Chesapeake Offers $300MM of Senior Notes Due 2015

Chesapeake is commencing a public offering of an additional $300 million of its existing 9.50% Senior Notes due 2015. Chesapeake intends to use the net proceeds from the offering to repay outstanding indebtedness under its revolving bank credit facility, which it anticipates reborrowing from time to time to fund drilling and leasehold acquisition initiatives and for general corporate purposes.

The senior notes are being offered pursuant to a shelf registration statement filed on January 27, 2009 with the U.S. Securities and Exchange Commission. Chesapeake intends to list the notes on the New York Stock Exchange after issuance.

The notes issued in this offering will be issued as additional securities under an indenture pursuant to which Chesapeake issued $1.0 billion of its 9.50% Senior Notes due 2015 on February 2, 2009. The notes issued in this offering and the existing notes will be treated as a single class of notes under the indenture.


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