Greystone Petroleum, L.L.C.

Joe M. BridgesChairman & CEO

IPAA Private Capital Conference

Houstonian Conference Center

January 19, 2006

The Greystone Story

Disciplined Founded in 1995 to target acquisitions in the Lower Cretaceous

and Upper Jurassic, particularly in North Louisiana• Good reserve potential at low finding costs• Multiple producing zones• Low operating costs• Long history of production

Evaluated all North Louisiana and East Texas fields for criteria –

Sligo Field met all

Patient and Persistent Began Sligo Field evaluation in April 1995 Made first acquisition proposal for Sligo Field in May 1996 Steadfastly pursued Sligo Field for the next six years, through

several commodity price cycles Shell Capital: a faithful financial partner over the years

Responsive Greystone: moved quickly on the opportunity Shell Capital: ready to help yet another time First Reserve: willing to work diligently despite tight schedule

Joe M. Bridges Chairman & CEOMichael A. Geffert President & COO

- Co-Founders of Greystone Petroleum LLC

Sligo Field Acquisition

The Sligo Field fit management’s experience and philosophy

Acquisition took years of on-again/off-again negotiations with prior owners

Management’s first purchase offer made in May 1996

Multiple offers made in ensuing years

Throughout cycles, Greystone remained disciplined in acquisition strategy and return targets

Keys to closing the transaction

Respect for Seller’s requirements

Long-term relationship with Shell Capital

First Reserve’s willingness to pursue the opportunity on short notice

Timeline

Initial meeting with First Reserve 12 December 2001

Devon confirms willingness to sell 19 December 2001

Execution of PSA 18 January 2001

Wire transfer of Purchase Price 8 March 2002

Sligo Field Attributes

Acquisition Goals:

Thoroughly studied by Greystone

Great natural gas reserve potential

Low finding costs, benign drilling

Ample acreage for expansion

Under-developed well density

Great gas marketing opportunities

Acquisition Attributes:

Sligo Field, North Louisiana

99.8% natural gas

Very large original-gas-in-place

Multiple producing zones

Multiple recompletion and drilling

opportunities

High realized prices, high Btu gas

Multiple pipelines & markets

Sligo Field

Sligo Field Overview

The Sligo field represented 98% of proved reserves. Greystone had a large, contiguous acreage position over the crest of Sligo field. Operated acreage was predominately 100% working interest with 85% net revenue interest, all held by production. Greystone also had working interests ranging from 10% to 50%, averaging 41%, in acreage operated by EOG Resources.

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Legend - Acreage

100.00% WI

50.00% WI

45.00% WI

32.00% WI

10.00% WI

CV Farm Out

Sligo Field Summary

Location Bossier Ph, Louisiana

Date Discovered 1938

Cumulative Prod. 1.6 Tcf

Prod. Horizons Rodessa, Pettit, Hosston, Cotton Valley

Prod. Depth 1,100’ to 9,600’

Operators Greystone, Hunt Petroleum, EOG

Acreage 15,976 Gross

Operated Wells 107

Non-Op. Wells 58

Contract Operator Brammer Engineering

Sligo Field Decline

Sligo Field Development

Sligo Field - TotalBase + 2002 Recompletions & New Drills + PUDs

Greystone Operated(Date Last Posted: 6/01/04)

1000

10000

100000

Jan-

95

Jul-9

5

Jan-

96

Jul-9

6

Jan-

97

Jul-9

7

Jan-

98

Jul-9

8

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99

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9

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00

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0

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01

Jul-0

1

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1000

BASE Plus Remedial

RECOMPLETIONS

PUD New Drills

Allocated Daily Sales Volumes(14.73 psi P ressure Base)

55,000

14,000

10,000

7,000

Max Daily Peak @ 61,000

Start artificial lift operations

Start recompletion operations

Sligo Field Development

Sligo Field - TotalBase + 2002 Recompletions & New Drills + PUDs

Greystone Operated(Date Last Posted: 6/01/04)

1000

10000

100000

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-01

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-01

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-01

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-01

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b-03

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-03

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-03

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-03

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-03

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04Fe

b-04

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-04

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1000

10000

100000BASE Plus Remedial

RECOMPLETIONS

PUD New Drills

TLC 29 #1

USA #28, Murff 17 #3, Skannal 13 #1

USA 29

Greystone Fee 14 #2

Greystone Fee 14 #1, Skannal 19 #1

Murff 17 #2

USA 30

McGuire 13 #2

Roscoe 14 #1

Lawrence 24 #1

USA #25 J ohnson 24 #1

Murff 19 #1

Roos 14 #1

USA #C2

Chatman 18

Skannal #7

Devon Offer

Devon Close; 3/02 Initial Field Rate 10.1

mm/d

Murff #2

Thigpen 13

Skannal #6

Hall 20

USA 26

Hall 20 Recompletion

Allocated Daily Sales Volumes(14.73 psi P ressure Base)

Beam Pumps, P lungers & Remedial

Murff 17 #1 McGuire 13 #1

Beam Pumps & P lungers

Murff #1

J amerson 24 #1

Sligo Field Gas Marketing

Greystone owned the gathering infrastructure on operated acreage. Facilities improvements included a pipeline purchased to connect both ends of the field, a pipeline purchased to improve sales delivery points, numerous pipeline and compressor horsepower additions and a 40 MMcfd refrigeration unit that enabled Greystone to meet even the most stringent pipeline specifications without third party processing. Greystone had contracted 89 MMcfd of delivery capacity, 44 MMcfd firm and 45 MMcfd interruptible. Greystone’s system improvements and improved flexibility substantially enhanced realized pricing and therefore acquisition economics.

North Sligo Compressor Station And

Refrigeration Plant

CenterPoint Plant

Booster Station

South Sligo Compressor Station

Gulf South Koran Compressor

Station

Regency

Delivery Capacity (MMcfd)Firm: 85Interruptible: 84

Total Capacity (MMcfd)Compression: 85Dehydration: 84Refrigeration: 40

Natural Gas Markets

Delivery Points Pipelines

Koran Gulf South

TGT(Lonewa)

TGT(Henry Hub)

SNG(Perryville)

MRT(Perryville)

Transco(Henry Hub)

CenterPoint TGT

MRT

CPEGT

TET

Gulf South

Regency SNG(Driscoll)

Tennessee(Bear Creek)

Sligo Field Divestiture

Chesapeake Energy (ticker: CHK, exchange: New York Stock Exchange) News Release - 11-May-2004

Chesapeake Energy Corporation Announces Agreement to Acquire $425 Million of Natural Gas Properties

OKLAHOMA CITY, May 11 /PRNewswire-FirstCall/ -- Chesapeake Energy Corporation (NYSE: CHK) today announced that it has entered into an agreement to acquire natural gas assets in the Ark-La-Tex region of northern Louisiana through the $425 million acquisition of the equity interests of Houston-based, privately-held Greystone Petroleum LLC. Greystone's major asset is its 16,100 gross acre contiguous leasehold position over the crest of the giant Sligo Field located in Bossier Parish, Louisiana. Discovered in 1938, Sligo has produced 1.6 tcfe of natural gas from the Rodessa, Pettit, Hosston and Cotton Valley formations at depths of 4,100 feet to 9,600 feet.

Chesapeake has identified approximately 70 proved undeveloped and 75 probable and possible locations on the acreage. After allocating approximately $65 million of the purchase price to unevaluated leasehold and mid-stream gas assets, Chesapeake's acquisition cost per thousand cubic feet of gas equivalent (mcfe) of proved reserves will be $1.68. Including anticipated future drilling costs for fully developing the proved, probable and possible reserves, the company estimates that its all-in acquisition cost will be $1.94 per mcfe. The proved reserves have a reserves-to-production index of 13.0 years, are 98% gas, are 93% operated, and have current lease operating expenses of $0.39 per mcfe. Greystone's very low lease operating expenses (approximately $0.35 per mcfe below the industry average) create unusually high economic value per mcfe of proved reserves.

Greystone was formed in 1995 by Joe M. Bridges and Michael A. Geffert who later were joined as equity holders by the private equity firm First Reserve Corporation to help fund Greystone's acquisition of interests in the Sligo Field in 2002. Greystone was advised in the sale to Chesapeake by Simmons & Company International and Griffis & Associates.

Greystone Oil & Gas LLP

Joe M. Bridges Michael A. GeffertManaging Partner Managing Partner

1616 South Voss Road, Suite 400Houston, Texas 77057