Chesapeake Energy Corporation Announces Closing of Placement of $750 Million of Preferred Shares in CHK Utica, L.L.C., Completing the Company’s $1.25 Billion Utica Financial Transaction

OKLAHOMA CITY--(BUSINESS WIRE)--Chesapeake Energy Corporation (NYSE:CHK) today announced the closing of the sale of $750 million of perpetual preferred shares in its wholly owned, unrestricted subsidiary, CHK Utica, L.L.C. The subsidiary owns approximately 700,000 net leasehold acres within an area of mutual interest in the Utica Shale play in 13 counties primarily in eastern Ohio (the “CHKU AMI”). Chesapeake has retained all the common interests in CHK Utica.