Chesapeake Energy Corporation Board Accepts Resignation of Louis A. Simpson; Elects Thomas L. Ryan to Board

Chesapeake Energy Corporation (NYSE:CHK) today announced that its Board
of Directors has accepted the resignation of director Louis A. Simpson.
Thomas L. Ryan, President and Chief Executive Officer of Service
Corporation International (NYSE:SCI), has been elected to fill the
vacancy and has been appointed to the audit committee. He will stand for
election at the 2013 annual meeting of shareholders on June 14. Mr. Ryan
replaces R. Brad Martin on the audit committee, with Mr. Martin becoming
chair of the nominating, corporate governance and social responsibility
committee.

Chairman Archie Dunham said, 'The Board has greatly appreciated and
benefited from Lou′s service to Chesapeake over the past two years. He
was elected to our Board in June 2011 and has chaired the nominating,
corporate governance and social responsibility committee since the 2012
annual meeting of shareholders. Lou has made significant contributions
to strengthening Chesapeake′s corporate governance. We wish him the very
best as he leaves the board to pursue his business interests.?

Regarding the election of Mr. Ryan, Mr. Dunham stated, 'Tom was
recommended by our largest shareholder, Southeastern Asset Management,
to replace Lou on Chesapeake′s board. With his extensive management
experience and financial expertise in running a leading North American
public company, Tom will be a great addition to our audit committee and
a terrific resource for our board and management team. We are pleased to
welcome Tom and are confident that his insight and experience will
benefit the company and all of our shareholders.?

Mr. Ryan commented, 'It is a privilege to be selected to join the board
of one of our country′s leading energy producers ? a company that has
played a pivotal role in changing the U.S. energy supply paradigm
through its pioneering of unconventional natural gas and oil exploration
and development. I look forward to learning more about Chesapeake′s
world-class assets which clearly have tremendous potential for future
value creation.?

Mr. Ryan has been Chief Executive Officer of Service Corporation
International (NYSE:SCI) since 2005 and has served as President of SCI
since 2002. SCI is North America's leading provider of deathcare
products and services, with more than 21,000 employees. From 2002 to
2005, Mr. Ryan was also Chief Operating Officer of SCI, and from 2000 to
2002 he was Chief Executive Officer of SCI′s European operations. He
served in a variety of financial management roles from the time he
joined SCI in 1996 until 2000. Before joining SCI, Mr. Ryan was a
certified public accountant with Coopers & Lybrand LLP for eight years.
He holds a bachelor′s degree in business administration from the
University of Texas at Austin. Mr. Ryan is a member of the Board of
Trust Managers of Weingarten Realty Investors (NYSE:WRI) and serves as a
director of Texas Industries, Inc. (NYSE:TXI). He also serves as
Chairman of the Board of Trustees of the United Way of Greater Houston
and on the Board of Directors of the Greater Houston Partnership,
Greater Houston Community Foundation Governing Board and the University
of Texas McCombs Business School Advisory Council.

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.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
Contacts:

Michael Kehs, 405-935-2560

michael.kehs@chk.com

or

Jim
Gipson, 405-935-1310

jim.gipson@chk.com