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Chesapeake Energy Corporation Announces 2007 Fourth Quarter and Full-Year Production and Proved Reserves

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    Fourth Quarter 2007 Production of 2.2 Bcfe per Day Increases 10%
Sequentially and 34% Year-Over-Year; Full-Year Production of 2.0 Bcfe
                 per Day Increases 23% Year-Over-Year
   Proved Reserves Reach Record Level of 10.9 Tcfe and Increase 21%
Year-Over-Year; Company Delivers Full-Year Reserve Replacement Rate of
369% from 1.9 Tcfe of Additions at a Drilling and Acquisition Cost of
                            $2.08 per Mcfe
     Risked Unproved Reserves Reach 33 Tcfe and Unrisked Unproved
    Reserves Reach 100 Tcfe; Leasehold and 3-D Seismic Inventories
 Increase to 13 Million Net Acres and 19 Million Acres, Respectively

OKLAHOMA CITY--(BUSINESS WIRE)--Feb. 14, 2008--Chesapeake Energy Corporation (NYSE:CHK) today reported production and proved reserves for the 2007 fourth quarter and full year. Daily production for the 2007 fourth quarter averaged 2.219 billion cubic feet of natural gas equivalent (bcfe), an increase of 193 million cubic feet of natural gas equivalent (mmcfe), or 10%, over the 2.026 bcfe produced per day in the 2007 third quarter and an increase of 566 mmcfe, or 34%, over the 1.653 bcfe of daily production in the 2006 fourth quarter.

Chesapeake's 2007 fourth quarter production of 204.2 bcfe was comprised of 187.8 billion cubic feet of natural gas (bcf) (92% on a natural gas equivalent basis) and 2.74 million barrels of oil and natural gas liquids (mmbbls) (8% on a natural gas equivalent basis). Chesapeake's average daily production for the quarter of 2.219 bcfe consisted of 2.041 bcf of natural gas and 29,728 barrels of oil and natural gas liquids (bbls).

The company's sequential and year-over-year growth rates for its 2007 fourth quarter natural gas production were 10% and 35%, respectively, while the company's sequential and year-over-year growth rates for its oil production were 2% and 23%, respectively. The 2007 fourth quarter was Chesapeake's 26th consecutive quarter of sequential U.S. production growth. Over these 26 quarters, Chesapeake's U.S. production has increased 467%, for an average compound quarterly growth rate of 7% and an average compound annual growth rate of 30%. Chesapeake's daily production for the 2007 full year averaged 1.957 bcfe, an increase of 372 mmcfe, or 23%, over the 1.585 bcfe of daily production for the 2006 full year.

Chesapeake's 2007 full-year production of 714.3 bcfe was comprised of 655.0 bcf (92% on a natural gas equivalent basis) and 9.882 mmbbls (8% on a natural gas equivalent basis). Chesapeake's average daily production for the 2007 full year of 1.957 bcfe consisted of 1.794 bcf and 27,074 bbls. The company's growth rate for its 2007 full-year natural gas production was 24% and its growth rate for 2007 full-year oil production was 14%. The 2007 full year was Chesapeake's 18th consecutive year of sequential production growth.

Oil and Natural Gas Proved Reserves Reach Record Level of 10.9 Tcfe; Drilling and Acquisition Costs for 2007 Full-Year Average $2.08 per Mcfe; Company Adds 1.9 Tcfe for a Reserve Replacement Rate of 369%

Chesapeake began 2007 with estimated proved reserves of 8.956 trillion cubic feet of natural gas equivalent (tcfe) and ended the year with 10.879 tcfe, an increase of 1.923 tcfe, or 21%. During the year, Chesapeake replaced its 714 bcfe of production with an estimated 2.637 tcfe of new proved reserves for a reserve replacement rate of 369%. Reserve replacement through the drillbit was 2.468 tcfe, or 346% of production (including 1.248 tcfe of positive performance revisions and 97 bcfe of positive revisions resulting from oil and natural gas price increases between December 31, 2006 and December 31, 2007) and 94% of the total increase. Reserve replacement through the acquisition of proved reserves completed during the year was 377 bcfe, or 53% of production and 14% of the total increase. Proved reserves divestments during the year totaled 208 bcfe for proceeds of $1.1 billion at a sales price of $5.49 per mcfe.

On a per thousand cubic feet of natural gas equivalent (mcfe) basis, the company's total drilling and acquisition costs for the year were $2.08 per mcfe (excluding costs of $343 million for seismic, $1.1 billion for acquisition of unproved properties, $1.1 billion to acquire new leasehold, $254 million for capitalized interest on leasehold and unproved property and $159 million relating to tax basis step-up and asset retirement obligations, as well as positive revisions of proved reserves from higher oil and natural gas prices). Excluding these same items, Chesapeake's exploration and development costs through the drillbit were $2.13 per mcfe during the year while reserve replacement costs through acquisitions of proved reserves were $1.78 per mcfe. A reconciliation of finding and acquisition costs and a roll-forward of proved reserves are presented in the following tables.


                    CHESAPEAKE ENERGY CORPORATION
    RECONCILIATION OF ADDITIONS TO OIL AND NATURAL GAS PROPERTIES
                TWELVE MONTHS ENDED DECEMBER 31, 2007
                ($ in 000's, except per unit amounts)
                             (unaudited)

======================================================================
                                                 Reserves
                                      Cost      (in mmcfe)     $/mcfe
----------------------------------------------------------------------

Exploration and development costs $ 5,055,230   2,371,063 (a)    2.13
Acquisition of proved properties      670,760     377,230        1.78
                                  ------------  ----------
     Subtotal                       5,725,990   2,748,293        2.08
                                  ------------  ----------

Divestitures                       (1,142,059)   (208,141)      (5.49)
Geological and geophysical costs      343,479          --
                                  ------------  ----------
     Adjusted subtotal              4,927,410   2,540,152        1.94
                                  ------------  ----------

Revisions - price                          --      97,118

Leasehold acquisition costs           885,991          --
Lease brokerage costs and
 recording fees                       224,353          --
Acquisition of unproved
 properties and other               1,100,780          --
Capitalized interest on leasehold
 and unproved property                253,651          --
                                  ------------  ----------
     Adjusted subtotal              7,392,185   2,637,270        2.80
                                  ------------  ----------

Tax basis step-up                     130,519          --
Asset retirement obligation and
 other                                 28,863          --
                                  ------------  ----------
     Total                        $ 7,551,567   2,637,270        2.86
                                  ============  ==========

(a) Includes positive performance revisions of 1.248 tcfe and excludes positive revisions of 97 bcfe resulting from oil and natural gas price increases between December 31, 2006 and December 31, 2007.


                    CHESAPEAKE ENERGY CORPORATION
                   ROLL-FORWARD OF PROVED RESERVES
                TWELVE MONTHS ENDED DECEMBER 31, 2007
                             (unaudited)

======================================================================
                                                            Mmcfe
----------------------------------------------------------------------

Beginning balance, 01/01/07                                 8,955,614
Extensions and discoveries                                  1,122,986
Acquisitions                                                  377,230
Divestitures                                                 (208,141)
Revisions - performance                                     1,248,077
Revisions - price                                              97,118
Production                                                   (714,261)
                                                        --------------
Ending balance, 12/31/07                                   10,878,623
                                                        ==============

Reserve replacement                                         2,637,270
Reserve replacement ratio(a)                                      369%

(a) The company uses the reserve replacement ratio as an indicator of the company's ability to replenish annual production volumes and grow its reserves, thereby providing some information on the sources of future production. It should be noted that the reserve replacement ratio is a statistical indicator that has limitations. The ratio is limited because it typically varies widely based on the extent and timing of new discoveries and property acquisitions. Its predictive and comparative value is also limited for the same reasons. In addition, since the ratio does not embed the cost or timing of future production of new reserves, it cannot be used as a measure of value creation.

As of December 31, 2007, Chesapeake's estimated future net cash flows from proved reserves, discounted at an annual rate of 10% before income taxes (PV-10), were $20.6 billion, using field differential adjusted prices of $6.19 per thousand cubic feet of natural gas (mcf) (based on a NYMEX year-end price of $6.80 per mcf) and $90.58 per bbl (based on a NYMEX year-end price of $96.00 per bbl). Chesapeake's current PV-10 changes by approximately $390 million for every $0.10 per mcf change in natural gas prices and approximately $56 million for every $1.00 per bbl change in oil prices.

By comparison, the December 31, 2006 PV-10 of the company's proved reserves was $13.6 billion using field differential adjusted prices of $5.41 per mcf (based on a NYMEX year-end price of $5.64 per mcf) and $56.25 per bbl (based on a NYMEX year-end price of $61.15 per bbl). Including the effect of income taxes, the standardized measure of discounted future net cash flows from proved reserves at year-end 2006 was $10.0 billion. The standardized measure of discounted future net cash flows from proved reserves at year-end 2007 has not yet been calculated, but will be included in the company's annual report on Form 10-K to be filed by February 29, 2008.

Chesapeake's Leasehold and 3-D Seismic Inventories Increase to 13 Million Net Acres and 19 Million Acres; Risked Unproved Reserves in the Company's Inventory Reach 33 Tcfe While Unrisked Unproved Reserves Reach 100 Tcfe

Since 2000, Chesapeake has invested $9.4 billion in new leasehold and 3-D seismic acquisitions and now owns the largest combined inventories of onshore leasehold (13.2 million net acres) and 3-D seismic (19.2 million acres) in the U.S. On this leasehold, Chesapeake has an estimated 3.9 tcfe of proved undeveloped reserves and approximately 33 tcfe of risked unproved reserves (100 tcfe of unrisked unproved reserves). The company is currently using 145 operated drilling rigs to further develop its inventory of approximately 36,300 net drillsites, representing more than a 10-year inventory of drilling projects.

Chesapeake characterizes its drilling inventory by one of four play types: conventional gas resource, unconventional gas resource, emerging unconventional gas resource and Appalachian Basin gas resource. In these plays, Chesapeake uses a probability-weighted statistical approach to estimate the potential number of drillsites and unproved reserves associated with such drillsites. The following table and narratives summarize Chesapeake's ownership and activity in each gas resource play type and highlights notable projects in each play.


----------------------------------------------------------------------
                               Est.     Risked      Est.     Est. Avg.
                    CHK      Drilling     Net      Average   Reserves
                    Net      Density   Undrilled  Well Cost  Per Well
Play Area         Acreage    (Acres)     Wells     ($000)     (bcfe)
----------------------------------------------------------------------
Conventional
----------------
Southern
 Oklahoma         345,000      120        600      $3,500      2.20
South Texas       145,000       80        400      $3,300      2.00
Mountain Front    140,000      320        100      $9,000      5.00
Other                        Various               Various    Various
 Conventional    2,970,000               3,900
----------------------------------------------------------------------
Conventional
 Sub-total       3,600,000               5,000

Unconventional
----------------
Fort Worth
 Barnett Shale    260,000       50       3,550     $2,600      2.50
Fayetteville
 Shale (Core)     585,000       80       5,725     $3,000      2.00
Sahara            850,000       70       9,000      $880       0.55
Deep Haley        550,000      320        325      $12,000     6.00
Ark-La-Tex        220,000       55        950      $1,700      0.90
Granite, Atoka
 and Colony
 Washes           200,000       80       1,225     $4,000      2.30
Other                        Various               Various    Various
 Unconventional   935,000                 625
----------------------------------------------------------------------
Unconventional
 Sub-total       3,600,000              21,400

Emerging
 Unconventional
----------------
Delaware Basin
 Shales           815,000      160        500      $6,500      3.00
Deep Bossier      390,000      320        125      $10,000     5.00
Ardmore Basin
 Woodford Shale   170,000      160        200      $3,400      1.70
Alabama Shales    315,000       ND        100        ND         ND
Other Emerging               Various               Various    Various
 Unconventional   310,000                 125
----------------------------------------------------------------------
Emerging
 Unconventional
 Sub-total       2,000,000               1,050

Appalachia
----------------
Marcellus Shale  1,030,000     160       1,400     $1,600      1.25
Lower Huron and              Various               Various    Various
 Other           2,970,000               7,450
----------------------------------------------------------------------
Appalachia Sub-
 total           4,000,000               8,850

----------------------------------------------------------------------
Total            13,200,000             36,300
----------------------------------------------------------------------


----------------------------------------------------------------------
                     Total     Risked   Unrisked   Current    Current
                     Proved   Unproved  Unproved    Daily     Operated
                    Reserves  Reserves  Reserves  Production    Rig
Play Area            (bcfe)    (bcfe)    (bcfe)    (mmcfe)     Count
----------------------------------------------------------------------
Conventional
-------------------
Southern Oklahoma     849       800      3,200       200         7
South Texas           428       500      1,900       130         5
Mountain Front        217       300      1,100        95         2
Other Conventional   2,449     3,000     16,500      560         16
----------------------------------------------------------------------
Conventional Sub-
 total               3,943     4,600     22,700      985         30

Unconventional
-------------------
Fort Worth Barnett
 Shale               2,062     5,900     7,300       410         39
Fayetteville Shale
 (Core)               335      9,300     21,500      100         11
Sahara               1,050     3,500     4,000       180         12
Deep Haley            291      1,300     7,300       100         9
Ark-La-Tex            615       400      1,900       120         6
Granite, Atoka and
 Colony Washes        881      1,800     2,500       160         11
Other
 Unconventional       196       600       700         30         8
----------------------------------------------------------------------
Unconventional Sub-
 total               5,430     22,800    45,200     1,100        96

Emerging
 Unconventional
-------------------
Delaware Basin                                        ND
 Shales                15      1,200     11,700                  4
Deep Bossier           22       400      4,500        ND         3
Ardmore Basin                                         ND
 Woodford Shale        32       300      1,300                   2
Alabama Shales         0        100      2,000        ND         1
Other Emerging                                        ND
 Unconventional        3        300      2,500                   1
----------------------------------------------------------------------
Emerging
 Unconventional
 Sub-total             72      2,300     22,000       25         11

Appalachia
-------------------
Marcellus Shale        ND      1,400     5,700        ND         2
Lower Huron and        ND                             ND
 Other                         2,100     3,900                   6
----------------------------------------------------------------------
Appalachia Sub-
 total               1,402     3,500     9,600        85         8

----------------------------------------------------------------------
Total                10,847    33,200    99,500     2,195       145
----------------------------------------------------------------------

Note: Data above is pro forma for divestitures of approximately 32 bcfe of proved reserves and 37,000 net acres of leasehold post year-end 2007. The table also reflects the effects of the company's VPP transaction that reduced Appalachian production and proved reserves by 208 bcfe and 55 mmcfe per day as of December 31, 2007.

ND = Not disclosed

Conventional Gas Resource Plays - In its traditional conventional areas (i.e., portions of the Mid-Continent, Permian, Gulf Coast and South Texas regions), where exploration targets are typically deep and defined using 3-D seismic data, Chesapeake believes it has a meaningful competitive advantage due to its operating scale, deep drilling expertise and approximately 14 million acres of 3-D seismic data. Chesapeake is producing approximately 1.0 bcfe net per day in conventional gas resource plays and is currently using 30 operated drilling rigs to further develop its inventory of 3.6 million net acres. Chesapeake's proved developed reserves in conventional gas resource plays are 3.0 tcfe, its proved undeveloped reserves are 1.0 tcfe and assuming 5,000 net wells are drilled in the years ahead, its estimated risked unproved reserves are 4.6 tcfe (22.7 tcfe of unrisked unproved reserves). Three of Chesapeake's most important conventional gas resource plays are described below:

    --  Southern Oklahoma (generally Pennsylvanian-aged formations in
        Bray, Cement, Golden Trend, Sholem Alechem and Texoma): From
        various formations located in the Ardmore and Anadarko basins,
        the company is producing approximately 200 mmcfe net per day.
        The company is currently using seven operated rigs to further
        develop its 345,000 net acres of leasehold. Chesapeake's
        proved developed reserves in southern Oklahoma are an
        estimated 601 bcfe, its proved undeveloped reserves are an
        estimated 248 bcfe and assuming an additional 600 net wells
        are drilled in the years ahead, its estimated risked unproved
        reserves are approximately 800 bcfe (3.2 tcfe of unrisked
        unproved reserves). The company's targeted results for
        vertical southern Oklahoma wells are $3.5 million to develop
        2.2 bcfe on approximately 120-acre spacing.

    --  South Texas: Located primarily in Zapata and Hidalgo counties,
        Texas, Chesapeake's South Texas assets are producing
        approximately 130 mmcfe net per day. The company is currently
        using five operated rigs to further develop its 145,000 net
        acres of leasehold. Chesapeake's proved developed reserves in
        South Texas are an estimated 294 bcfe, its proved undeveloped
        reserves are an estimated 134 bcfe and assuming an additional
        400 net wells are drilled in the years ahead, its estimated
        risked unproved reserves are approximately 500 bcfe (1.9 tcfe
        of unrisked unproved reserves). The company's targeted results
        for vertical South Texas wells are $3.3 million to develop 2.0
        bcfe on approximately 80-acre spacing.

    --  Mountain Front (primarily Morrow and Springer formations in
        western Oklahoma): From these prolific formations located in
        the Anadarko Basin, the company is producing approximately 95
        mmcfe net per day. The company is currently using two operated
        rigs to further develop its 140,000 net acres of Mountain
        Front leasehold. Chesapeake's proved developed reserves in the
        Mountain Front area are an estimated 170 bcfe, its proved
        undeveloped reserves are an estimated 47 bcfe and assuming an
        additional 100 net wells are drilled in the years ahead, its
        estimated risked unproved reserves are approximately 300 bcfe
        (1.1 tcfe of unrisked unproved reserves). The company's
        targeted results for vertical Mountain Front wells are $9.0
        million to develop 5.0 bcfe on approximately 320-acre spacing.

Unconventional Gas Resource Plays - From its unconventional gas resource plays, the company is producing approximately 1.1 bcfe net per day. In these plays, the company is currently using 96 operated drilling rigs to further develop its inventory of 3.6 million net acres. Chesapeake's proved developed reserves in unconventional gas resource plays are 3.0 tcfe, its proved undeveloped reserves are 2.4 tcfe and assuming 21,400 net wells are drilled in the years ahead, its estimated risked unproved reserves are 22.8 tcfe (45.2 tcfe of unrisked unproved reserves). Six of Chesapeake's most important unconventional gas resource plays are described below:

    --  Fort Worth Barnett Shale (North Texas): The Fort Worth Barnett
        Shale is the largest and most prolific unconventional gas
        resource play in the U.S. In this play, Chesapeake is the
        second-largest producer of natural gas, the most active
        driller and the largest leasehold owner in the Core and Tier 1
        sweet spot of Tarrant, Johnson and western Dallas counties.
        Chesapeake is producing approximately 410 mmcfe net per day
        from the Fort Worth Barnett Shale. As a result of the
        company's favorably positioned leasehold and its active
        drilling program, Chesapeake's net production in the Fort
        Worth Barnett Shale play has increased by approximately 80
        mmcfe per day, or 24%, over the past three months and has
        increased by approximately 235 mmcfe per day, or 134%, over
        the past year. Chesapeake is currently using 39 operated rigs
        to further develop its 260,000 net acres of leasehold, of
        which 220,000 net acres are located in the prime Core and Tier
        1 areas. At its current pace of drilling, Chesapeake expects
        to be completing, on average, one new Barnett Shale well
        approximately every 15 hours through at least 2012.
        Chesapeake's proved developed reserves in the Fort Worth
        Barnett Shale are an estimated 1.2 tcfe, its proved
        undeveloped reserves are an estimated 840 bcfe and assuming an
        additional 3,550 net wells are drilled in the years ahead, its
        estimated risked unproved reserves are 5.9 tcfe (7.3 tcfe of
        unrisked unproved reserves). The company's targeted results
        for Core and Tier 1 horizontal Fort Worth Barnett Shale wells
        are 2.65 bcfe at a cost of $2.6 million on approximately
        50-acre spacing. Since entering the play in 2004, the company
        has drilled approximately 700 horizontal Fort Worth Barnett
        Shale wells.

    --  Fayetteville Shale (Arkansas): In the Fayetteville Shale,
        Chesapeake is the second-largest leasehold owner in the Core
        area of the play and is producing approximately 100 mmcfe net
        per day. Over the past three months, Chesapeake's net
        production in the Fayetteville Shale play has increased by
        approximately 40 mmcfe per day, or 67% and, over the past
        year, has increased by approximately 90 mmcfe per day, or
        900%. Chesapeake is currently using 11 operated rigs to
        further develop its 585,000 net acres of leasehold in the Core
        area of the play. Chesapeake's proved developed reserves in
        the Fayetteville Shale are an estimated 190 bcfe, its proved
        undeveloped reserves are an estimated 145 bcfe and assuming an
        additional 5,725 net wells are drilled in the years ahead, its
        estimated risked unproved reserves are approximately 9.3 tcfe
        (21.5 tcfe of unrisked unproved reserves). The company's
        targeted results for horizontal Fayetteville Shale wells are
        2.0 bcfe at a cost of $3.0 million on approximately 80-acre
        spacing. Since entering the play in 2005, the company has
        drilled approximately 140 horizontal Fayetteville Shale wells.

    --  Sahara (primarily Mississippi, Chester and Hunton formations
        in Northwest Oklahoma): In this vast play that extends across
        five counties in northwestern Oklahoma, Chesapeake is the
        largest producer of natural gas, the most active driller and
        the largest leasehold owner. Chesapeake is producing
        approximately 180 mmcfe net per day in the Sahara area. The
        company is currently using 12 operated rigs to further develop
        its 850,000 net acres of leasehold. Chesapeake's proved
        developed reserves in Sahara are an estimated 557 bcfe, its
        proved undeveloped reserves are an estimated 493 bcfe and
        assuming an additional 9,000 net wells are drilled in the
        years ahead, its estimated risked unproved reserves are
        approximately 3.5 tcfe (4.0 tcfe of unrisked unproved
        reserves). The company's targeted results for vertical Sahara
        wells are $0.9 million to develop 0.55 bcfe on approximately
        70-acre spacing. Since entering the play in 1999, the company
        has drilled approximately 1,400 vertical and horizontal Sahara
        wells.

    --  Deep Haley (primarily Strawn, Atoka and Morrow formations in
        West Texas): In this West Texas Delaware Basin area,
        Chesapeake is the largest leasehold owner and the most active
        driller. Chesapeake's production from Deep Haley is
        approximately 100 mmcfe net per day. The company is currently
        using nine operated rigs to further develop its 550,000 net
        acres of leasehold. Chesapeake's proved developed reserves in
        Deep Haley are an estimated 138 bcfe, its proved undeveloped
        reserves are an estimated 153 bcfe and assuming an additional
        325 net wells are drilled in the years ahead, its estimated
        risked unproved reserves are approximately 1.3 tcfe (7.3 tcfe
        of unrisked unproved reserves). The company's targeted results
        for vertical Deep Haley wells are $12.0 million to develop 6.0
        bcfe on approximately 320-acre spacing. Since entering the
        play in 2004, the company has drilled approximately 60 Deep
        Haley wells.

    --  Ark-La-Tex (primarily Travis Peak, Cotton Valley, Pettit and
        Bossier formations): In this large region covering most of
        East Texas and northern Louisiana, Chesapeake has assembled a
        strong portfolio of unconventional gas resource plays.
        Chesapeake is one of the ten largest producers of natural gas,
        the third most active driller and one of the largest leasehold
        owners in the area. Chesapeake is producing approximately 120
        mmcfe net per day in the Ark-La-Tex area. The company is
        currently using six operated rigs to further develop its
        220,000 net acres of leasehold. Chesapeake's unconventional
        proved developed reserves in the Ark-La-Tex region are an
        estimated 371 bcfe, its proved undeveloped reserves are an
        estimated 244 bcfe and assuming an additional 950 net wells
        are drilled in the years ahead, its estimated unconventional
        risked unproved reserves are approximately 400 bcfe (1.9 tcfe
        of unrisked unproved reserves). The company's targeted results
        for medium-depth vertical Ark-La-Tex wells are $1.7 million to
        develop 0.9 bcfe on approximately 55-acre spacing.

    --  Granite, Atoka and Colony Washes (western Oklahoma and Texas
        Panhandle): Chesapeake is the largest producer of natural gas,
        the most active driller and the largest leasehold owner in the
        various Wash plays of the Anadarko Basin. Chesapeake is
        producing approximately 160 mmcfe net per day from these
        plays. The company is currently using 11 operated rigs to
        further develop its 200,000 net acres of Wash leasehold.
        Chesapeake's proved developed reserves in the Wash plays are
        an estimated 430 bcfe, its proved undeveloped reserves are an
        estimated 451 bcfe and assuming an additional 1,225 net wells
        are drilled in the years ahead, its estimated risked unproved
        reserves are approximately 1.8 tcfe (2.5 tcfe of unrisked
        unproved reserves). The company's targeted results for
        vertical Granite and Atoka Wash wells are $3.3 million to
        develop 1.5 bcfe on approximately 80-acre spacing. The
        company's targeted results for horizontal Colony Wash wells
        are $6.5 million to develop 5.5 bcfe on approximately 160-acre
        spacing.

    Emerging Unconventional Gas Resource Plays - In its emerging
unconventional gas resource plays, commercial production has only
recently been established (generally in not meaningful amounts), but
the company believes future reserve potential could be substantial. In
these plays, Chesapeake is currently using 11 operated drilling rigs
to further develop its inventory of 2.0 million net acres.
Chesapeake's proved developed reserves in emerging unconventional gas
resource plays are 62 bcfe, its proved undeveloped reserves are 10
bcfe and assuming an additional 1,050 net wells are drilled in the
years ahead, its estimated risked unproved reserves are 2.3 tcfe (22.0
tcfe of unrisked unproved reserves). Four of Chesapeake's most
important emerging unconventional gas resource plays are described
below:

    --  Delaware Basin Shales (primarily Barnett and Woodford
        formations in West Texas): Chesapeake continues to evaluate a
        variety of drilling and completion techniques to test the
        commercial potential of its Delaware Basin Barnett and
        Woodford Shale play in far West Texas where Chesapeake is the
        largest leasehold owner. The company is currently using four
        operated rigs to further develop its 815,000 net acres of
        leasehold. Chesapeake's proved developed reserves in the
        Delaware Basin Shale plays are 15 bcfe, it has not booked
        proved undeveloped reserves and assuming an additional 500 net
        wells are drilled in the years ahead, its estimated risked
        unproved reserves are 1.2 tcfe (11.7 tcfe of unrisked unproved
        reserves). The company's targeted results for Delaware Basin
        vertical Barnett and Woodford Shale wells are $6.5 million to
        develop 3.0 bcfe on approximately 160-acre spacing. The
        company has not yet developed a model for targeted results
        from horizontal wells in the play.

    --  Deep Bossier (East Texas and northern Louisiana): Chesapeake
        is the second largest leasehold owner in the Deep Bossier
        play. The company is currently using three operated rigs to
        further develop its 390,000 net acres of leasehold.
        Chesapeake's proved developed reserves in the Deep Bossier are
        20 bcfe, its proved undeveloped reserves are two bcfe and
        assuming an additional 125 net wells are drilled in the year
        ahead, its estimated risked unproved reserves are
        approximately 400 bcfe (4.5 tcfe of unrisked unproved
        reserves). The company's targeted results for vertical Deep
        Bossier wells are $10.0 million to develop 5.0 bcfe on
        approximately 320-acre spacing.

    --  Ardmore Basin Woodford Shale (southern Oklahoma): Chesapeake
        is utilizing two operated rigs to drill vertical and
        horizontal wells to evaluate the commercial potential of its
        Ardmore Basin Woodford Shale play in southern Oklahoma.
        Chesapeake is the largest leasehold owner in the play with
        170,000 net acres of leasehold. Chesapeake's proved developed
        reserves in the Ardmore Basin Woodford Shale play are an
        estimated 24 bcfe, its proved undeveloped reserves are 8 bcfe
        and assuming an additional 200 net wells are drilled in the
        years ahead, its estimated risked unproved reserves are
        approximately 300 bcfe (1.3 tcfe of unrisked unproved
        reserves). The company's targeted results for Ardmore Basin
        horizontal Woodford Shale wells are $3.4 million to develop
        1.7 bcfe on approximately 160-acre spacing.

    --  Alabama Shales: Chesapeake and Energen Corporation are 50/50
        partners and the largest leasehold owners in various Alabama
        shale plays. The company has no production in Alabama, but has
        recently spud its first well to begin testing its 315,000 net
        acres of leasehold. Assuming an additional 100 net wells are
        drilled in the years ahead, Chesapeake's estimated risked
        unproved reserves are approximately 100 bcfe (2.0 tcfe of
        unrisked unproved reserves). The company has not yet developed
        a model for targeted results in the plays pending drilling
        results from its initial test wells.

Appalachian Basin Gas Resource Plays - Chesapeake's Appalachian assets include both conventional and unconventional play types in various Devonian Shales and in other non-shale formations. Chesapeake is the largest leasehold owner in the region with 4.0 million net acres and is producing approximately 85 mmcfe net per day following the sale of approximately 55 mmcfe per day of net production through a volumetric production payment at year-end 2007. The company is currently using eight operated rigs in the region to further develop its extensive leasehold position. Chesapeake's proved developed reserves in Appalachia are 850 bcfe, its proved undeveloped reserves are 552 bcfe and assuming an additional 8,850 net wells are drilled in the years ahead, its estimated risked unproved reserves are 3.5 tcfe (9.6 tcfe of unrisked unproved reserves). The company is actively developing traditional shallow Devonian Shale wells and tight gas sand wells, but is also conducting exploration programs in the Lower Huron and Marcellus Shale formations and in various non-shale deeper formations. Chesapeake's position in the emerging Marcellus Shale is described below:

    --  Marcellus Shale (West Virginia, Pennsylvania and New York):
        Chesapeake is the largest leasehold owner in the Marcellus
        Shale play that spans from West Virginia to southern New York.
        The company is currently using two operated rigs to further
        develop its 1.0 million net acres of Marcellus leasehold.
        Assuming 1,400 net wells are drilled in the years ahead,
        Chesapeake's estimated risked unproved reserves are
        approximately 1.4 tcfe (5.7 tcfe of unrisked unproved
        reserves). The company's targeted results for vertical
        Marcellus Shale wells are $1.6 million to develop 1.25 bcfe on
        approximately 160-acre spacing. The company has not yet
        developed a model for targeted results from horizontal wells
        in the play.

In addition, Chesapeake continues to actively generate new prospects and acquire additional leasehold throughout the company's areas of operation in various conventional, unconventional and emerging unconventional plays not described above.

Company Sells 27,000 Net Acres of Arkoma Basin Woodford Shale Acreage for $170 Million and Exits Williston Basin for $80 Million

To high-grade its leasehold inventories and to take advantage of industry enthusiasm for certain shale plays that are not as attractive to Chesapeake, the company sold approximately 27,000 net acres in the Woodford Shale play in the Arkoma Basin of southeastern Oklahoma for proceeds of approximately $170 million, or approximately $6,300 per acre. Additionally, Chesapeake exited the Williston Basin and sold properties in the Rocky Mountains that included approximately 10,000 net acres, 28 bcfe of proved reserves and five mmcfe of daily production for proceeds of approximately $80 million. These transactions were completed in 2008 and Meagher Oil & Gas Properties, Inc. acted as advisor to Chesapeake.

Management Comments

Aubrey K. McClendon, Chesapeake's Chief Executive Officer, commented, "We are pleased to report outstanding production and reserve growth for the 2007 fourth quarter and full year. We are particularly proud of our success in growing through the drillbit that enabled the company to exceed its internal expectations and to lead the E&P industry in organic reserve and production growth.

"We are also excited to showcase the company's unparalleled future growth opportunities that could potentially develop up to 100 tcfe of unproved reserves. Our early recognition that structurally higher natural gas prices, combined with improved drilling and completion technologies on unconventional reservoirs, has enabled Chesapeake's engineering, geoscientific and lease acquisition teams to assemble the largest inventory of drilling opportunities and unrealized upside in the industry. This inventory should allow Chesapeake to deliver top-tier returns to shareholders through high rates of reserve and production growth for many years to come."

Conference Call Information

A conference call to discuss this release has been scheduled for Friday morning, February 15, 2008, at 9:00 a.m. EST. The telephone number to access the conference call is 913-312-0949 or toll-free 888-599-8685. The passcode for the call is 1184447. We encourage those who would like to participate in the call to dial the access number between 8:50 and 8:55 a.m. EST. For those unable to participate in the conference call, a replay will be available for audio playback from 12:00 p.m. EST February 15, 2008 and will run through midnight Friday, February 29, 2008. The number to access the conference call replay is 719-457-0820 or toll-free 888-203-1112. The passcode for the replay is 1184447. The conference call will also be webcast live on the Internet and can be accessed by going to Chesapeake's website at www.chk.com and selecting the "News & Events" section. The webcast of the conference call will be available on our website for one year.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our current expectations or forecasts of future events, including estimates of oil and natural gas reserves, data on future drilling locations and estimates of reserves we believe may be developed through our planned drilling activities. Although we believe our expectations and forecasts 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. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this press release, and we undertake no obligation to update this information.

Factors that could cause actual results to differ materially from expected results are described in "Risks Related to our Business" under "Risk Factors" in the Offer to Exchange attached as an exhibit to each of the two Schedules TO we filed with the Securities and Exchange Commission on October 23, 2007. These risk factors include the volatility of oil and natural gas prices; the limitations our level of indebtedness may have on our financial flexibility; the availability of capital on an economic basis to fund reserve replacement costs; our ability to replace reserves and sustain production; uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and the amount and timing of development expenditures; drilling and operating risks, including potential environmental liabilities; and our ability to execute our financial plan.

The SEC has generally permitted oil and natural gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use the term "unproved" to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of actually being realized by the company. While we believe our calculations of unproved drillsites and estimation of unproved reserves have been appropriately risked and are reasonable, such calculations and estimates have not been reviewed by third-party engineers or appraisers.

Chesapeake Energy Corporation is the largest independent and third-largest overall producer of natural gas in the U.S. Headquartered in Oklahoma City, the company's operations are focused on exploratory and developmental drilling and corporate and property acquisitions in the Mid-Continent, Fort Worth Barnett Shale, Fayetteville Shale, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast, Ark-La-Tex and Appalachian Basin regions of the United States. The company's Internet address is www.chk.com.

CONTACT: Chesapeake Energy Corporation
Jeffrey L. Mobley, CFA, 405-767-4763
Senior Vice President -
Investor Relations and Research
jeff.mobley@chk.com
or
Marc Rowland, 405-879-9232
Executive Vice President
and Chief Financial Officer
marc.rowland@chk.com
SOURCE: Chesapeake Energy Corporation

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