Chesapeake Energy 1996 Annual Report Download - page 40

CHESAPEAKE EN
REPORT OF INDEPENDENT
ACCOUNTANTS
To the Board of Directors
and Stockholders of Chesapeake
Energy Corporation
We have audited the accompanying consolidated bal-
ance sheet of Chesapeake Energy Corporation and its
subsidiaries as of June 30, 1996, and the related consoli-
dated statements of income, stockholders' equity and cash
flows for the year then ended. These financial statements
are the responsibility of the company's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable as-
surance about whether the financial statements are free
of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and dis-
closures in the financial statements. An audit also in-
cludes assessing the accounting principles used and sig-
nificant estimates made by management, as well as evalu-
ating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the consoli-
dated financial position of Chesapeake Energy Corpora-
tion and its subsidiaries as of June 30, 1996, and the
consolidated results of their operations and their cash
flows for the year then ended in conformity with gener-
ally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Oklahoma City, Oklahoma
September 13, 1996
CORP 0 RAT! ON
REPORT OF INDEPENDENT
A C C 0 U N TA N T S
To the Board of Directors
and Stockholders of Chesapeake
Energy Corporation
In our opinion, the consolidated balance sheet and
the related consolidated statements of income, of cash
flows and of stockholders' equity as of and for each of the
two years in the period ended June 30, 1995 present fairly,
in all material respects, the financial position, results of
operations and cash flows of Chesapeake Energy Corpo-
ration and its subsidiaries as of and for each of the two
years in the period ended June 30, 1995, in conformity
with generally accepted accounting principles. These fi-
nancial statements are the responsibility of the company's
management; our responsibility is to express an opinion
on these financial statements based on our audits. We
conducted our audits of these statements in accordance
with generally accepted auditing standards which require
that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free
of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and dis-
closures in the financial statements, assessing the account-
ing principles used and significant estimates made by
management, and evaluating the overall financial state-
ment presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above. We
have not audited the consolidated financial statements
of Chesapeake Energy Corporation for any period sub-
sequent to June 30, 1995.
PRICE WATERHOUSE LLP
H o u s t o n, Te x a s
September 20, 1995, except for Note 9
which is as of September 23, 1996
Effective July 1, 1996, Price Waterhouse LLP sold its Oklahoma City practice to Coopers & Lybrand L.L.P. and
resigned as the company's accountants.
REPORT OF INDEPENDENT ACCOUNTANTS