Chesapeake to Offer 20 Million Shares

Chesapeake Energy Corporation announced that it intends to commence a public offering of 20 million shares of its common stock. Chesapeake intends to use the net proceeds from the offering initially to repay outstanding indebtedness under its revolving bank credit facility, which may be reborrowed from time to time to fund its recently announced drilling and land acquisition initiatives and for general corporate purposes.

The common stock will be offered pursuant to an effective registration statement filed with the Securities and Exchange Commission. The company intends to grant the underwriters a 30-day option to purchase a maximum of three million additional shares of its common stock.

Deutsche Bank Securities Inc., Banc of America Securities LLC and Lehman Brothers Inc. will act as joint book-running managers for the offering. The offering is being made only by means of a prospectus and related prospectus supplement, copies of which, when available, may be obtained by mail from the offices of Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza One, 2nd Floor, Jersey City, NJ, 07311, or by telephone at (800) 503-4611.


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