Chesapeake Energy Corporation Announces Completion of $2.32 Billion Utica Shale Joint Venture Transaction with Total E&P USA, Inc.

Chesapeake Energy Corporation (NYSE:CHK) today announced the completion
of a joint venture ('JV?) transaction with Total E&P USA, Inc., a wholly
owned subsidiary of Total S.A. (NYSE:TOT, FP:FP) ('Total?), whereby
Total acquired an undivided 25% interest in approximately 619,000 net
acres in the liquids-rich area of the Utica Shale. Of the JV acreage,
approximately 542,000 net acres were contributed to the JV by Chesapeake
and approximately 77,000 net acres were contributed by Houston-based
EnerVest, Ltd. and its affiliates ('EnerVest?). The JV area covers all
or a portion of 10 counties in eastern Ohio (the 'JV AMI?).

The transaction, which closed on Friday, December 30, 2011, resulted in
combined value of approximately $2.32 billion, of which approximately
$2.03 billion was received by Chesapeake and approximately $290 million
by EnerVest. Approximately $610 million was paid to Chesapeake in cash
at closing and approximately $1.42 billion will be paid in the form of a
drilling and completion cost carry, which Chesapeake anticipates fully
receiving by year-end 2014.

Chesapeake will serve as the operator of the JV and will conduct all
leasing, drilling, completing, operating and marketing activities for
the project. The agreement provides that Total will acquire a 25% share
of all additional acreage acquired by Chesapeake in the JV AMI. Total
will also participate with Chesapeake and EnerVest in midstream
infrastructure related to production generated from the assets with a
25% interest.

Jefferies & Company, Inc. acted as financial advisor to Chesapeake on
the transaction.

Management Comments

Aubrey K. McClendon, Chesapeake′s Chief Executive Officer, commented,
'We are pleased to extend our existing relationship with Total as a JV
partner in the Barnett Shale to now include the Utica Shale. We believe
that the Utica Shale is a world-class asset with world-class returns and
now we have a world-class partner to help develop the play more
aggressively than we could have with our own resources. This Utica
transaction is our seventh significant JV and in these seven JVs,
Chesapeake has sold approximately 1.5 million net acres for total
leasehold consideration of $14.8 billion while retaining 3.6 million net
acres as of the JV date with an indicated value by the JV partners of
$45.7 billion.?

Yves-Louis Darricarrere, Total Exploration & Production′s President,
stated, 'Total is delighted to be building on our technical successes
with Chesapeake in the Barnett Shale JV and to expand into the
liquid-rich Utica Shale play in Ohio. This is consistent with our
strategy to develop positions in unconventional plays with large
potential and, in this case, with value predominantly linked to oil
price. This JV will provide us with a material position in a valuable
long-term resource base under attractive terms and with a top-class
operator. Total is conscious of the environmental aspects linked to
developing shale acreage and is confident in Chesapeake′s capacity to
manage the Utica Shale operations in a responsible manner, utilizing the
highest industry standards in this respect.?

ABOUT CHESAPEAKE:

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 news releases.

ABOUT TOTAL:

Total is one of the largest integrated oil and gas companies in
the world, with activities in more than 130 ?countries. The Group is also
a first rank player in chemicals. Its 93,000 ?employees put their
expertise to work in every part of the industry ? exploration and
production of oil and natural gas, refining and marketing, new energies,
trading, and chemicals. Total is working to help satisfy the global
demand for energy, both today and tomorrow. www.total.com.

Chesapeake Energy Corporation

Investor Contacts:

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

jeff.mobley@chk.com

John
J. Kilgallon, 405-935-4441

john.kilgallon@chk.com

or

Media
Contacts:

Michael Kehs, 405-935-2560

michael.kehs@chk.com

Jim
Gipson, 405-935-1310

jim.gipson@chk.com