Chesapeake Energy Corporation Announces Results of Board of Directors Reviews

  Chesapeake Energy Corporation Announces Results of Board of Directors
  Reviews

Extensive Review of Alleged Conflicts of Interest and Other Matters Involving
       CEO Aubrey K. McClendon Did Not Find Any Intentional Misconduct

     Board Also Finds Company Did Not Violate Antitrust Laws in Regard to
              Acquisition of Michigan Oil and Gas Rights in 2010

Business Wire

OKLAHOMA CITY -- February 20, 2013

Chesapeake Energy Corporation (NYSE:CHK) today announced that its Board of
Directors has received the results of its previously announced review of the
financing arrangements between co-founder, Chief Executive Officer and
President, Aubrey K. McClendon (and the entities through which he participates
in the Founder Well Participation Program (“FWPP”)) and third parties
identified as having a financial relationship with the company, as well as
other matters. The review, which was led by the Audit Committee of the Board,
with the assistance of independent counsel retained by the independent members
of the Board in April 2012, has been substantially completed. In connection
with the review, millions of pages of documents were collected and reviewed
and more than 50 interviews of Chesapeake and third-party personnel were
conducted.

Among the transactions reviewed were the 2008-2012 financing arrangements
between EIG Global Energy Partners (“EIG”) and affiliates of Mr. McClendon
regarding financing of his participation in the FWPP, as well as the preferred
stock investments by EIG in CHK Utica, L.L.C. and CHK Cleveland-Tonkawa,
L.L.C. The review of the financing arrangements did not reveal any improper
benefit to Mr. McClendon or increased cost to the company as a result of the
overlap in the financial relationships.

The review also covered:

1.other relationships in which both Mr. McClendon and the company conducted
    business with the same financial institutions;
2.the trading activities of the Heritage Hedge Fund (co-founded by Mr.
    McClendon) through 2007, when the Heritage Hedge Fund ceased operations;
    and
3.other matters, including issues regarding administration of the FWPP, and
    a 1998 loan to Mr. McClendon by then Board member Frederick B. Whittemore.

Based on the documents reviewed and interviews conducted, no intentional
misconduct by Mr. McClendon or any of the company’s management was found by
the Board concerning these relationships and/or these transactions and issues.

As previously announced, Mr. McClendon has agreed with the Board that he will
retire from the company on April 1, 2013, and will continue to serve as Chief
Executive Officer until the earlier of his successor being appointed and April
1, 2013. The Board and Mr. McClendon’s decision to commence a search for a new
leader was not related to the Board’s review of his financing arrangements and
other matters.

Chesapeake also announced today that its Board of Directors has concluded that
the company did not violate antitrust laws in connection with the acquisition
of Michigan oil and gas rights in 2010. The company previously reported that
in June 2012 it had received a subpoena duces tecum from the Antitrust
Division, Midwest Field Office, of the United States Department of Justice,
and demands for documents and information from state governmental agencies,
investigating possible antitrust violations arising from 2010 leasing
activities in Michigan. The company has been responding to these requests. The
Board commenced its own investigation of these allegations in June 2012. The
Board based the conclusion it announced today on a thorough review conducted
independently by outside counsel, and on Chesapeake’s cooperation with the
Department of Justice.

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.

Contact:

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 Relations:
Michael Kehs, 405-935-2560
michael.kehs@chk.com
or
Jim Gipson, 405-935-1310
jim.gipson@chk.com