Chesapeake has completed acquisition of WildHorse Resources
OKLAHOMA CITY -- Chesapeake Energy Corporation has announced that it has completed its acquisition of WildHorse Resource Development Corporation. The merger was previously approved by Chesapeake shareholders and WildHorse stockholders at special meetings held on Jan. 31, 2019.
At the election of each WildHorse common stockholder, the consideration consisted of either 5.989 shares of Chesapeake common stock (the "share consideration") or a combination of 5.336 shares of Chesapeake common stock and $3.00 in cash (the "mixed consideration"), in exchange for each share of WildHorse common stock. As a result of the merger, WildHorse common stock will no longer be listed for trading on the New York Stock Exchange.
Doug Lawler, Chesapeake's CEO, commented, "In 2018, Chesapeake Energy continued to build upon our track record of consistent business delivery and transformational progress through both financial and operating improvements. The addition of the WildHorse assets to our high-quality, diverse portfolio, combined with our operating expertise and experience, provides another oil growth engine with significant oil inventory for years to come and gives us tremendous flexibility and optionality to help achieve our strategic goals."
In conjunction with the closing, and as previously announced under the terms of the merger agreement, David W. Hayes has joined the Chesapeake board, 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 common stock from 2,000,000,000 shares to 3,000,000,000 shares.
