Associate Attorney
General in the Justice Department and as General Counsel and Acting Deputy
Secretary of the Department of Housing and Urban Development.
In 1994, Keating returned to Oklahoma to run for governor. He was elected
by a wide margin and was sworn in as Oklahoma's 25th Governor in January 1995.
In 1998, Governor Keating was re-elected in a landslide, becoming the first
Republican Governor of Oklahoma to be re-elected to consecutive terms.
Oklahoma's constitution prohibited him from running for a third term.
Governor Keating will bring substantial energy industry experience to the
Chesapeake Board. His father founded the successful Keating Drilling Company in
Tulsa in 1942. In addition to working in the industry and presiding over
statewide energy policy for eight years while Governor, Keating has also managed
a family mineral company and served as Chairman of the Interstate Oil and Gas
Compact Commission during 1997-98.
Governor Keating's election and Heizer's retirement maintains the size of
Chesapeake's Board at seven. Management is represented by Aubrey K. McClendon
and Tom L. Ward, the company's co-founders. The other Board members are Breene
M. Kerr of Easton, Maryland; Charles T. Maxwell of Bronxville, New York; Shannon
T. Self of Oklahoma City; and Frederick B. Whittemore of New York City.
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MANAGEMENT COMMENT
Aubrey K. McClendon, Chairman and Chief Executive Officer of Chesapeake
said of Governor Keating's appointment, "We are extremely pleased to have Frank
join Chesapeake's Board. Governor Keating is a man of exceptional
accomplishment, leadership skills and personal character. From his family
background in the industry and his two terms as Oklahoma's governor, Governor
Keating understands energy issues and the industry's importance to the U.S.
economy. In a time of growing political debate about the country's energy
policies, we will particularly appreciate his in-depth understanding of energy
public policy issues."
"Founded by Oklahomans in Oklahoma in 1989, Chesapeake came of age during
Governor Keating's two terms. During those eight years, we were always proud of
his leadership of our state and especially appreciated his thorough
understanding of the issues facing the oil and natural gas industry. We will
greatly benefit from Governor Keating's experience and counsel in the years
ahead."
"We are especially sad to announce the resignation of Ned Heizer from
Chesapeake's Board. Ned has encountered some health issues in the past few
months that have made him unable to continue serving on Chesapeake's Board. Ned
was our earliest true believer and his financial commitment to Chesapeake in the
pre-IPO days was critical to growth of the company. Were it not for Ned Heizer,
Chesapeake's early days would have been considerably more difficult. We are
grateful for his wise counsel and deep commitment over the years and we will
truly miss his presence on the Board. However, Ned has agreed to accept a new
position as Director Emeritus, in which he will continue to provide thoughtful
counsel to us in the years ahead."
Chesapeake Energy Corporation is one of the eight largest independent
natural gas producers in the U.S. Headquartered in Oklahoma City, the company's
operations are focused on exploratory and developmental drilling and producing
property acquisitions in the Mid-Continent region of the United States. The
company's Internet address is www.chkenergy.com.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CHESAPEAKE ENERGY CORPORATION
BY: /S/ AUBREY K. MCCLENDON
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AUBREY K. MCCLENDON
Chairman of the Board and
Chief Executive Officer
Dated: June 6, 2003
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