Bracewell Represents Chesapeake in Sale of Preferred Shares Related to Utica Shale Joint Venture

April 2, 2012

Bracewell & Giuliani LLP represented Chesapeake Energy Corporation in connection with its Utica Shale joint venture with EIG Global Energy Partners LLC. The joint venture was accomplished through Chesapeake's contribution of substantial Utica Shale acreage to a newly-formed entity – CHK Utica LLC) – and the sale of perpetual preferred shares in CHK Utica LLC in two tranches.

The first tranche consisted of a $500 million sale of perpetual preferred shares to EIG that closed in November 2011. Chesapeake sold an additional $750 million in preferred shares in December 2011, bringing the total size of the joint venture to $1.25 billion.