Chesapeake Energy Corporation Announces Pricing of Offering of EUR 600 Million of Senior Notes

Chesapeake Energy Corporation (NYSE:CHK) today announced that it
has priced its previously announced public offering of EUR 600 million
aggregate principal amount of senior notes due 2017, which carries an
interest rate of 6.25%. The senior notes were priced at 100% of par to
yield 6.25% to maturity. Chesapeake expects the issuance and delivery
of the senior notes to occur on December 6, 2006, subject to customary
closing conditions.

Chesapeake intends to use the net proceeds from the offering to
repay outstanding indebtedness under its revolving credit facility,
which may be reborrowed for general corporate purposes, including to
finance potential future acquisitions.

Barclays Capital, Credit Suisse, Deutsche Bank Securities and
Goldman Sachs International will act as joint book-running managers
for the offering. Copies of the preliminary prospectus and records
relating to the offering may be obtained from the offices of: Barclays
Capital, Attn: High Yield Capital Markets, 5 The North Colonnade,
Floor 2, London E14 4BB, United Kingdom, Fax: +44 (0) 207 773 4868,
Credit Suisse, One Cabot Square, London E14 4QJ, United Kingdom, Tel.
No.: +44 20 7883 6709; Deutsche Bank Securities, Attn: Prospectus
Department, 1251 Avenue of Americas, New York, NY 10019, Fax:
212-468-5333; Goldman Sachs International, Attn: High Yield Desk,
Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom,
Fax: +44(0) 207 774 4477, or Goldman, Sachs & Co., Prospectus Dept.,
85 Broad Street, New York, NY 10004 , Fax: 212-902-9316 or email at
prospectus-ny@ny.email.gs.com. An electronic copy of the prospectus
will be available on the website of the Securities and Exchange
Commission at www.sec.gov. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there
be any sale of these securities in any state or country in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state or country.

This document contains 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
include estimates and give our current expectations or forecasts of
future events. Although we believe our forward-looking statements are
reasonable, they can be affected by inaccurate assumptions or by known
or unknown risks and uncertainties.

Chesapeake Energy Corporation is the third largest independent
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,
Permian Basin, South Texas, Texas Gulf Coast, Barnett Shale,
Ark-La-Tex and Appalachian Basin regions of the United States. The
company's Internet address is www.chkenergy.com.