Chesapeake Energy Corporation Board Accepts Resignation of Louis A. Simpson; Elects Thomas L. Ryan to Board

  Chesapeake Energy Corporation Board Accepts Resignation of Louis A. Simpson;
  Elects Thomas L. Ryan to Board

Business Wire

OKLAHOMA CITY -- May 3, 2013

Chesapeake Energy Corporation (NYSE:CHK) today announced that its Board of
Directors has accepted the resignation of director Louis A. Simpson. Thomas L.
Ryan, President and Chief Executive Officer of Service Corporation
International (NYSE:SCI), has been elected to fill the vacancy and has been
appointed to the audit committee. He will stand for election at the 2013
annual meeting of shareholders on June 14. Mr. Ryan replaces R. Brad Martin on
the audit committee, with Mr. Martin becoming chair of the nominating,
corporate governance and social responsibility committee.

Chairman Archie Dunham said, “The Board has greatly appreciated and benefited
from Lou’s service to Chesapeake over the past two years. He was elected to
our Board in June 2011 and has chaired the nominating, corporate governance
and social responsibility committee since the 2012 annual meeting of
shareholders. Lou has made significant contributions to strengthening
Chesapeake’s corporate governance. We wish him the very best as he leaves the
board to pursue his business interests.”

Regarding the election of Mr. Ryan, Mr. Dunham stated, “Tom was recommended by
our largest shareholder, Southeastern Asset Management, to replace Lou on
Chesapeake’s board. With his extensive management experience and financial
expertise in running a leading North American public company, Tom will be a
great addition to our audit committee and a terrific resource for our board
and management team. We are pleased to welcome Tom and are confident that his
insight and experience will benefit the company and all of our shareholders.”

Mr. Ryan commented, “It is a privilege to be selected to join the board of one
of our country’s leading energy producers – a company that has played a
pivotal role in changing the U.S. energy supply paradigm through its
pioneering of unconventional natural gas and oil exploration and development.
I look forward to learning more about Chesapeake’s world-class assets which
clearly have tremendous potential for future value creation.”

Mr. Ryan has been Chief Executive Officer of Service Corporation International
(NYSE:SCI) since 2005 and has served as President of SCI since 2002. SCI is
North America's leading provider of deathcare products and services, with more
than 21,000 employees. From 2002 to 2005, Mr. Ryan was also Chief Operating
Officer of SCI, and from 2000 to 2002 he was Chief Executive Officer of SCI’s
European operations. He served in a variety of financial management roles from
the time he joined SCI in 1996 until 2000. Before joining SCI, Mr. Ryan was a
certified public accountant with Coopers & Lybrand LLP for eight years. He
holds a bachelor’s degree in business administration from the University of
Texas at Austin. Mr. Ryan is a member of the Board of Trust Managers of
Weingarten Realty Investors (NYSE:WRI) and serves as a director of Texas
Industries, Inc. (NYSE:TXI). He also serves as Chairman of the Board of
Trustees of the United Way of Greater Houston and on the Board of Directors of
the Greater Houston Partnership, Greater Houston Community Foundation
Governing Board and the University of Texas McCombs Business School Advisory
Council.

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