Chesapeake Energy Board Accepts V. Burns Hargis’ Resignation; Elects Louis A. Raspino to Board, Audit Committee Chair

  Chesapeake Energy Board Accepts V. Burns Hargis’ Resignation; Elects Louis
  A. Raspino to Board, Audit Committee Chair

Business Wire

OKLAHOMA CITY -- March 7, 2013

The Board of Directors of Chesapeake Energy Corporation (NYSE:CHK) has
accepted the resignation of board member V. Burns Hargis, effective
immediately, board Chairman Archie Dunham announced today. Dunham also
announced that Louis A. Raspino has been elected to fill the vacancy and has
been appointed chairman of the audit committee. He will stand for election at
the 2013 annual meeting of shareholders in June.

“Over the past several months, I have admired Burns’ unselfish service on our
board,” Dunham said. “He has willingly invested his time, talents and
expertise for the sole purpose of helping make Chesapeake successful. We are
grateful to Burns for remaining on the board to see several important
assignments through to completion. He led the audit committee and the recent
review with the utmost professionalism and integrity. During this same period,
he also contributed to strengthening Chesapeake’s corporate governance. We
wish him only the very best as he continues to lead Oklahoma State

Appointed to the board in September 2008, Hargis commented: “With the
completion of my final assignment, it is the appropriate time for me to step
aside. I will always count it a privilege to have served on Chesapeake’s
board. Moving forward, Archie’s knowledge of the energy industry and his
experience running ConocoPhillips will continue to benefit shareholders and
employees. As I depart the board, I am confident in the future of Chesapeake
because of its strong assets, experienced management team and dedicated

Regarding the election of Raspino, Dunham stated: “With his extensive
operational, strategic and financial expertise in America’s oil and natural
gas industry combined with his sterling reputation on matters of corporate
governance, Louis Raspino is the ideal person to chair the audit committee of
the Chesapeake board. We are pleased to welcome Louis and are confident his
insight and service on our board will significantly benefit the company and
our shareholders.”

Raspino commented: “It is an honor to be selected to join the board of one of
our country’s leading energy producers – a company that played a leading role
in changing the U.S. energy supply paradigm from scarcity to abundance. I look
forward to learning more about what I believe are world-class assets and human
talent that together hold tremendous potential for future value creation.”

Raspino’s career has spanned almost 40 years, most recently as president and
chief executive officer of Pride International, Inc. (NYSE:PDE) until Pride’s
merger with Ensco plc in May 2011. Pride was one of the world’s largest oil
and gas drilling and services companies and conducted business in more than 30
countries, with 14,000 employees representing 50 nationalities.

He started his corporate career in 1978 with The Louisiana Land & Exploration
Company (NYSE:LLX), where he rose to the level of SVP/CFO and member of the
Office of the Chairman. During his career with LL&E, Raspino helped lead the
company’s strategic transformation – including numerous acquisitions and
divestitures – that ultimately enabled a merger in 1997 with Burlington
Resources (NYSE:BR), creating the nation’s second-largest independent E&P
company at the time. After serving as vice president of finance for the
Halliburton Company (NYSE:HAL), he then became senior vice president and chief
financial officer of Grant Prideco, Inc. (NYSE:GDP) in 2000. He was named
senior vice president and chief financial officer of Pride in 2003 and was
promoted to president and chief executive officer in 2005. He began his career
in 1973 as a Certified Public Accountant with Ernst & Young, advising clients
in the energy, financial and public utility sectors.

He serves on the boards of two other public companies, Dresser Rand
Corporation. (NYSE:DRC) since 2005, where he is chairman of the compensation
committee and a member of the audit committee, and in 2012 he became an
investor in and board member of Forum Energy Technologies (NYSE:FET), where he
serves on the nominating, governance and compensation committee. He also
served on Pride’s board until its merger with Ensco plc.

He earned a Bachelor of Science degree from Louisiana State University, New
Orleans, and a Master of Business Administration degree from Loyola
University. He has remained a Certified Public Accountant since 1973.

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 has also vertically integrated its operations and 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 where
Chesapeake routinely posts announcements, updates, events, investor
information, presentations and news releases.


Chesapeake Energy Corporation
Investor Contacts:
Jeffrey L. Mobley, CFA, 405-767-4763
Gary T. Clark, CFA, 405-935-6741
Media Contacts:
Michael Kehs, 405-935-2560
Jim Gipson, 405-935-1310
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