OKLAHOMA CITY, May 23, 2002 (PRIMEZONE) -- Canaan Energy Corporation (Nasdaq:KNAN) today announced that it has set June 28, 2002 as the date of the special shareholders meeting to approve the previously announced proposed acquisition of Canaan by Chesapeake Energy Corporation (NYSE:CHK). The proxy statement relating to the transaction will be mailed to the Canaan shareholders on or about May 24, 2002. Closing of the transaction, in which Canaan's shareholders will receive $18 per share in cash, is expected to occur on the same date if the proposal is approved.
Canaan Energy Corporation is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. Canaan trades on the Nasdaq NMS under the symbol KNAN. The company's Internet address is www.canaanenergy.com