Chief Oil & Gas

Chief Oil & Gas reports it will put itself up for sale. At press time, the Barnett Shale producer was in the final stages of hiring an investment bank to represent it through the selling process. Sources report the banker will be Lehman Brothers. Chief is the No. 3 producer in the Barnett Shale. The company is expected to sell for between $1- and $1.2 billion. Bidders are expected to be Burlington Resources, The Williams Cos., Chesapeake Energy Corp. and Shell Oil. Devon Energy Corp. is the No. 1 producer in the Barnett; XTO Energy Inc. is No. 2.