Chesapeake Energy Corporation Seeks Declaratory Judgment with Respect to Ability to Call 6.775% Senior Notes Due 2019

  Chesapeake Energy Corporation Seeks Declaratory Judgment with Respect to
  Ability to Call 6.775% Senior Notes Due 2019

Business Wire

OKLAHOMA CITY -- March 8, 2013

Chesapeake Energy Corporation (NYSE:CHK) today announced that it is seeking a
declaratory judgment in the United States District Court for the Southern
District of New York with respect to redeeming the Company’s 6.775% Senior
Notes due 2019 (“the Notes”) at par.

Specifically, the Company is requesting the Court to confirm that a notice to
redeem issued on or before March 15, 2013, as specified in the governing
indenture, will be timely and effective to redeem the Notes at par, with
payment to be made 60 days after such notice, pursuant to the Special Early
Redemption provision of the Notes. Chesapeake desires to redeem the Notes as
part of a broader refinancing of its outstanding debt obligations.

The Company is also requesting a prompt preliminary order from the Court that
a notice issued by March 15 for a Special Early Redemption at par cannot be
construed to be a notice to redeem under the “make-whole” provision of the
indenture in the event the Court does not determine that the March 15 notice
is timely for a redemption at par. If the Court does not issue either the
preliminary order (assuring that the proposed March 15 notice will not under
any circumstances constitute a notice of redemption at the make-whole price)
or the requested declaratory judgment (that the March 15 notice is timely for
purposes of a Special Early Redemption at par), such notice would have no
effect and the Notes will remain outstanding.

The defendant in the action initiated today by Chesapeake is the indenture
trustee for the Notes, The Bank of New York Mellon Trust Corporation, N.A.

This announcement does not constitute an offer to purchase or a solicitation
of an offer to sell any securities.

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 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, including its intention to
engage in a refinancing of certain of its outstanding debt obligations.
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
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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