Chesapeake Midstream Partners, L.P. Announces Global Infrastructure Partners′ Purchase of Chesapeake Energy Corporation′s GP and LP Ownership Interests

Chesapeake Midstream Partners, L.P. (NYSE:CHKM) today announced that
Global Infrastructure Partners has agreed to acquire all of Chesapeake
Energy Corporation′s (NYSE:CHK) (Chesapeake) ownership interest in CHKM
for $2.0 billion. The acquisition, which is expected to close by June
29, 2012, will result in GIP′s ownership of 100% of CHKM′s general
partner interest and 69% of CHKM′s limited partner units. Concurrent
with this announcement, GIP signed a letter agreement to acquire certain
midstream assets from Chesapeake Midstream Development (CMD),
Chesapeake′s wholly owned midstream subsidiary, and CHKM signed a letter
agreement to acquire from Chesapeake certain Mid-Continent gathering and
processing assets.

CHKM′s existing business model and strategic assets continue to provide
a leading platform of organic and inorganic growth opportunities and the
transaction supports an enhanced strategic emphasis on expanding
services to additional third party producers. The letter agreements
provide further opportunities with respect to growth assets in
Chesapeake′s portfolio for years to come. CHKM remains committed to
executing on an unchanged best-in-class business model. CHKM benefits
from a contractual structure that contains fixed fee revenue terms,
long-term acreage dedications, minimum volume commitments, fee
redeterminations and annual fee escalations, each of which contributes
to generating predictable, stable and growing cash flows. CHKM′s
existing assets are located in leading basins and have over $1.2 billion
of organic growth capital requirements during 2012 and 2013. Also
unchanged is CHKM′s commitment to maintaining a conservative balance
sheet and investment grade credit metrics. The management team remains
unchanged and will continue to leverage all of these business strengths
to deliver best in class investor returns with a low risk business
platform.

Extending Financial Outlook through 2013

CHKM is affirming ebitda guidance for the twelve months ended December
31, 2012 of $475 million with expansion capital expenditures of $660
million and maintenance capital expenditures of $74 million. In
addition, CHKM is projecting organic ebitda for the twelve months ended
December 31, 2013 of $550 to $575 million with expansion capital
expenditures of $550 to $600 million and maintenance capital
expenditures of approximately $74 million.

Management Comments

J. Mike Stice, Chesapeake Midstream Partners′ Chief Executive Officer,
commented, 'I′m excited that GIP has made this commitment to acquire a
larger ownership stake in CHKM. GIP has been an outstanding sponsor and
partner for CHKM over the past three years and I look forward to the
opportunity to continue that relationship. This new ownership structure
creates an independent MLP and enhances CHKM′s ability to execute on its
low-risk business model and industry leading growth opportunities.?

Global Infrastructure Partners Comments

Matthew Harris, GIP Partner, commented, 'GIP is pleased to be able to
make a new investment in CHKM. We believe in the best in class business
model, the strategic asset base and the outstanding management team.
CHKM has demonstrated industry leading performance since our initial
investment and the business is a strong fit for our portfolio. We think
the new ownership structure provides a stable platform for executing on
the vast growth opportunities in the business.?

Conference Call Information

A conference call hosted by CHKM′s management team to discuss GIP′s
acquisition has been scheduled for Friday, June 8, 2012 at 11:00 a.m.
EDT. Presentation materials to be referenced during the discussion will
be available just prior to the call and can be accessed by going to the
main page of CHKM′s website at www.chkm.com.
The telephone number to access the conference call is 719-325-4841 or
toll-free 877-874-1568. The passcode for the call is 3126124.
We encourage those who would like to participate in the call to dial the
access number between 10:50 and 11:00 a.m. EDT. For those unable to
participate in the conference call, a replay will be available for audio
playback from 5:00 p.m. EDT on June 8, 2012 through 5:00 p.m. EDT on
June 22, 2012. The number to access the conference call replay is 719-457-0820
or toll-free 888-203-1112. The passcode for the replay is 3126124.
The conference call will also be webcast live on the Internet and can be
accessed by going to the 'Events' subsection of the 'Investors' section
of CHKM′s website. An archive of the conference call webcast will also
be available on the website.

Chesapeake Midstream Partners, L.P. (NYSE:CHKM) is the industry′s
largest gathering and processing master limited partnership as measured
by throughput volume and owns, operates, develops and acquires natural
gas gathering systems and other midstream energy assets.Headquartered
in Oklahoma City, CHKM's operations are focused on the Barnett Shale,
Haynesville Shale, Marcellus Shale and Mid-Continent regions of the U.S.CHKM′s common units are listed on the New York Stock Exchange
under the symbol CHKM.Further information is available at www.chkm.com
where CHKM routinely posts announcements, updates, events, investor
information and presentations and all recent press releases.

This press release includes forward-looking statements.
Forward-looking statements give our current expectations or forecasts of
future events.They include but are not limited to our business
strategy and plans and objectives for future operations. 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
obligations 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.Factors that could
cause actual results to differ materially from expected results are
described under 'Risk Factors? in our 2011 Annual Report on Form 10-K.

Chesapeake Midstream Partners, L.P.

Investor Contact:

Dave
Shiels, CFO, 405-935-6224

dave.shiels@chk.com

or

Media
Contacts:

Michael Kehs, 405-935-2560

michael.kehs@chk.com

or

Jim
Gipson, 405-935-1310

jim.gipson@chk.com

or

GIP
Contact:

Jack Cowell, 917-405-0717

jack.cowell@global-infra.com