Chesapeake Energy Corporation Establishes Office of Chairman

Chesapeake Energy Corporation (NYSE: CHK) today announced that its Board
of Directors has established a three-person Office of the Chairman while
continuing its previously announced CEO search process with the
assistance of Heidrick & Struggles.

The Office of the Chairman includes: Archie W. Dunham, Non-Executive
Chairman of the Board; Steven C. Dixon, who has been named Acting Chief
Executive Officer in addition to his continuing role as Chief Operating
Officer; and Domenic J. Dell′Osso Jr., Chief Financial Officer. Mr.
Dixon has served as Executive Vice President and Chief Operating Officer
since 2006 and has held various senior operational positions since
joining Chesapeake in 1991. Mr. Dell′Osso has served as Executive Vice
President and Chief Financial Officer since 2010 after serving in
various financial roles since 2008.

As part of Chesapeake′s previously announced succession plan, the
members of the Office of the Chairman have been working closely to
transition oversight of strategic, operational, and financial matters as
well as certain day-to-day management responsibilities from Chief
Executive Officer Aubrey K. McClendon, who has previously agreed with
the Board to retire on April 1, 2013.

Archie W. Dunham, Chairman of the Board, said, 'Chesapeake continues to
perform well and is successfully executing our strategy to increase
liquids production, drive capital efficiencies across the business, and
enhance financial flexibility to prudently fund growth. Steve and Nick
are both playing key leadership roles as the company accelerates the
realization of the substantial intrinsic value of our world-class oil
and gas assets for the benefit of all Chesapeake stakeholders.?

Conference Call Information

A conference call to discuss this release and to provide an operational
update has been scheduled for Monday, April 1, 2013 at 8:30 am EDT. The
telephone number to access the conference call is 913-312-1516 or
toll-free 888-778-9065. The passcode for the call is 4764790.
We encourage those who would like to participate in the call to place
calls between 8:20 and 8:30 am EDT. For those unable to participate in
the conference call, a replay will be available for audio playback at
1:00 pm EDT on Monday, April 1, 2013 and will run through midnight
Monday, April 15, 2013. The number to access the conference call replay
is 719-457-0820 or toll-free 888-203-1112. The passcode
for the replay is 4764790. The conference call will also be
webcast live on Chesapeake′s website in the 'Events? subsection of the
'Investors? section of the company′s website. The webcast of the
conference will be available on the company′s website for one year.

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 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

Chesapeake 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