Supplemental Disclosure Regarding Aubrey K. McClendon′s Interests in Chesapeake Energy Corporation′s Founder Well Participation Program

After consultation between the Board of Directors of Chesapeake Energy
Corporation (NYSE:CHK) and Aubrey K. McClendon, Chairman and Chief
Executive Officer of Chesapeake, Mr. McClendon′s companies, Arcadia
Resources, L.P., Larchmont Resources, L.L.C. and Jamestown Resources,
L.L.C. are providing supplemental information regarding the interests in
oil and gas acquired under Chesapeake′s shareholder-approved Founder
Well Participation Program (FWPP). Since 1993, Mr. McClendon has
possessed the contractual right under the FWPP or his employment
agreement to participate with up to a 2.5% working interest in the oil
and gas wells assigned under the FWPP (FWPP Wells). Arcadia, Larchmont
and Jamestown are each approved as 'Founder Affiliates? under the FWPP
and in the aggregate hold all of Mr. McClendon′s interests in the FWPP
Wells. In order to address questions generated by various media reports
in the past week, the Founder Affiliates are providing the following
information:

Outstanding Founder Affiliate Loans:On December 31, 2011, the aggregate principal amount owed under
loans secured by the FWPP Wells was $846 million allocated among the
Founder Affiliates as indicated in the summary table below. All of the
loans were from third parties and none of them were from Chesapeake or
its affiliates.

Estimated Founder Affiliate Proved Reserve
Volumes: As of December 31, 2011, the total proved reserves
associated with the FWPP Wells were estimated to be approximately 810
billion cubic feet of natural gas equivalent (bcfe), of which
approximately 45% were proved developed reserves (37% proved developed
producing), approximately 55% were proved undeveloped reserves and
approximately 87% were natural gas. These calculations do not include
interests in FWPP Wells that are categorized as unproved reserves (i.e.,
probable and possible) and wells in process for which costs have been
expended and monies borrowed, but for which no proved reserves have yet
been booked. The estimated proved reserves are allocated among the
Founder Affiliates as indicated in the summary table below.

Estimated Daily Production Rates: As
of December 31, 2011, the estimated average daily production from the
FWPP Wells in the aggregate was 147 million cubic feet of natural gas
equivalent (mmcfe) allocated among the Founder Affiliates as indicated
in the summary table below.

Estimated PV9 of Founder Affiliate Proved
Reserves: As of December 31, 2011, the estimated present
value of the future net revenue (pre-tax) of the estimated proved
reserves attributable to the FWPP Wells discounted at 9% per year and
based on NYMEX strip prices at that time (PV9) was approximately $852
million in the aggregate allocated among the Founder Affiliates as
indicated in the summary table below. This does not include any value
for unproved reserves (i.e., probable and possible) or leasehold. A
subset of the proved reserves attributable to the FWPP Wells, proved
developed producing reserves (PDP), has been reported in Chesapeake
proxy statements based on an annual discount rate of 10% and the
unweighted arithmetic average of prices on the first day of each month
within the 12 months of the reporting period (SEC PV10). On this basis,
the aggregate PDP reserve value for the FWPP Wells was $409.6 million.
At PV9, these same PDP reserves would be valued at $447 million. These
PDP reserve valuations do not include any value for (a) unproved
reserves (i.e., probable and possible); (b) leasehold or (c) proved
developed non-producing or proved undeveloped reserves. Proved reserves
at PV9 values are used frequently by lenders in the oil and gas industry.

(1) Includes amounts borrowed to pay well costs incurred on wells or
leasehold for which no proved reserves have been booked.

(2) This does not include unproved reserves (i.e., probable and
possible).

(3) This does not include any value for unproved reserves (i.e.,
probable and possible) or leasehold.

(4) Based on reporting rules of the Securities and Exchange Commission,
calculated using an annual discount rate of 10% and the unweighted
arithmetic average of prices on the first day of each month in 2011. At
PV9, the value would be $447 mm. This does not include any value for (a)
unproved reserves (i.e., probable and possible); (b) proved undeveloped
reserves or (c) leasehold.

2011 Asset Sales: During 2011, the
Founder Affiliates sold interests in the FWPP wells for approximately
$108.6 million in the aggregate resulting in an aggregate net gain of
approximately $61 million (pre tax).

There are numerous uncertainties inherent in estimating quantities of
proved and unproved reserves and in projecting future rates of
production and timing of development expenditures, including many
factors beyond the control of the working interest owner. The reserve
data represent only estimates. Reserve engineering is a subjective
process of estimating underground accumulations of natural gas and oil
that cannot be measured in an exact way, and the accuracy of any reserve
estimate is a function of the quality of available data and of
engineering and geological interpretation and judgment. As a result,
estimates made by different engineers often vary. In addition, results
of drilling, testing and production subsequent to the date of an
estimate may justify revision of such estimates, and such revisions may
be material. Accordingly, reserve estimates are often different from the
actual quantities of natural gas and oil that are ultimately recovered.
Furthermore, the estimated future net revenue from proved reserves and
the associated present value are based upon certain assumptions,
including prices, future production levels and costs that may not prove
correct. Future prices and costs may be materially higher or lower than
the prices and costs as of the date of any estimate.

Additional Information and Where to Find It:Chesapeake has filed a preliminary proxy statement with the
Securities and Exchange Commission (the 'SEC?) in connection with its
2012 annual meeting of shareholders. The definitive proxy statement is
not currently available. INVESTORS ARE URGED TO READ THE PRELIMINARY
PROXY STATEMENT AND, WHEN IT BECOMES AVAILABLE, THE DEFINITIVE PROXY
STATEMENT, BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION. You may obtain the preliminary proxy statement, the
definitive proxy statement (when available) as well as other relevant
documents, free of charge, at the website maintained by the SEC at www.sec.gov.
Copies of the proxy statement and other filings made by Chesapeake with
the SEC can also be obtained, free of charge, at www.chk.com.

Aubrey K. McClendon

Media Contact:

Ron Hutcheson, 202-354-8296

ron.hutcheson@hillandknowlton.com