Operational Highlights

Proved and Unproved Reserves: As of September 30, 2008, Chesapeake's estimated proved reserves were 12.1 trillion cubic feet of natural gas equivalent (tcfe), net of 0.4 tcfe of proved reserves sold during the 2008 third quarter. The company also estimates that on its 15.6 million net acres of leasehold, it has an inventory of approximately 37,000 net drillsites and owns approximately 60 tcfe of risked unproved reserves (190 tcfe of unrisked unproved reserves), including 14 tcfe in the Haynesville Shale, 7 tcfe in the Fayetteville Shale and 5 tcfe in the Barnett Shale.

Production Outlook: The company affirms its previously announced production growth outlook of 18% for 2008 and 16% for 2009 and 2010. Chesapeake is currently using 145 operated drilling rigs, anticipates operating approximately 135-140 rigs by year-end 2008 and expects to keep its rig count flat to down in 2009 and 2010.

Haynesville Shale: Chesapeake now owns or has commitments for approximately 700,000 gross acres (480,000 net acres and excluding 120,000 net acres owned by the company's 20% joint venture partner Plains Exploration and Production, Inc. (NYSE:PXP)) in the Haynesville Shale play in northwest Louisiana and East Texas, encompassing approximately 20% of the estimated 3.5 million acre play. On this leasehold, the company estimates that it has 14 tcfe of risked unproved reserves (29 tcfe unrisked). Chesapeake now has 16 horizontal Haynesville Shale wells producing approximately 65 million cubic feet of natural gas equivalent (mmcfe) gross (50 mmcfe net). The company's last six horizontal wells have had gross average initial production rates exceeding 10 mmcfe per day and the company has gained even greater confidence in its average estimated ultimate recovery estimate (EUR) of 6.5 billion cubic feet of natural gas equivalent (bcfe) per well. Chesapeake is currently operating 14 rigs in the play and anticipates operating an average approximately 25 rigs in 2009.

Management Comments

Aubrey K. McClendon, Chesapeake's Chief Executive Officer, commented, "We are pleased to highlight the steps Chesapeake is taking to further enhance its financial strength and also to highlight the tremendous growth in the company's resource potential. We look forward to providing extensive operational details and showcasing the attractiveness of our corporate strategy, the quality of the company's assets, the breadth of Chesapeake's technical expertise, the value of the company's asset monetization strategies, our unique corporate culture and our vision for the future at our Investor and Analyst Meeting at our corporate headquarters on October 15 and 16."

Web Cast Information

Chesapeake's 2008 Investor and Analyst Meeting will be webcast live on the Internet from 2:30 pm EDT to 5:45 pm EDT on Wednesday, October 15 and from 8:30 am EDT to 1:00 pm EDT on Thursday, October 16. The webcast can be accessed by going to Chesapeake's website at www.chk.com and selecting the "News & Events" section. The replay of the webcast will be available on the company's website for approximately 30 days. The meeting's slide show presentation can also be accessed by going to the company's website and selecting "Presentations" in the "Investor Relations" section.