Chesapeake Energy Corporation Announces Agreement to Sell a Substantial Majority of Its Remaining Midstream Assets for $2.16

  Chesapeake Energy Corporation Announces Agreement to Sell a Substantial
  Majority of Its Remaining Midstream Assets for $2.16 Billion

 Recently Completed Midstream Transactions Yield Additional Proceeds of $175
Million; Additional Midstream Sales of $425 Million Anticipated by the End of
 the 2013 First Quarter, Bringing Total of Current and Anticipated Midstream
                         Asset Sales to $2.75 Billion

 Combined with $2.125 Billion of Midstream Sales Completed in the 2012 Second
   and Third Quarters, Chesapeake to Net a Total of $4.875 Billion from its
                                Midstream Exit

Business Wire

OKLAHOMA CITY -- December 11, 2012

Chesapeake Energy Corporation (NYSE:CHK) today announced it has entered into a
definitive agreement to sell a substantial majority of its remaining midstream
assets to Access Midstream Partners, L.P. (NYSE:ACMP) for approximately $2.16
billion. These midstream assets are located primarily in the company’s
Marcellus, Utica, Eagle Ford, Haynesville and Niobrara shale plays. The
transaction with Access includes new market-based gathering and processing
agreements covering various acreage dedication areas and is expected to close
by the end of 2012.

Additionally, the company has recently completed the sale of other midstream
assets in Oklahoma and Texas during the 2012 fourth quarter for approximately
$175 million.

Finally, Chesapeake anticipates completing the sale of its remaining midstream
assets, including Mid-Continent and other assets, by the end of the 2013 first
quarter for approximately $425 million, bringing the total of current and
anticipated midstream asset sales to $2.75 billion. Including the approximate
$2.125 billion of midstream asset sales completed in the 2012 second and third
quarters, the proceeds from the company’s midstream exit are anticipated to
total approximately $4.875 billion.

Jefferies & Company, Inc. and Goldman, Sachs & Co. are serving as financial
advisors to Chesapeake on its midstream transactions.

                              Management Comment

Aubrey K. McClendon, Chesapeake’s Chief Executive Officer, stated, “We are
pleased to announce further progress towards our asset sale goals for 2012-13.
We look forward to completing additional asset sales and achieving our goals
of strengthening our balance sheet, tightening our asset focus and increasing
returns to shareholders.”

This news release includes “forward-looking statements” that give our current
expectations or forecasts of future events, including the closing of sales of
midstream assets. Although we believe the expectations and forecasts reflected
in our forward-looking statements are reasonable, we can give no assurance
they will prove to be correct. They can be affected by inaccurate assumptions
or by known or unknown risks and uncertainties, and actual results may differ
from the expectations expressed. The sale transaction with Access Midstream
Partners, L.P. is subject to closing conditions, and we have not yet entered
into definitive agreements for all of our other planned asset sales. Any of
our planned asset sales may not be completed for the amounts expected, in the
time frame anticipated or at all. Our ability to achieve our goals of
strengthening our balance sheet, tightening our asset focus and increasing
returns to shareholders is dependent to a great extent on closing asset sales
as anticipated. 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 (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.

Contact:

Chesapeake Energy Corporation
Jeffrey L. Mobley, CFA, 405-767-4763
jeff.mobley@chk.com
or
John J. Kilgallon, 405-935-4441
john.kilgallon@chk.com
or
Media Contacts:
Michael Kehs, 405-935-2560
michael.kehs@chk.com
or
Jim Gipson, 405-935-1310
jim.gipson@chk.com
 
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