Chesapeake Utilities Corporation (NYSE: CPK) announced today that its subsidiary, Sharp Energy, has acquired the propane operating assets of J.T. Lee and Son's in Cape Fear, North Carolina. Through this acquisition, Sharp Energy expands its customer base in North Carolina, including adding approximately 3,000 customers and distribution of approximately 800,000 gallons of propane annually. The transaction also includes a bulk plant with 60,000 gallons of propane storage, enabling the Company to realize efficiencies with additional storage capacity and overlapping delivery territories.

"We are excited to welcome J.T. Lee and Son's customers and employees into the Sharp Energy family," said Andy Hesson, vice president, Sharp Energy. "J.T. Lee, which has served customers for more than 60 years, will increase our North Carolina footprint and provide cost savings and other synergistic benefits as a result of the expanded Wilmington service area."