Chesapeake Energy Corporation Announces Preliminary ?Voting Results from Annual Shareholder Meeting

08.06.2012  |  Business Wire

Chesapeake Energy Corporation (NYSE:CHK) announced preliminary voting
results from its Annual Meeting of Shareholders held today at the
company′s Oklahoma City headquarters. The voting results are as follows:

Item 1: Election of Directors:

Directors V. Burns Hargis and Richard K. Davidson were re-elected to the
Board of Directors. However, since Messrs. Hargis and Davidson received
the support of approximately 26% and 27%, respectively, of the votes
cast, they have tendered their resignations as required by the Company′s
new majority voting bylaw. The Board will review the resignations in due
course.

Item 2: Proposal to amend bylaws to implement
majority voting in director elections:

The proposal received the support of 97% of the votes cast but received
only 64% of the shares outstanding, which was less than the two-thirds
required for shareholder approval of a bylaw amendment. However, today
the Board adopted the majority voting bylaw presented to the
shareholders, even though it did not receive the requisite vote for
shareholder approval, and made majority voting effective immediately.

Item 3: Shareholder advisory vote to approve named
executive officer compensation:

The proposal did not pass, receiving the support of 20% of the votes
cast.

Item 4: Proposal to amend long term incentive plan:

The proposal passed, receiving the support of 86% of the votes cast.

Item 5: Proposal to approve annual incentive plan:

The proposal did not pass, receiving the support of 31% of the votes
cast.

Item 6: Ratification of independent registered
public accounting firm:

The proposal passed, receiving the support of 93% of the votes cast.

Item 7: Shareholder proposal relating to
re-incorporation in Delaware:

The proposal passed, receiving the support of 53% of the votes cast.

Item 8: Shareholder proposal relating to political
lobbying expenditures:

The proposal did not pass, receiving the support of 36% of the votes
cast.

Item 9: Shareholder proposal relating to the
supermajority voting standard:

The proposal passed, receiving the support of 86% of the votes cast.

Item 10: Shareholder proposal relating to proxy
access:

The proposal passed, receiving the support of 60% of the votes cast.

Regarding today′s voting results, the Company commented, 'Chesapeake
appreciates shareholder feedback and will act appropriately with regard
to the matters voted on today. Chesapeake has recently taken important
actions to enhance corporate governance and increase management
oversight by, among other things, reconstituting the Board of Directors.
As previously announced, Chesapeake will add a new independent
Non-Executive Chairman and four new independent directors proposed by
shareholders to its nine-member Board within the next two weeks.
Chesapeake will also take the necessary actions so that shareholders
will have the opportunity to elect the entire Board of Directors at the
2013 Annual Meeting of Shareholders.?

The preliminary results were tabulated by the Company′s independent
Inspector of Elections, and final results will be disclosed upon
certification by the Inspector.

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 Marcellus,
Haynesville, Bossier, and Barnett natural gas shale plays and in the
Eagle Ford, Utica, Mississippi Lime, Granite Wash, Cleveland, Tonkawa,
Niobrara, Bone Spring, Avalon, Wolfcamp and Wolfberry unconventional
liquids plays.The company has also vertically integrated
its operations and owns substantial marketing, midstream and oilfield
services businesses directly and indirectly through its subsidiaries
Chesapeake Energy Marketing, Inc., Chesapeake Midstream Development,
L.P. and Chesapeake Oilfield Services, L.L.C. and its affiliate
Chesapeake Midstream Partners, L.P. (NYSE:CHKM).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.