Chesapeake Energy Concludes Spin-off Of Oilfield Services Business

(RTTNews) - Chesapeake Energy Corp.(CHK) Tuesday said it has finished the spin-off of its oilfield services business, earlier held under Chesapeake Oilfield Operating, L.L.C., into a stand-alone, publicly traded company called Seventy Seven Energy Inc.(SSE).

Following the close of business on June 30, Chesapeake offered one share of SSE for every 14 shares of Chesapeake outstanding common stock to its shareholders.

SSE common stock will start trading under the symbol "SSE" on the New York Stock Exchange from July 1, while Chesapeake common stock will continue to trade under the ticker "CHK."

Karl Blanchard has been named the Chief Operating Officer of SSE. Jerry Winchester will continue as Chief Executive Officer, and Cary Baetz as Chief Financial Officer.