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Bracewell Represents Chesapeake Energy Corp. in Sale of Midstream Assets to MarkWest Energy Partners, SemGroup Corporation

May 16, 2013

HOUSTON — Bracewell & Giuliani LLP represented Chesapeake Energy Corporation in the sale of certain midstream assets in the Anadarko Basin for $245 million to MarkWest Energy Partners. Bracewell is also representing Chesapeake Energy Corporation in the $300 million sale of Mid-America Midstream Gas Services, LLC to SemGroup Corporation.

The MarkWest Energy transaction, which closed simultaneously with the execution of the agreements, includes producing formations in the Anadarko Basin, including the highly prolific Granite Wash and Hogshooter formations, and multiple other attractive liquids-rich zones. In conjunction with the acquisition, MarkWest has executed long-term, fee-based agreements with Chesapeake for gas gathering, compression, treating, and processing services. As part of the gas processing agreement, Chesapeake has dedicated approximately 130,000 acres throughout the Anadarko Basin.

With regard to the SemGroup assets transaction, the acquisition includes 540,000 acres in the core of the Mississippi Lime Play, along with 200 miles of gathering pipeline, and a pair of cryogenic processing plants. Chesapeake Energy Corporation has committed to a 20-year, 100% fee-based, gas gathering and processing agreement. The transaction is expected to close by the third quarter of 2013 and is subject to certain regulatory approvals and closing conditions.

Bracewell attorneys working on these transactions include:

Partners: G. Alan Rafte, Elizabeth L. McGinley and Daniel E. Hemli

Associate: Michael De Voe Piazza, Christopher J. Miller, Vivian Y. Ouyang, and Marissa A. Smith