Bracewell & Giuliani LLP represented Chesapeake Energy Corporation in the formation of a partnership with Kohlberg Kravis Roberts & Co L.P. (KKR) to invest in mineral interests and royalty interests in key oil and gas basins in the United States.

Under the terms of the joint venture, KKR and Chesapeake will make an initial combined $250 million commitment to fund joint acquisitions. Chesapeake, the second largest U.S. producer of natural gas, will contribute 10 percent of the total commitment and will receive both a direct interest in any property in which the partnership acquires an interest and a promoted ownership in the partnership. KKR and Chesapeake will jointly oversee the partnership while Chesapeake will source, acquire and manage the mineral and royalty investment opportunities.

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