Chesapeake Energy Corporation Board and Aubrey K. McClendon Agree to Early Termination of Founder Well Participation Program

Chesapeake Energy Corporation (NYSE:CHK) today announced that its Board
of Directors has renegotiated the terms of the company's Founder Well
Participation Program (FWPP) with Chairman and Chief Executive Officer
Aubrey K. McClendon to provide for the early termination of the FWPP on
June 30, 2014, 18 months before the end of its current term on December
31, 2015. Mr. McClendon will receive no compensation of any kind in
connection with the early termination of the FWPP.

The FWPP, which was approved by shareholders for a 10-year term in 2005,
in conjunction with Mr. McClendon's employment agreement with the
company, provides Mr. McClendon a contractual right to participate and
invest as a working interest owner (with up to a 2.5% working interest)
in new wells drilled on the company's leasehold. Mr. McClendon has
agreed to forego such contractual right 18 months early without
compensation.

The Board of Directors will name an independent, Non-Executive Chairman
in the near future. The Board′s Nominating and Corporate Governance
Committee is considering potential candidates with no previous
substantive relationship with Chesapeake and will be soliciting input
from major shareholders. Upon the appointment of a Non-Executive
Chairman, Mr. McClendon will relinquish the position of Chairman and
continue as Chief Executive Officer. Mr. McClendon has indicated his
support of the Board′s decision to name a Non-Executive Chairman and
waived any rights he might have under his employment agreement as a
result of no longer serving as Chairman. As previously announced, the
Board is reviewing the financing arrangements between Mr. McClendon (and
the entities through which he participates in the FWPP) and any third
party that has had or may have a relationship with the company in any
capacity.

Merrill A. ('Pete?) Miller, Jr., Chesapeake′s Lead Independent Director
and President and Chief Executive Officer of National Oilwell Varco,
said, 'The Board is focused on serving the interests of shareholders. We
believe separation of the Chairman and CEO roles will improve
Chesapeake′s corporate governance and the early termination of the FWPP
will eliminate a source of controversy, both of which should send a
positive signal to the market and improve shareholder value. The Board
appreciates Aubrey′s cooperation in these measures and has confidence in
Chesapeake′s future, based on its superb assets, strong management team
and talented employees.?

Aubrey K. McClendon, Chesapeake′s Chairman and CEO, said, 'I am
completely supportive of the Board′s plans to separate the positions of
Chairman and CEO and to bring an independent Chairman onto the Board.
This action reflects our determination to uphold strong corporate
governance standards and will also enable me to focus my full time and
attention on execution of the company′s strategy, the implementation of
our transformation into a major oil producer and the completion of our
asset monetization and joint venture objectives.?

O. Mason Hawkins, Chairman and Chief Executive Officer of Southeastern
Asset Management, the company′s largest shareholder, said, 'We are
pleased that the Board has listened to our input and believe it has made
the right decision by ending the FWPP early and seeking an independent
Chairman. Aubrey was right to recognize that these actions are in the
best interests of the Company and its shareholders. We support
management′s continuing efforts to unlock and deliver the value embedded
in Chesapeake′s assets.?

Chesapeake Energy Corporation (NYSE:CHK) 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 Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa, Mississippi
Lime, Bone Spring, Avalon, Wolfcamp, Wolfberry and Niobrara
unconventional liquids plays.The company has also
vertically integrated its operations and owns substantial marketing,
midstream and oilfield services businesses directly and indirectly
through its subsidiaries Chesapeake Energy Marketing Inc., Chesapeake
Midstream Development, L.P. and Chesapeake Oilfield Services, L.L.C. and
its affiliate Chesapeake Midstream Partners, L.P. (NYSE:CHKM).Further
information is available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.

This news release includes 'forward-looking statements' that give
Chesapeake's current expectations or forecasts of future events.
Although we believe the expectations and forecasts reflected in our
forward-looking statements are reasonable, we can give no assurance they
will prove to have been correct. They can be affected by inaccurate
assumptions or by known or unknown risks and uncertainties, and actual
results may differ from the expectation expressed. We caution you not to
place undue reliance on our forward-looking statements, which speak only
as of the date of this news release, and we undertake no obligation to
update this information.

Additional Information and Where to Find It

The company has filed a preliminary proxy statement with the
Securities and Exchange Commission 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 the company with
the SEC can also be obtained, free of charge, at www.chk.com.

Chesapeake Energy Corporation

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

jeff.mobley@chk.com

or

John
J. Kilgallon, 405-935-4441

john.kilgallon@chk.com

or

Michael
Kehs, 405-935-2560

michael.kehs@chk.com

or

Jim
Gipson, 405-935-1310

jim.gipson@chk.com