New York, March 25, 2014 -- Moody's Investors Service has placed under review for downgrade senior secured loan and senior secured notes issued by Glenn Pool Oil & Gas Trust I and Trust II. The senior secured loan is backed by hydrocarbon deliveries under a 5-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 I. The senior secured notes are backed by hydrocarbon deliveries under a 10-year VPP between CELLC 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 (PDP) wells in the Sahara oil and gas field in northern Oklahoma. Total VPP production consists of approximately 79% natural gas, 16% natural gas liquids and 5% oil.

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