OKLAHOMA CITY, March 13, 2002 (PRIMEZONE) -- Canaan Energy Corporation ("Canaan") (Nasdaq:KNAN) today announced that the proposal by Chesapeake Energy Corporation to make a tender offer for Canaan shares for $12.00 per share in cash will be considered by the Board of Directors of the Company within the next few days. The Company has engaged CIBC World Markets Corp. as its financial adviser to assist in evaluating the proposal and to advise the Company with respect to all strategic alternatives. Further information will be made available concerning the Board's position at the conclusion of this evaluation.
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.