Chesapeake Energy Corp.

Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) has retained Meagher Oil & Gas Properties Inc. to sell assets in the Woodford shale in Oklahoma. The package includes a 37.4% average working interest in 37,689 net acres in Canadian and Blaine counties in the Watonga-Chickasha Trend. Ownership is distributed across 195 sections in 15 townships with a controlling interest in 46 units. Production is 536,000 cubic feet and eight barrels of oil per day net from 19 producing (four operated) horizontal wells. Projected cash flow for October is $136,718. Estimated proved developed producing reserves are 2.4 billion cubic feet. Eight rigs are currently drilling within this play with an expected 50 (10 0perated) additional wells drilled by year-end 2009. Some 88% of acreage is producing or held by operations with lease terms beyond 2008 for more than 99% of net acreage. Woodford shale rights only will be conveyed. A bid due date has not been determined. The effective date is Oct. 1. Contact Teri Williams, 918-481-5900, ext. 224.