Chesapeake Energy Corporation Announces Agreements to Sell Permian, Midstream and Certain Other Assets for Total Net Cash Proceeds of Approximately $6.9 Billion

Chesapeake Energy Corporation (NYSE:CHK) announced today it has entered
into multiple agreements to sell the vast majority of its Permian
properties, substantially all of its midstream assets and certain
noncore leasehold for total net cash proceeds of approximately $6.9
billion. The company will use a portion of the proceeds from these asset
sales to fully repay its $4.0 billion of term loans during the 2012
fourth quarter.

Chesapeake has entered into purchase and sale agreements with three
companies covering the vast majority of its Permian Basin assets for
total net proceeds of approximately $3.3 billion. The Permian Basin
assets being sold produced approximately 21,000 barrels of liquids and
90 million cubic feet of natural gas per day during the 2012 second
quarter, or approximately 5.7% of Chesapeake′s production during the
quarter.

Chesapeake has entered into a purchase and sale agreement to sell its
assets in the southern Delaware Basin portion of the Permian Basin to
SWEPI LP, a subsidiary of Royal Dutch Shell plc (NYSE:RDS.B).
Additionally, Chesapeake has entered into a purchase and sale agreement
to sell its assets in the northern Delaware Basin portion of the Permian
Basin to Chevron U.S.A. Inc., a subsidiary of Chevron Corporation
(NYSE:CVX). As previously announced, the company has entered into a
purchase and sale agreement to sell its producing assets in the Midland
Basin portion of the Permian Basin to affiliates of Houston-based
EnerVest, Ltd. Chesapeake is retaining approximately 470,000 net acres
of undeveloped leasehold in the Midland Basin for future sale or
development. Chesapeake expects to close all three transactions within
the next 30 days and to receive approximately 87% of the proceeds in
cash at closing. Payment of the remaining proceeds will be subject to
certain title, environmental and other standard contingencies.

In addition, Chesapeake has entered into sale agreements with respect to
substantially all of its midstream assets in three separate transactions
and also expects to enter into a fourth agreement, which would result in
combined proceeds of approximately $3.0 billion. The company has entered
into a letter of intent with Global Infrastructure Partners (GIP)
covering most of the midstream assets owned by Chesapeake Midstream
Development, L.P., a wholly owned subsidiary of Chesapeake, for expected
proceeds of approximately $2.7 billion. The assets to be sold to GIP
include gathering and processing systems in the Eagle Ford, Utica,
Haynesville and Powder River Basin Niobrara shale plays and certain
other assets. The transaction with GIP would include new market-based
gathering and processing agreements covering certain acreage dedication
areas and also include one new volume commitment covering approximately
70% of the company′s expected production volumes in the southern portion
of our Haynesville Shale area during 2013-17. In addition, Chesapeake
has sold or entered into purchase and sale agreements with two other
companies to sell certain Mid-Continent midstream assets and also
expects to enter into a fourth agreement to sell certain oil gathering
assets in the Eagle Ford Shale for combined proceeds of approximately
$300 million.

The midstream transactions are expected to close on various dates in the
2012 third and fourth quarters. When combined with the previous sale of
its limited and general partnership interests in Access Midstream
Partners, L.P. (NYSE:ACMP and formerly known as Chesapeake Midstream
Partners, L.P.) in June 2012 for approximately $2.0 billion,
Chesapeake′s total proceeds from its midstream exit will be
approximately $5.0 billion.

Finally, in four separate transactions, Chesapeake has recently sold or
entered into purchase and sale agreements to sell noncore leasehold
assets in the Utica Shale and various other areas for approximately $600
million, the majority of which has already been received. Following
these transactions, Chesapeake will continue to own approximately 1.3
million net acres of leasehold in the Utica Shale, in which its cost
basis, net of various sales and its joint venture with Total, will be
approximately $200 per net acre (including all drilling carries in the
Total joint venture).

Jefferies & Company, Inc. and Goldman, Sachs & Co. are serving as
financial advisors to Chesapeake regarding the Permian Basin asset sales
and the sale of midstream assets to GIP.

Management Comments

Aubrey K. McClendon, Chesapeake′s Chief Executive Officer, stated, 'We
are pleased to announce further progress towards our asset sale goals
for 2012. The net proceeds of approximately $6.9 billion from the sales
discussed today are in addition to the $4.7 billion of sales previously
closed in the 2012 first half and will bring our 2012 year-to-date sales
to $11.6 billion, or approximately 85% of our full-year goal of $13-14
billion, which we expect to achieve by year end. These transactions are
significant steps in the transformation of our company′s asset base to a
more balanced portfolio among oil, natural gas liquids and natural gas
resources and production by focusing on developing and harvesting the
value embedded in the 10 core plays in which Chesapeake has built a #1
or #2 position.

'We very much appreciate the skill, effort and dedication of our
midstream and Permian employees over the years, and we look forward to
their continued success as they are either re-assigned inside Chesapeake
or pursue new opportunities with the buyers of our assets or elsewhere
in the industry.?

This news release includes 'forward-looking statements? that give our
current expectations or forecasts of future events, including sales of
Permian Basin, midstream and other assets and the planned use of asset
sale proceeds.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 letter of intent with GIP are subject
to further negotiation, and there is no agreement related to the planned
sale of Eagle Ford oil gathering assets.Any of the asset sales
announced in this news release may not be completed for the amounts
expected, 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 (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 Eagle Ford,
Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime and Niobrara
unconventional liquids plays and in the Marcellus, Haynesville/Bossier
and Barnett unconventional natural gas shale plays. The company also
owns substantial marketing and oilfield services businesses through its
subsidiaries Chesapeake Energy Marketing, Inc. 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.

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