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Re-Confirm Short Sale / Sell Rating on Chesapeake Energy (NYSE: CHK)

|Includes: Chesapeake Energy Corporation (CHK)
Market Update:

We have reviewed the operational update provided by Chesapeake Energy and Re-Confirm our Short Sale / Sell rating on the common stock.

The current stock price level is well ahead of the Company's ability to generate cash flow per share in 2011 and 2012 given capital expenditure commitments, leasehold obligations, capped prices due to forward sales and fundamental oversupply in the physical natural gas market in the U.S.