HOUSTON, June 9, 2014 -- Chesapeake Energy Corporation (NYSE:CHK) announced today its board of directors has approved the spin-off of its oilfield services business. The spin-off will be accomplished through a pro rata distribution of 100% of the outstanding shares of common stock of Seventy Seven Energy Inc. to Chesapeake shareholders. The distribution is scheduled to take place on or about June 30, 2014 to shareholders of record on June 19, 2014. Seventy Seven Energy Inc. has applied to list its shares of common stock on the New York Stock Exchange under the trading symbol “SSE”.
Baker Botts represented Chesapeake Energy Corporation on the spinoff.
About Baker Botts L.L.P.
Baker Botts is an international law firm of approximately 700 lawyers practicing throughout a network of 15 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 174-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit BakerBotts.com.