Chesapeake Energy Corporation Reaches Milestone in Natural Gas Fleet Conversion Program

Chesapeake Energy Corporation (NYSE:CHK) announced today that it
continues to make significant progress towards its goal of converting
its entire corporate fleet of 4,200 vehicles to clean, compressed
natural gas (CNG) by 2014. Phase One of the program, which involved
converting the Chesapeake fleet in Oklahoma, was completed last week
when the company′s 800^th natural gas vehicle entered service.
The natural gas-powered truck fleet will be used by field operations
teams overseeing the company′s drilling programs in the Anadarko Basin
in western Oklahoma.

Chesapeake Energy Corporation's 750th Vehicle Conversion (Photo: Business Wire)

Aubrey K. McClendon, Chesapeake′s CEO, announced plans to convert the
company′s fleet to CNG in May 2010. With gasoline and diesel prices
approaching $4.00 per gallon in Oklahoma and with fuel prices even
higher in many parts of the country, the company will realize annual
savings of at least $11 million once the entire Chesapeake fleet has
been converted. Unlike the volatility in gasoline and diesel prices
sparked by recent turmoil in the Middle East, the price of CNG remains
steady at $1.39 per gallon of gasoline equivalent in Oklahoma.

'As President Obama stated last week, our country can no longer afford
to lurch from energy crisis to energy crisis so we must take aggressive
actions immediately to begin reducing OPEC oil imports,? McClendon said.
'With fuel prices expected to exceed $4.00 a gallon nationwide as unrest
continues in the Middle East, if ever it was time for American-produced
natural gas to begin replacing expensive OPEC oil, it is now. We are
pleased the President has acknowledged the environmental and economic
benefits to our country from the increased use of natural gas as a
transportation fuel in his recent speeches. As the President clearly
stated, our dependence on unstable sources for much of our oil
constitutes a national security imperative. That said, we are blessed to
have an abundance of domestic natural gas to meet our growing energy
needs ? natural gas is the cleanest, most affordable and most readily
scalable alternative energy source we have. Natural gas, along with the
nation′s resurgence in domestic oil production led by unconventional
producers such as Chesapeake, can begin reversing our dangerous
dependence on OPEC oil right now.?

President Obama called for 'Leading by Example with the Federal Fleet?
by directing federal agencies to ensure that by 2015 all new vehicles
purchased for the federal fleet of 600,000 will be alternative fuel,
hybrid or electric vehicles. Chesapeake led by example when it announced
plans to convert its fleet to CNG, joining many major U.S. companies,
including UPS and AT&T, which have already converted portions of their
fleets to natural gas. Additionally, all of Chesapeake′s top 15 senior
executives drive natural gas vehicles as a further example of CNG
leadership.

In preparation for its fleet conversion, Chesapeake worked with several
leading fuel retailers, including OnCue Express and Love′s Travel Stops,
to add natural gas fueling stations to existing public facilities
located on major streets and highways in Oklahoma. In 2010, Chesapeake
and its fuel retail partners opened 14 public CNG stations throughout
Oklahoma, bringing Oklahoma′s public available CNG stations to 42. The
company said it expects hundreds more stations to open across the
country in the next few years to support the transition to CNG by large
fleet operators.

'Public CNG stations make it convenient for school districts,
businesses, government and citizens to drive natural gas-powered
vehicles and benefit from lower fuel prices,? said Tom Price,
Chesapeake′s Senior Vice President of Corporate Development and
Government Relations. 'As our nation′s economy rebounds, we must retain
American wealth by replacing OPEC oil with American natural gas, so
investments can continue to be made to create quality jobs right here,
not elsewhere around the world. Many local, state and federal leaders
are recognizing the benefits of natural gas, and through close
coordination with original equipment manufacturers, fuel retailers, and
heavy fuel consumers, we can assist American consumers and enable them
to also realize the many benefits of CNG.?

Phase Two of Chesapeake′s conversion will include the conversion of its
fleets in North Texas and Louisiana to CNG. The company plans to
replicate its successful model in Oklahoma by partnering with local fuel
retailers in these areas to build public CNG fueling stations. Phases
Three and Four of the initiative call for converting the company′s
fleets in Pennsylvania, West Virginia, Colorado, Wyoming and South Texas.

Chesapeake Energy Corporation is the second-largest producer of
natural gas and the most active driller of new wells in the U.S.Headquartered
in Oklahoma City, the company's operations are focused on discovering
and developing unconventional natural gas and oil fields onshore in the
U.S. Chesapeake owns leading positions in the Barnett, Haynesville,
Marcellus and Bossier natural gas shale plays and in the Eagle Ford,
Granite Wash, Cleveland, Tonkawa, Mississippian, Wolfcamp, Bone Spring,
Avalon, Niobrara and Williston Basin unconventional liquids plays.The company has also vertically integrated its operations and owns
substantial midstream, compression, drilling and oilfield service assets.Further information is available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information and presentations and all recent press releases.

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Chesapeake Energy Corporation

Investor Contacts:

Jeffrey
L. Mobley, CFA, 405-767-4763

jeff.mobley@chk.com

or

John
J. Kilgallon, 405-935-4441

john.kilgallon@chk.com

or

Media
Contact:

Jim Gipson, 405-935-1310

jim.gipson@chk.com