Chesapeake Energy Corporation Delivers Notice to Depositary to Redeem 6.775% Senior Notes Due 2019 at Par

Chesapeake Energy Corporation (NYSE:CHK) delivered notice today to the
Depositary to redeem the company′s 6.775% Senior Notes due 2019 (the
'Notes?) at par. In addition, Chesapeake is continuing to pursue its
lawsuit requesting the United States District Court for the Southern
District of New York confirm that the notice to redeem the Notes the
company issued today will be timely and effective to redeem the Notes at
par, with payment to be made within 60 days after such notice, pursuant
to the Special Early redemption provision of the Notes.

On Thursday afternoon the Court denied Chesapeake′s request for a
preliminary injunction concerning The Bank of New York Mellon Trust
Company′s obligation to accept the company′s notice of Special Early
redemption at par. Although Chesapeake did not receive the preliminary
order that it had requested from the Court, it did receive what the
company views as comparable relief. In particular, the Court stated
multiple times that it is 'overwhelmingly? likely that the company's
notice to redeem at par will not be determined by the Court to be a
notice to redeem under the 'make-whole? provision of the indenture, even
if the notice to redeem at par is ultimately deemed untimely. The Court
also stated that 'it is overwhelmingly likely that an untimely notice of
Special Early redemption would be held null and void, and not as
requiring redemption under the entirely different Make-Whole Price. Lest
the point be unclear, I will add this: it would be reckless for any
party or entity to condition its conduct or order its legal or business
affairs on the assumption that the Court would rule otherwise.? Although
these statements were preliminary, Chesapeake believes, based on these
statements, that a notice to redeem at par, if it is ultimately found to
be untimely, would be null and void, and the Notes would remain
outstanding. Accordingly, the company has proceeded with the issuance of
the notice of a Special Early redemption at par.

The notice provides, as required in the governing indenture, that
payment will be made on May 13, 2013, pursuant to the Special Early
redemption provision of the Notes, subject to a favorable ruling by the
Court that such notice is timely and effective. Chesapeake desires to
redeem the Notes as part of a broader refinancing of its outstanding
debt obligations.

While the company is disappointed that the Court preliminarily observed
that the language of the supplemental indenture was ambiguous with
respect to the deadline for notice of the Special Early redemption and
that the Court found preliminarily that the trustee′s and the
noteholders′ argument on the deadline is 'slightly better,? the company
believes that this view was based solely on the limited information
presented to the Court so far in the accelerated litigation process that
began last Friday. The company believes that it will prevail on this
issue when the expedited litigation process has been completed.

Domenic J. Dell′Osso Jr., Chesapeake′s Chief Financial Officer,
commented, 'As the litigation proceeds, the company intends to present
to the Court additional facts which Chesapeake believes demonstrate the
company′s and the underwriters′ joint and clear intent that the company
would have until March 15 to issue any notice of Special Early
redemption. We appreciate that the Court has indicated that it will
attempt to issue its ruling before the May 13, 2013, redemption date. We
look forward to making our case within the next two months for the Court
to issue a declaratory judgment that the company′s March 15, 2013,
notice is timely and effective under the Special Early redemption
provision of the indenture.?

This announcement does not constitute a notice of redemption, an offer
to purchase or a solicitation of an offer to sell any securities.

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
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.

This news release includes 'forward-looking statements' that give
Chesapeake's current expectations or forecasts of future events,
including its intention to engage in a refinancing of certain of its
outstanding debt obligations and developments in litigation, including
the possible discovery of evidence not now known to the Company.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.

Chesapeake Energy Corporation

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
Relations:

Michael Kehs, 405-935-2560

michael.kehs@chk.com

or

Jim
Gipson, 405-935-1310

jim.gipson@chk.com