Chesapeake Energy Corporation Announces Closing of Sale of Its Interests in Chesapeake Midstream Partners, L.P. to Global Infrastructure Partners for $2.0 Billion, Resulting in a Pretax Gain of $1.0 Billion

Chesapeake Energy Corporation (NYSE:CHK) today announced that Global
Infrastructure Partners (GIP) has closed the previously announced
acquisition of all of Chesapeake′s ownership interests in Chesapeake
Midstream Partners, L.P. (NYSE:CHKM) for $2.0 billion, resulting in an
anticipated pretax gain to Chesapeake of approximately $1.0 billion.

As previously disclosed, Chesapeake is also negotiating the sale of
certain Mid-Continent gathering and processing assets to CHKM and a
separate transaction to sell the company′s interests in its wholly owned
subsidiary, Chesapeake Midstream Development, L.P. (CMD), to GIP.

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 Marcellus,
Haynesville, Bossier, and Barnett natural gas shale plays and in the
Eagle Ford, Utica, Mississippi Lime, Granite Wash, Cleveland, Tonkawa,
Niobrara, Bone Spring, Avalon, Wolfcamp and Wolfberry 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. Further information is
available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.

This press release includes forward-looking statements.
Forward-looking statements give our 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 be correct.They
can be affected by inaccurate assumptions or by known or unknown risks
and uncertainties, and actual results may differ from the expectations
expressed.The terms of the sale of our Mid-Continent
gathering and processing assets and our wholly owned subsidiary,
Chesapeake Midstream Development, L.P., are subject to negotiation and
may not be completed in the time frame anticipated or at all.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.

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

Media
Contacts:

Michael Kehs, 405-935-2560

michael.kehs@chk.com

or

Jim
Gipson, 405-935-1310

jim.gipson@chk.com