Chesapeake Energy Company Purchases Fifty Percent Stake in Sundrop Fuels

Sundrop Fuels, Inc. and Chesapeake NG Ventures Corp, a wholly owned subsidiary of Chesapeake Energy Corporation

, today announced that they have closed a transaction in which CNGV will invest $155 million, enabling Sundrop Fuels to expand operations and begin construction of a commercial demonstration facility to produce biobased “green gasoline” made from cellulosic material. Additionally, Sundrop Fuels announced that Oak Investment Partners, a current investor, has committed to invest $20 million pro rata with CNGV. The deal closed on July 11, 2011.