Oklahoma City-based Chesapeake Energy Corporation (NYSE:CHK) has contributed the major lead gift of $500,000 to establish a program to fund academic and leadership scholarships for students from rural Oklahoma communities, announced Oklahoma State University (OSU) and OSU System President and CEO Dr. David Schmidly.

“This is a very important gift. It is incredibly generous and meaningful to OSU. We greatly appreciate Chesapeake’s support,” commented Schmidly. “This gift will help lift financial barriers and close the gap in funds available for rural families whose income places them just beyond the reach of federal and state grants. It will certainly make it possible for a number of rural Oklahoma families to send their children to OSU.”

The gift will fund 100 $2,500 scholarships over the next five years. Five annual contributions of $100,000 each beginning in 2004 will fund the $500,000 gift. Half of the annual contribution will be set aside each year to endow the Chesapeake Energy Corporation Scholars Program for Rural Oklahoma Students. The other half of the gift will immediately fund scholarships.

Jennifer Grigsby, the assistant treasurer and corporate secretary for Chesapeake Energy and OSU graduate, represented the company.

Jennifer signs the $500,000 check.

Sarah Haynes was one of four scholarship recipients honored at the event.