Chesapeake Energy Corporation Announces Launch of Initial Public Offering by Chesapeake Granite Wash Trust

Chesapeake Energy Corporation ('Chesapeake?) (NYSE:CHK) announced today
that Chesapeake Granite Wash Trust (the 'Trust?) has commenced an
initial public offering of 23,375,000 common units representing an
approximate 50% beneficial interest in the Trust. The Trust has also
granted the underwriters the option to purchase up to an additional
3,506,250 common units.

The common units being offered to the public have been approved for
listing on the New York Stock Exchange under the symbol 'CHKR,? subject
to official notice of issuance. Following completion of the offering,
Chesapeake will own 11,687,500 common units and 11,687,500 subordinated
units in the Trust, assuming no exercise of the underwriters′ option to
purchase additional units, and the Trust will have a total of 46,750,000
units outstanding.

The Trust will own royalty interests conveyed to it by Chesapeake that
will entitle the Trust to a percentage of the proceeds received by
Chesapeake from the production of hydrocarbons from 69 currently
producing wells and 118 development wells to be drilled in the future by
Chesapeake on approximately 45,400 gross acres (28,700 net acres) in the
Colony Granite Wash play in Washita County in the Anadarko Basin of
western Oklahoma.

Morgan Stanley & Co. LLC and Raymond James & Associates, Inc. are
serving as joint book-running managers and joint structuring advisors
for this offering. Deutsche Bank Securities Inc., Goldman, Sachs & Co.
and Wells Fargo Securities, LLC will also serve as joint book-running
managers. This offering of common units will be made only by means of a
prospectus. A written prospectus meeting the requirements of the
Securities Act of 1933 may be obtained from:

A Registration Statement on Forms S-1 and S-3 relating to these
securities has been filed with the U.S. Securities and Exchange
Commission but has not yet become effective. These securities may not be
sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective.

ABOUT CHESAPEAKE GRANITE WASH TRUST:

Chesapeake Granite Wash Trust is a Delaware statutory trust formed
by Chesapeake Energy Corporation to own certain royalty interests in oil
and natural gas wells in Washita County, Oklahoma producing from the
Colony Granite Wash Play within the broader Granite Wash formation of
the Anadarko Basin. The common units do not represent interests in and
are not obligations of Chesapeake Energy Corporation.

ABOUT CHESAPEAKE ENERGY CORPORATION:

Chesapeake Energy Corporation is the second-largest producer of
natural gas, a Top 15 producer of oil and natural gas liquids 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, Bossier, Marcellus and Pearsall natural gas shale plays and
in the Granite Wash, Cleveland, Tonkawa, Mississippi Lime, Bone Spring,
Avalon, Wolfcamp, Wolfberry, Eagle Ford, Niobrara, Three Forks/Bakken
and Utica unconventional liquids plays.The company has
also vertically integrated its operations and owns substantial
midstream, compression, drilling, trucking, pressure pumping and other
oilfield service assets directly and indirectly through its subsidiaries
Chesapeake Midstream Development, L.P. and Chesapeake Oilfield Services,
L.L.C. and its affiliate Chesapeake Midstream Partners, L.P. (NYSE:CHKM).Chesapeake′s stock is listed on the New York Stock Exchange under
the symbol CHK.Further information is available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and press releases.

FORWARD-LOOKING STATEMENTS:

This press release includes forward-looking statements that relate
to, among other things, the offering and expected closing of such
offering of common units.Forward-looking statements give
our current expectations or forecasts of future events.We
caution you not to place undue reliance on our forward-looking
statements, which speak only as of the date of this release, and we
undertake no obligation to update this information.Although
we believe the expectations and forecasts reflected in these and other
forward-looking statements are reasonable, we can give no assurance they
will prove to be correct.They can be affected by
inaccurate assumptions or by known or unknown risks and uncertainties.Please read 'Risk Factors? in the registration statement to which
this offering relates.

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
Contacts:

Michael Kehs, 405-935-2560

michael.kehs@chk.com

or

Jim
Gipson, 405-935-1310

jim.gipson@chk.com