Moody's downgrades and places on review for downgrade notes issued by Glenn Pool natural gas and oil securitization

New York, February 19, 2016 -- Moody's Investors Service has downgraded and placed on review for downgrade the senior secured notes issued by Glenn Pool Oil & Gas Trust II. The senior secured notes are backed by hydrocarbon deliveries under a 10-year volumetric production payments (VPP) between Chesapeake Exploration, L.L.C., (CELLC), a wholly-owned subsidiary of Chesapeake Energy Corporation (Chesapeake) and Glenn Pool Oil & Gas Trust II. The hydrocarbons for the VPP are produced from a group of approximately 3,300 proven developed and producing wells in northern Oklahoma. Total VPP production consists of approximately 75% natural gas, 17% natural gas liquids and 8% oil.

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