Chesapeake Energy Corporation Announces Company Record Gross Operated Production Levels in the Barnett, Haynesville, Fayetteville and Marcellus Shale Plays

Company Gross Operated Daily Production Exceeds 1.0 Bcf, 500 Mmcf, 400 Mmcf and
100 Mmcf in the Barnett, Haynesville, Fayetteville and Marcellus Shale Plays,
Respectively
OKLAHOMA CITY--(Business Wire)--
Chesapeake Energy Corporation (NYSE:CHK) today announced company record
production rates in all four of its Big 4 shale plays.

In the Barnett Shale, Chesapeake`s gross operated daily production has recently
exceeded 1.0 billion cubic feet of natural gas (bcf) from approximately 1,500
Chesapeake-operated wells. Chesapeake made its first investment in the Barnett
Shale in late 2004 with an 18,000 acre acquisition that included gross operated
production of just 25 million cubic feet (mmcf) per day. In less than five
years, Chesapeake has become the second-largest producer of natural gas, the
most active driller and the largest leasehold owner in the Core and Tier 1 sweet
spots of Tarrant and Johnson counties. In working to achieve this significant
production milestone, Chesapeake`s Barnett team pioneered efforts in pad
drilling, multi-stage fracture stimulation and urban drilling.

Two notable recent wells completed by Chesapeake in the Barnett are as follows:

* The Day Kimball Hill A1 in Tarrant County, TX achieved a peak rate of 16.4
mmcf per day and is expected to produce an average of more than 13.0 mmcf per
day in its first month and exceed the previous monthly industry Barnett
production record established by two Chesapeake-operated wells this summer that
averaged more than 9.0 mmcf per day; and
* The Chaney 2H in Johnson County, TX achieved a peak rate of 10.0 mmcf per
day.

In the Haynesville Shale, where Plains Exploration & Production Company
(NYSE:PXP) is Chesapeake`s 20% joint venture partner, Chesapeake`s gross
operated daily production has recently reached 500 mmcf from approximately 125
Chesapeake-operated wells, or roughly 20% of the number of wells needed to reach
this production level in the Barnett. Chesapeake announced its discovery of the
Haynesville Shale in March 2008 and has quickly accelerated its development of
the play. Chesapeake is the largest leasehold owner, largest producer and most
active driller of new wells in the Haynesville.

Two notable recent wells completed by Chesapeake in the Haynesville are as
follows:

* The Caspiana 13-15-12 H-1 in Caddo Parish, LA achieved a peak rate of 20.2
mmcf per day; and
* The Bradway 24-15-12 H-1 in Caddo Parish, LA achieved a peak rate of 18.6 mmcf
per day.

In the Fayetteville Shale, where BP America (NYSE:BP) is Chesapeake`s 25% joint
venture partner, Chesapeake`s gross operated daily production has recently
exceeded 400 mmcf from approximately 450 Chesapeake-operated wells. Chesapeake
is the second-largest producer and the second-largest leasehold owner in the
Core area of the Fayetteville.

Two notable recent wells completed by Chesapeake in the Fayetteville are as
follows:

* The Reva Deen 7-8 1-15H9 in White County, AR achieved a peak rate of 8.0 mmcf
per day; and
* The Collinsworth 7-16 2-10H in Conway County, AR achieved a peak rate of 6.2
mmcf per day.

In the Marcellus Shale, where StatoilHydro (NYSE:STO) is Chesapeake`s 32.5%
joint venture partner, Chesapeake`s gross operated daily production has recently
reached 100 mmcf from approximately 60 Chesapeake-operated wells. Chesapeake
entered the Marcellus Shale play in 2005 through its acquisition of Columbia
Natural Resources, LLC. In 2007, the company accelerated its leasehold
acquisition in the play and initiated its first horizontal drilling activities.
Chesapeake is now the largest leasehold owner in the Marcellus, the most active
driller and expects to become the largest producer of natural gas from the play
by year-end 2009.

Two notable recent wells completed by Chesapeake in the Marcellus are as
follows:

* The Clapper 2H in Susquehanna County, PA achieved a peak rate of 10.1 mmcf per
day; and
* The Otten 2H in Bradford County, PA achieved a peak rate of 8.9 mmcf per day.

Management Comments

Aubrey K. McClendon, Chesapeake`s Chief Executive Officer, commented, "We are
pleased to announce that Chesapeake has set company records and reached
significant production milestones in all four of our Big 4 shale plays. We are
very proud of the remarkable accomplishments that our shale teams have
delivered. We look forward to continued strong results from these world-class
fields for years to come."

Chesapeake Energy Corporation is one of the leading producers of natural gas in
the U.S.Headquartered in Oklahoma City, the company's operations are focused on
the development of onshore unconventional and conventional natural gas in the
U.S. in the Barnett Shale, Haynesville Shale, Fayetteville Shale, Marcellus
Shale, Anadarko Basin, Arkoma Basin, Appalachian Basin, Permian Basin, Delaware
Basin, South Texas, Texas Gulf Coast and East Texas regions of the United
States.Further information is available at www.chk.com.

Chesapeake Energy Corporation
Investor Contact:
Jeffrey L. Mobley, CFA, 405-767-4763
Senior Vice President -
Investor Relations and Research
jeff.mobley@chk.com
or
Media Contact:
Jim Gipson, 405-935-1310
Director - Media Relations
jim.gipson@chk.com

Copyright Business Wire 2009