Summary of CHESAPEAKE ENERGY CORP

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On March 31, 2009, Chesapeake Energy Corporation (the "Company") amended its Seventh Amended and Restated Credit Agreement by and among the Company, Chesapeake Exploration, L.L.C. and Chesapeake Appalachia, L.L.C., as Co-Borrowers, Union Bank, N.A., as Administrative Agent, the other agents named therein and the lenders from time to time parties thereto (the "Agreement") to amend certain of the definitions in Section 1.1 of the Agreement. The amended definitions read as follows:

""Applicable Margin": for each Type of Revolving Loan, on any day, the rate per annum set forth at the appropriate intersection at the relevant column heading below based on the Applicable Rating Level as of the close of business on the immediately preceding Business Day:

            Applicable Rating Level   Base Rate Loans   Eurodollar Loans
                    Level I               0.750%             2.250%
                   Level II               0.500%             2.000%
                   Level III              0.250%             1.750%
                   Level IV               0.125%             1.625%
                    Level V               0.000%             1.500%

""Commitment Fee Rate": on any day, a rate per annum equal to 0.500%."

""Consolidated Total Capitalization": Consolidated Indebtedness plus stockholders' equity of the Group Members as determined on a consolidated basis in accordance with GAAP; excluding, however, the stockholder's equity of any Group Member attributable to such Group Member's ownership of equity interests in any Unrestricted Subsidiary; provided, however, that all calculations of Consolidated Total Capitalization beginning December 31, 2008 shall exclude the effects of any write down of oil or gas assets which is required under Rule 4-10 (Financial Accounting and Reporting for Oil and Gas Producing Activities Pursuant to the Federal Securities Laws and the Energy Policy and Conservation Act of 1975) of Regulation S-X, promulgated by SEC regulation, or by the equivalent write down required by GAAP."

Additionally, the Company amended Section 7.1(a) of the Agreement to read as follows:

"Consolidated Indebtedness to Total Capitalization Ratio. Permit the ratio of
(i) Consolidated Indebtedness to (ii) Consolidated Total Capitalization at any time (x) prior to the Collateral Release Date, to be greater than 0.70 to 1.0 or
(y) after the Collateral Release Date, to be greater than 0.65 to 1.0. The portion of any reduction in Consolidated Total Capitalization that results from non-cash write downs of assets related to changes in accounting practices (whether or not required under GAAP), shall not be effective for purposes of this Section 7.1(a) until 60 days after such non-cash write down is reflected on financial statements delivered pursuant to Section 6.1(a) or (b)."

Also effective March 31, 2009, pursuant to the Agreement, the Administrative Agent and Majority Lenders, as defined in the Agreement, notified the Company that the Borrowing Base will remain at $3.5 billion until the next date upon which the Borrowing Base is to be redetermined.

The Agreement was filed as Exhibit 4.1 to the Company's Form 8-K filed on November 8, 2007 and is incorporated herein by reference.

Item 5.03 Amendments to Articles of Incorporation.

Effective March 31 2009, the Company filed a Certificate of Elimination with the Oklahoma Secretary of State retiring 3,033 shares of 4.125% Cumulative Convertible Preferred Stock, par value $0.01 per share (the "Preferred Stock"). The shares were acquired by the Company as the result of a mandatory conversion of the Preferred Stock into the Company's Common Stock. The Certificate of Elimination is attached hereto as Exhibit 3.1.1.

Also effective March 31, 2009, the Company filed a Certificate to Eliminate Certificate of Designation with the Oklahoma Secretary of State to eliminate from the Company's Certificate of Incorporation all matters set forth in the Company's Certificate of Designation of 4.125% Cumulative Convertible Preferred Stock filed with the Oklahoma Secretary of State on March 29, 2004 with respect to the series of preferred stock of the company designated 4.125% Cumulative Convertible Preferred Stock, par value $0.01 per share. The Certificate to Eliminate the Certificate of Designation is attached hereto as Exhibit 3.1.2.