Chesapeake Energy Board Accepts V. Burns Hargis′ Resignation; Elects Louis A. Raspino to Board, Audit Committee Chair

The Board of Directors of Chesapeake Energy Corporation (NYSE:CHK) has
accepted the resignation of board member V. Burns Hargis, effective
immediately, board Chairman Archie Dunham announced today. Dunham also
announced that Louis A. Raspino has been elected to fill the vacancy and
has been appointed chairman of the audit committee. He will stand for
election at the 2013 annual meeting of shareholders in June.

'Over the past several months, I have admired Burns′ unselfish service
on our board,? Dunham said. 'He has willingly invested his time, talents
and expertise for the sole purpose of helping make Chesapeake
successful. We are grateful to Burns for remaining on the board to see
several important assignments through to completion. He led the audit
committee and the recent review with the utmost professionalism and
integrity. During this same period, he also contributed to strengthening
Chesapeake′s corporate governance. We wish him only the very best as he
continues to lead Oklahoma State University.?

Appointed to the board in September 2008, Hargis commented: 'With the
completion of my final assignment, it is the appropriate time for me to
step aside. I will always count it a privilege to have served on
Chesapeake′s board. Moving forward, Archie′s knowledge of the energy
industry and his experience running ConocoPhillips will continue to
benefit shareholders and employees. As I depart the board, I am
confident in the future of Chesapeake because of its strong assets,
experienced management team and dedicated employees.?

Regarding the election of Raspino, Dunham stated: 'With his extensive
operational, strategic and financial expertise in America′s oil and
natural gas industry combined with his sterling reputation on matters of
corporate governance, Louis Raspino is the ideal person to chair the
audit committee of the Chesapeake board. We are pleased to welcome Louis
and are confident his insight and service on our board will
significantly benefit the company and our shareholders.?

Raspino commented: 'It is an honor to be selected to join the board of
one of our country′s leading energy producers ? a company that played a
leading role in changing the U.S. energy supply paradigm from scarcity
to abundance. I look forward to learning more about what I believe are
world-class assets and human talent that together hold tremendous
potential for future value creation.?

Raspino′s career has spanned almost 40 years, most recently as president
and chief executive officer of Pride International, Inc. (NYSE:PDE)
until Pride′s merger with Ensco plc in May 2011. Pride was one of the
world′s largest oil and gas drilling and services companies and
conducted business in more than 30 countries, with 14,000 employees
representing 50 nationalities.

He started his corporate career in 1978 with The Louisiana Land &
Exploration Company (NYSE:LLX), where he rose to the level of SVP/CFO
and member of the Office of the Chairman. During his career with LL&E,
Raspino helped lead the company′s strategic transformation ? including
numerous acquisitions and divestitures ? that ultimately enabled a
merger in 1997 with Burlington Resources (NYSE:BR), creating the
nation′s second-largest independent E&P company at the time. After
serving as vice president of finance for the Halliburton Company
(NYSE:HAL), he then became senior vice president and chief financial
officer of Grant Prideco, Inc. (NYSE:GDP) in 2000. He was named senior
vice president and chief financial officer of Pride in 2003 and was
promoted to president and chief executive officer in 2005. He began his
career in 1973 as a Certified Public Accountant with Ernst & Young,
advising clients in the energy, financial and public utility sectors.

He serves on the boards of two other public companies, Dresser Rand
Corporation. (NYSE:DRC) since 2005, where he is chairman of the
compensation committee and a member of the audit committee, and in 2012
he became an investor in and board member of Forum Energy Technologies
(NYSE:FET), where he serves on the nominating, governance and
compensation committee. He also served on Pride′s board until its merger
with Ensco plc.

He earned a Bachelor of Science degree from Louisiana State University,
New Orleans, and a Master of Business Administration degree from Loyola
University. He has remained a Certified Public Accountant since 1973.

Chesapeake Energy Corporation (NYSE:CHK) is the second-largest
producer of natural gas, a Top 11 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 has also
vertically integrated its operations and owns substantial marketing and
oilfield services businesses through its subsidiaries Chesapeake Energy
Marketing, Inc. and Chesapeake Oilfield Operating, 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

Investor Contacts:

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

jeff.mobley@chk.com

or

Gary
T. Clark, CFA, 405-935-6741

gary.clark@chk.com

or

Media
Contacts:

Michael Kehs, 405-935-2560

michael.kehs@chk.com

or

Jim
Gipson, 405-935-1310

jim.gipson@chk.com