UPDATES

May 2010 - Chesapeake announced plans to raise $5 billion by selling a 20% equity interest in Chesapeake Appalachia LLC over the next 12 months. Chesapeake also placed $600 million worth of a new convertible preferred stock with investors in Asia; Maju Investments (Mauritius) Pte Ltd. and Hampton Asset Holding Ltd.. Singapore state-owned Temasek Holdings Pte is investing $500 million in the offering. Chesapeake intends to use $3.5 billion of the proceeds to pay off debt and $1.5 billion to focus on oil and natural gas liquid drilling.

March 2010 - Major Norwegian oil producer Statoil Hydro ASA is boosting its share of the Marcellus Shale upward from 32%, in a new $253 million deal with Chesapeake for another 59,000 acres at $4,325 per acre, which will raise Statoil Hydro's Marcellus stake to 42%. One Statoil VP said this acquistion should boost Statoil's oil production to 50,000 barrels by 2012 in this "legacy asset."

January 2010 - Chesapeake's Water Management Plan for SW Pennsylvania for Marcellus Shale Gas Well Development.

January 2010 - A joint-venture agreement with Epsilon Energy Ltd. for the development of the Highway 706 shale gas project in Pennsylvania was announced.

January 2010 - Chesapeake Energy formed a $2.25 billion joint venture with a subsidiary of France's Total SA that gives Total SA access to the Barnett Shale in north Texas.

December 2009 - Chesapeake Energy is partnering with Spectra Energy to expand two natural gas pipeline systems from Marcellus Shale gas fields into New York City. Spectra is expanding the Texas Eastern and Algonquin pipeline systems. Included are 16 miles of 30-inch pipeline from Manhattan to Staten Island.