Chesapeake Energy Corporation Announces Closing of Mississippi Lime Joint Venture with Sinopec

  Chesapeake Energy Corporation Announces Closing of Mississippi Lime Joint
  Venture with Sinopec

Business Wire

OKLAHOMA CITY -- July 1, 2013

Chesapeake Energy Corporation (NYSE:CHK) today announced it completed its
previously announced Mississippi Lime joint venture with Sinopec International
Petroleum Exploration and Production Corporation (Sinopec) on June 28, 2013.
The company sold a 50% undivided interest in approximately 850,000 acres in
northern Oklahoma for total consideration of $1.02 billion in cash, of which
approximately 93% was received upon closing. Payment of the remaining proceeds
is subject to customary post-closing contingencies.

Net to Sinopec’s interest, assets associated with the joint venture produced
approximately 9,600 barrels of liquids and 54 million cubic feet of natural
gas per day during the 2013 first quarter. All future exploration and
development costs in the joint venture will be shared proportionately between
the parties with no drilling carries involved. As the operator of the project,
Chesapeake will conduct all leasing, drilling, completion, operations and
marketing activities for the joint venture.

Doug Lawler, Chesapeake’s Chief Executive Officer, commented, “Chesapeake is
pleased to have Sinopec as our partner in the Mississippi Lime play and we
look forward to efficiently developing and growing this asset for many years
to come.”

Jefferies & Company, Inc. served as financial advisor to Chesapeake on the
joint venture.

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 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. Chesapeake may not be able to satisfy all the requirements
necessary to receive the remaining sale proceeds which are subject to
customary post-closing contingencies. 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 Contact:
Jim Gipson, 405-935-1310
jim.gipson@chk.com
 
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