Chesapeake Energy Board Accepts V. Burns Hargis’ Resignation; Elects Louis A. Raspino To Board, Audit Committee Chair

The Board of Directors of Chesapeake Energy Corporation (NYSE:CHK) has accepted the resignation of board member V. Burns Hargis, effective immediately, board Chairman Archie Dunham announced today. Dunham also announced that Louis A. Raspino has been elected to fill the vacancy and has been appointed chairman of the audit committee. He will stand for election at the 2013 annual meeting of shareholders in June.

“Over the past several months, I have admired Burns’ unselfish service on our board,” Dunham said. “He has willingly invested his time, talents and expertise for the sole purpose of helping make Chesapeake successful. We are grateful to Burns for remaining on the board to see several important assignments through to completion. He led the audit committee and the recent review with the utmost professionalism and integrity. During this same period, he also contributed to strengthening Chesapeake’s corporate governance. We wish him only the very best as he continues to lead Oklahoma State University.”

Appointed to the board in September 2008, Hargis commented: “With the completion of my final assignment, it is the appropriate time for me to step aside. I will always count it a privilege to have served on Chesapeake’s board. Moving forward, Archie’s knowledge of the energy industry and his experience running ConocoPhillips will continue to benefit shareholders and employees. As I depart the board, I am confident in the future of Chesapeake because of its strong assets, experienced management team and dedicated employees.”

Regarding the election of Raspino, Dunham stated: “With his extensive operational, strategic and financial expertise in America’s oil and natural gas industry combined with his sterling reputation on matters of corporate governance, Louis Raspino is the ideal person to chair the audit committee of the Chesapeake board. We are pleased to welcome Louis and are confident his insight and service on our board will significantly benefit the company and our shareholders.”

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