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Chesapeake Energy Corporation Increases Quarterly Common Stock Dividend by 12.5% and Declares Preferred Stock Dividends

6/12/2007 12:37 PM

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OKLAHOMA CITY--(BUSINESS WIRE)--June 12, 2007--Chesapeake Energy Corporation (NYSE:CHK) today announced that its Board of Directors has declared a $0.0675 per share quarterly dividend that will be paid on July 16, 2007 to common shareholders of record on July 2, 2007. Chesapeake has approximately 461 million common shares outstanding. In addition, Chesapeake's Board has declared dividends on its outstanding convertible preferred stock issues, as stated below.

                       Cumulative Convertible Preferred Stock
               -------------------------------------------------------
                   4.125%  5% (2005)       4.50% 5% (2005B)      6.25%
------------   ---------- ---------- ----------- ---------- ----------
NYSE Symbol          N/A        N/A     CHK Pr D       N/A    CHK Pr E
------------   ---------- ---------- ----------- ---------- ----------
Date of        Mar. 30,   April 19,  Sept. 14,    Nov. 8,   June 30,
 Issue            2004       2005        2005       2005       2006
------------   ---------- ---------- ----------- ---------- ----------
Registered
 CUSIP         165167875  165167859   165167842  165167826  165167818
------------   ---------- ---------- ----------- ---------- ----------
144A CUSIP     165167883  165167867         N/A  165167834        N/A
------------   ---------- ---------- ----------- ---------- ----------
Par Value
 per Share         $0.01      $0.01       $0.01      $0.01      $0.01
------------   ---------- ---------- ----------- ---------- ----------
Shares
 Outstanding       3,062  4,600,000   3,450,000  5,750,000  2,300,000
------------   ---------- ---------- ----------- ---------- ----------
Liquidation
 Preference
 per Share        $1,000       $100        $100       $100       $250
------------   ---------- ---------- ----------- ---------- ----------
               Sept. 4,    July 2,    Sept. 4,    Aug. 1,   Sept. 4,
Record Date       2007       2007        2007       2007       2007
------------   ---------- ---------- ----------- ---------- ----------
               Sept. 17,  July 16,   Sept. 17,   Aug. 15,   Sept. 17,
Payment Date      2007       2007        2007       2007       2007
------------   ---------- ---------- ----------- ---------- ----------
Amount per
 Share          $10.3125      $1.25      $1.125      $1.25   $3.90625
------------   ---------- ---------- ----------- ---------- ----------

Chesapeake Energy Corporation is the third-largest independent producer and sixth-largest overall producer of natural gas in the United States. Headquartered in Oklahoma City, the company's operations are focused on exploratory and developmental drilling and corporate and property acquisitions in the Mid-Continent, 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.chkenergy.com.

CONTACT: Chesapeake Energy Corporation
JEFFREY L. MOBLEY, CFA, 405-767-4763
SENIOR VICE PRESIDENT - INVESTOR RELATIONS AND RESEARCH
jmobley@chkenergy.com
or
MARC ROWLAND, 405-879-9232
EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
mrowland@chkenergy.com
SOURCE: Chesapeake Energy Corporation

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