Title Slide CHASING  CHESAPEAKE  

How  Reuters  mined  SEC  filings  in  its  inves6ga6on  of  Chesapeake  Energy  

Corp.  By  Brian  Grow,  Anna  Driver,    

Joshua  Schneyer,  John  Shiffman    and  Carrick  Mollenkamp  

 

Pursuant  to  the  requirements  of  the  Securi2es  Act  of  1933,  this  Registra2on  Statement  has  been  signed  by  the  following  persons,  in  the  capaci2es  and  on  the  date  indicated.  Signature  Capacity  Date  /S/  AUBREY  K.  MCCLENDON  Aubrey  K.  McClendon  Chief  ExecuHve  Officer  (Principal  ExecuHve  Officer)  of  each  of  Northern  Michigan  ExploraHon  Company,  L.L.C.  and  Winter  Moon  Energy  Company,  L.L.C.  and  Director  of  LA  Land  AcquisiHon  CorporaHon,  the  Sole  Member  of  each  of  Northern  Michigan  ExploraHon  Company,  L.L.C.  and  Winter  Moon  Energy  Company,  L.L.C.  February  8,  2011  

Post-­‐EffecHve  Amendment  No.  1  To  Form  S-­‐3  

REGISTRATION  STATEMENT  UNDER  THE  SECURITIES  ACT  OF  1933  Chesapeake  Energy  Corpora2on*  

February  8,  2011  

EXPLANATORY  NOTE  This  Registra2on  Statement  on  Form  S-­‐3  (Registra2on  No.  333-­‐168509)  of  Chesapeake  Energy  Corpora2on  (the  “Company”)  and  its  subsidiary  guarantor  registrants  (the  “Registra2on  Statement”)  is  being  amended  to  (i)  add  Chesapeake  E&P  Holding  CorporaHon,  Chesapeake  VRT,  L.L.C.,  EMLP,  L.L.C.,  Empress,  L.L.C.,  LA  Land  AcquisiHon  CorporaHon,  Northern  Michigan  ExploraHon  Company,  L.L.C.,  and  Winter  Moon  Energy  Company,  L.L.C.,  all  subsidiaries  of  the  Company,  as  co-­‐registrants  that  are,  or  may  poten2ally  be,  guarantors  of  some  or  all  of  the  debt  securi2es  with  respect  to  which  offers  and  sales  are  registered  under  this  Registra2on  Statement  

WHAT  DOES  AN  “AMENDMENT”  TO  AN  SEC  FILING  FOR  A  

SECURITIES  LISTING,  DATED  FEB.  8,  2011,  TELL  YOU  ABOUT  

CHESAPEAKE  SUBSIDIARIES?  

TEXT  OF  CHESAPEAKE  EMAIL  Sender:  Chesapeake  Execu2ve  Recipient:  Chesapeake  Execu2ve  Subject:  Michigan  En2ty  Date:  July  13,  2010  Fyi  –  Northern  Michigan  ExploraNon  Company,  LLC  was  the  buyer  on  the  O.I.L.  Energy  deal.  I  do  not  see  this  company  in  our  subsidiary  list.  Should  I  use  Co.  337  in  the  meanNme?  

Winter  Moon  (Co.  142)  was  the  buyer  on  the  MarqueZe  ExploraNon  deal.  

Item  8.01.  Other  Events.    On  February  21,  2011,  Chesapeake  Explora2on,  L.L.C.  ("CELLC"),  a  wholly  owned  subsidiary  of  Chesapeake  Energy  Corpora2on  (the  "Company"),  entered  into  a  Purchase  and  Sale  Agreement  (the  "Purchase  Agreement")  with  BHP  Billiton  Petroleum  (North  America  1)  LLC  ("BHP"),  a  wholly  owned  subsidiary  of  BHP  Billiton  Limited,  pursuant  to  which  BHP  agreed  to  purchase  the  Company's  interests  in  approximately  487,000  net  acres  of  leasehold,  producing  natural  gas  proper2es  and  related  assets  in  the  Fayegeville  Shale  play  in  central  Arkansas  (the  "Divested  Proper2es")  for  approximately  $4.75  billion.  …….    Chesapeake  Investments,  an  Oklahoma  Limited  Partnership,  Larchmont  Resources,  L.L.C.  and  Jamestown  Resources,  L.L.C.,  which  are  affiliates  of  Aubrey  K.  McClendon,  the  Company's  Chief  ExecuHve  Officer  and  Chairman,  are  also  parHes  to  the  Purchase  Agreement.  Such  par2es  own  a  working  interest  in  a  por2on  of  the  developed  producing  proper2es  included  in  the  Divested  Proper2es  which  were  acquired  through  par2cipa2on  in  drilling  pursuant  to  the  Company's  Founder  Well  Par2cipa2on  Program.  The  interest  owned  by  such  en22es  will  be  conveyed  to  BHP  in  the  transac2on  at  the  same  price  and  on  the  same  terms  and  condi2ons  as  those  that  apply  to  CELLC.  

UNITED  STATES  SECURITIES  AND  EXCHANGE  COMMISSION  

Washington,  D.C.  20549  FORM  8-­‐K,  Feb.  21,  2011  

WHAT  DOES  AN  SEC  FILING  ABOUT  A  $4.75  BILLION  DEAL,  WITH  THE  

FIRST-­‐EVER  REFERENCE  TO  “AFFILIATES”  OF  THE  CHIEF  EXECUTIVE,  TELL  YOU?  

Reuters  Exclusive:  Chesapeake  CEO  McClendon  cashes  in  on  well  deals  

By Anna Driver HOUSTON | Mon Aug 15, 2011 1:25pm EDT (Reuters) - Chesapeake Energy Corp Chief Executive Aubrey McClendon is legendary on Wall Street for his dealmaking prowess, but investors may not realize the deals put money directly into his pocket.

THE  HUNCH  

•  Could  Chesapeake  be  using  its  vast  assortment  of  LLCs  to  keep  debt  off  the  balance  sheet?  

 •  Could  McClendon,  through  his  LLCs,  be  helping?  

 •  Could  Chesapeake  be  the  next  Enron?  

2011  CHESAPEAKE  PROXY  

2011  CHESAPEAKE  PROXY  

Engineering Support. Mr. McClendon receives support services from certain of the Company’s reservoir engineering staff who provide reserve data and analysis related to personal financing transactions entered into by Mr. McClendon with respect to certain of his interests in the Company’s wells acquired under the FWPP (such program is described under “Transactions with Related Persons—Founder Well Participation Program” on page 60).

Mr. McClendon participates in the FWPP through entities in which all equity interests are owned solely by Mr. McClendon and his immediate family members as approved by the Compensation Committee in accordance with the FWPP.

Mr. McClendon’s interests are his personal assets and the FWPP does not restrict sales, other dispositions or financing transactions involving FWPP interests previously acquired from the Company.

WHAT  DOES  CHESAPEAKE’S  PROXY,  FILED  WITH  THE  SEC,  TELL  YOU  ABOUT  HOW  MCCLENDON  MANAGES  HIS  WELL  INTERESTS?    

 DO  YOU  HAVE  ENOUGH  

INFORMATION  TO  SEE  THE  WHOLE  PICTURE?  WHAT’S  MISSING?  

BREAK-­‐OUT  SESSION  

TRACKING  “CHESAPEAKE  INVESTMENTS  LLC,” “LARCHMONT  RESOURCES  LLC”  AND  

“JAMESTOWN  RESOURCES  LLC”    

•  USING  THE  INTERNET,  TRY  TO  LOCATE  THE  LOAN  DOCUMENTS  TAKEN  IN  THE  NAMES  OF  THE  ABOVE  COMPANIES.  

HINTS  •  HOW  CAN  GOOGLE  BE  MOST  EFFECTIVE  IN  DELIVERING  SEARCH  RESULTS?  EXAMPLE:  “JAMESTOWN  RESOURCES  LLC”  

•  WHERE  WOULD  A  MORTGAGE  ON  A  PROPERTY  BE  FILED  –  AND  MADE  AVAILABLE  TO  THE  PUBLIC?  

•  WHERE  DOES  CHESAPEAKE  DRILL  THE  MOST  WELLS?  ANSWER:  OKLAHOMA,  TEXAS,  OHIO  

•  WHO  IS  MCCLENDON’S  BIGGEST  LENDER?  ANSWER:  EIG  GLOBAL  ENERGY  PARTNERS  

QUOTE  FROM  VETERAN  WALL  STREET  ANALYST  

“If  they  are  showing  that  kind  of  nega2ve  cash  flow,  the  wells  don’t  have  value,”  said  Phil  Weiss,  oil  analyst  at  Argus  Research,  who  has  a  sell  ra2ng  on  the  company’s  shares.  But  given  that  McClendon  has  borrowed  more  than  $1  billion  based  on  the  value  of  his  well  stakes,  “I  really  don’t  think  (the  company’s  disclosures)  tell  me  much,”  Weiss  said.  

THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS AGREEMENT is made effective January 1, 2004, between CHESAPEAKE

ENERGY CORPORATION, an Oklahoma corporation (the “Company”), and AUBREY K. McCLENDON, an individual (the “Executive”).

3. Other Activities. Except for the activities (the “Permitted Activities”) expressly permitted by paragraphs 3.1 and 3.2 of this Agreement or approved by the board of directors of the Company, the Executive will not: (a) engage in business independent of the Executive’s employment by the Company which requires any substantial portion of the Executive’s time; (b) serve as an officer or director of any public corporation, partnership, company, or firm; (c) except for passive investments that do not violate this Agreement and require only a minimal portion of the Executive’s time, serve as a general partner or member of any corporation, partnership, company or firm; or (d) directly or indirectly invest in, participate in or acquire an interest in any oil and gas business, including, without limitation, (i) producing oil and gas, (ii) drilling, owning or operating oil and gas leases or wells, (iii) providing services or materials to the oil and gas industry, (iv) marketing or refining oil or gas, or (v) owning any interest in any corporation, partnership, company or entity which conducts any of the foregoing activities.

WHAT  DOES  THE  LANGUAGE  IN  THE  EMPLOYMENT  CONTRACT,  FILED  WITH  THE  SEC,  SUGGEST  IN  THE  CONTEXT  OF  RUNNING  A  

HEDGE  FUND?  

AUG.  9,  2012  SEC  FILING  

QUICK  BREAK-­‐OUT  SESSION  

 TRACKING  THE  “VPPS”    

•  USING  THE  INTERNET,  TRY  TO  LOCATE  DETAILS  OF  THE  VPPS  REFERENCED  IN  THE  AUG.  9,  2012,  SEC  FILING.  

 

HINTS  

•  WHAT  OTHER  TYPES  OF  DOCUMENTS  MIGHT  CONTAIN  REFERENCES  TO  “VOLUMETRIC  PRODUCTION  PAYMENTS”  OR  “VPPS”?  

 •  SINCE  A  VPP  IS  A  FORM  OF  FINANCING  FOR  PROPERTY  (LAND  LEASED  FOR  OIL  AND  GAS  EXTRACTION),  WHERE  ELSE  MIGHT  DETAILS  BE  FILED?  

2011  CHESAPEAKE  PROXY  For safety, security and efficiency, the Company provides Mr. McClendon with the use of fractionally-owned company aircraft. The Company also provides Mr. McClendon with certain home-security services due to the high-profile nature of his position. Additionally, the Company provides Mr. McClendon with accounting and engineering support services to enable him to focus on the variety of critical and complex issues that currently face the U.S. natural gas and oil industry while remaining actively involved in the oversight of the day-to-day management of the Company.

2011  CHESAPEAKE  PROXY,  CONT.  

(c) This column represents the value of other benefits provided to the NEOs, other than Mr. McClendon, including compressed natural gas retrofitting for personally purchased vehicles and monthly country club dues. Also reflected are amounts for supplemental life insurance premiums for all NEOs and, other than Mr. McClendon and Mr. Rowland, amounts for financial advisory services. The amounts reported in this column for Mr. McClendon in 2010 include (i) $250,000 for the costs related to personal accounting support provided to Mr. McClendon by our employees, net of reimbursement, and (ii) $119,135 for personal security provided to Mr. McClendon and his family.

WHAT  DOES  THE  SEC  FILING’S  FOOTNOTE  ABOUT  “ACCOUNTING  

SUPPORT”    FOR  THE  CHIEF  EXECUTIVE  TELL  YOU?  

THE  LAVISH  AND  LEVERAGED  LIFE  OF  AUBREY  MCCLENDON    (REUTERS)  -­‐-­‐  OKLAHOMA  CITY,  June  7  ,  2012    In  an  annex  at  the  headquarters  of  Chesapeake  Energy  Corp,  a  unit  informally  known  as  AKM  Opera2ons  manages  a  top  company  priority:  the  personal  business  of  its  namesake,  Chief  Execu2ve  Aubrey  K.  McClendon.    According  to  internal  documents  reviewed  by  Reuters,  the  unit’s  accountants,  engineers  and  supervisors  handled  about  $3  million  of  personal  work  for  McClendon  in  2010  alone.  Among  other  tasks,  the  unit’s  controller  once  helped  coordinate  the  repair  of  a  McClendon  house  that  was  damaged  by  hailstones.  

Antitrust Investigation. On June 29, 2012, Chesapeake received a subpoena duces tecum from the Antitrust Division, Midwest Field Office of the U.S. Department of Justice. The subpoena requires the Company to produce certain documents before a grand jury in the Western District of Michigan, which is conducting an investigation into possible violations of antitrust laws in connection with the purchase and lease of oil and gas rights. The Company has also received demands for documents and information from state governmental agencies in connection with other investigations relating to the Company’s purchase and lease of oil and gas rights. Chesapeake intends to provide information in response to these investigations, and its Board of Directors is conducting an internal review of the matter.

WHAT  DOES  THE  LANGUAGE  IN  THE  SEC  STATEMENT  ABOUT  “ANTITRUST  INVESTIGATIONS”  

TELL  YOU?  

TAKEAWAYS  •  SEC  FILINGS  OFTEN  PROVIDE  THE  MINIMUM  AMOUNT  OF  INFORMATION  REQUIRED.  

•  IN  MORE  RARE  CASES,  SEC  FILINGS  CAN  BE  INTENTIONALLY  MISLEADING.  

•  REVIEW  SKEPTICALLY,  ASSESS  WHAT’S  MISSING  –  REASON  FOR  A  PERK?  NAME  OF  A  COMPANY?  DEFINITION  OF  A  TERM  LIKE  “FINANCING”?  

•  CONSIDER  –  WHERE  CAN  I  GO  TO  FIND  MISSING  DATA  INDEPENDENTLY?  WHAT  DATABASES,  SOURCES?  

•  CORROBORATE  AND  REQUEST  COMMENT.