2009-01-28-2008-12-31-2008-12-31

Bought VPP in Anadarko, Arkoma basins, gaining 98 Bcfe proved, 60 MMcfe/d.

Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) has sold royalty interest in long-lived producing assets in the Anadarko and Arkoma basins in a volumetric production payment transaction (VPP) to investors associated with Argonaut Private Equity for $412 million. The assets include proved reserves of approximately 98 billion cubic feet equivalent and current net production of approximately 60 million equivalent per day. Chesapeake values the transaction at $4.20 per Mcfe. The company has retained rights below currently producing intervals. The purchase was financed by GS Loan Partners, an affiliate of The Goldman Sachs Group Inc. (NYSE: GS). The deal closed Dec. 31. Jefferies Randall & Dewey was advisor to Chesapeake.