Chesapeake Energy Corporation Names Robert Douglas Lawler Chief Executive Officer

Chesapeake Energy Corporation (NYSE: CHK) today announced that Robert
Douglas ('Doug?) Lawler, 46, Senior Vice President, International and
Deepwater Operations at Anadarko Petroleum (NYSE: APC), will join
Chesapeake as Chief Executive Officer and a member of the Board of
Directors, effective June 17. Mr. Lawler is a petroleum engineer with 25
years of experience in the upstream Exploration and Production industry
who has served in increasingly senior leadership roles at Anadarko, the
second-largest independent upstream company in the U.S. with a $45
billion market capitalization. He is a proven oil and gas executive with
significant expertise in asset development, operations management and
engineering as well as experience in corporate and strategic planning.

With Mr. Lawler assuming the CEO position at Chesapeake, the Office of
the Chairman will be discontinued and Archie W. Dunham, Steven C. Dixon
and Domenic J. Dell′Osso Jr. will continue to serve in their roles as
non-executive Chairman of the Board, Executive Vice President of
Operations and Geosciences and Chief Operating Officer, and Executive
Vice President and Chief Financial Officer, respectively.

Mr. Dunham, Chairman of the Board, said: 'Doug is a talented and proven
executive with the ideal skill set to lead Chesapeake forward and
capitalize fully on our world-class assets. Throughout his 25 years in
the upstream E&P industry, Doug has earned a reputation as a highly
engaged and knowledgeable leader who delivers superior operational
performance and capital efficiency. The Board is confident that Doug′s
deep technical upstream and engineering expertise as well as his
strategic and financial skills will serve Chesapeake well. We look
forward to working with him to create value for Chesapeake shareholders.?

Mr. Dunham continued: 'We thank Steve and Nick for the key roles they
played in this transition and for their exemplary service as members of
the Office of the Chairman during our CEO search. The Company did not
miss a beat during this interim period, and their effective
collaboration reflects their strong leadership skills and teamwork
ethic. Steve, Nick, and the rest of the executive group, under Doug′s
leadership, will form a highly talented and experienced management team
that will lead Chesapeake into its next phase of success and prosperity.?

Mr. Lawler said: 'I am honored and excited to be joining Chesapeake
Energy with its unparalleled asset portfolio, focused management team
and very talented and dedicated employees. There is significant value in
Chesapeake′s asset base and the growth potential of the Company is
tremendous. I look forward to accelerating the momentum that the
Chesapeake team has built to generate value for our shareholders in the
years ahead.?

During Mr. Lawler′s 25 years at Anadarko and Kerr-McGee, he served in
multiple engineering and leadership positions within a diverse
geographic portfolio including U.S. Onshore, deepwater Gulf of Mexico
and international assets. He was most recently Senior Vice President,
International and Deepwater Operations and a member of Anadarko′s
Executive Committee. In this capacity, he was responsible for new and
existing developments, including Anadarko′s significant multi-train LNG
project in Mozambique. In addition, Mr. Lawler has been instrumental in
Anadarko′s achievement of industry-leading operational and capital
efficiency. He previously served as Anadarko′s Vice President,
Operations for the Southern and Appalachia Region, where he directed the
development of four major shale plays: Eagle Ford, Marcellus,
Haynesville and Permian Bone Spring/Avalon. Prior to that, he held
positions of increasing responsibility within Anadarko′s operations,
business planning and analysis departments, including Vice President,
Corporate Planning. Mr. Lawler began his career in 1988 at Kerr-McGee,
which was acquired by Anadarko in 2006.

Mr. Lawler is a member of the Society of Petroleum Engineers, the World
Affairs Council and The Houston Museum of Natural Science. He holds a
Bachelor of Science degree in Petroleum Engineering from the Colorado
School of Mines and an MBA from Rice University. He and his family are
in the process of relocating to Oklahoma City.

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 developments in litigation.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

Michael
Kehs, 405-935-2560

michael.kehs@chk.com

or

Jim
Gipson, 405-935-1310

jim.gipson@chk.com