6/14/2006 8:03 AM | Chesapeake Energy - America's Champion of Natural Gas

Chesapeake Energy Corporation Increases Quarterly Common Stock Dividend By 20%, Also Declares Preferred Stock Dividends

6/14/2006 8:03 AM

OKLAHOMA CITY, June 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Chesapeake Energy Corporation (NYSE: CHK) today announced that its Board of Directors has declared a $0.06 per share quarterly dividend that will be paid on July 17, 2006 to common shareholders of record on July 3, 2006. This is an increase of 20% from the last quarterly common stock dividend of $0.05 per share that was paid on April 17, 2006. Chesapeake has approximately 400 million common shares outstanding. In addition, Chesapeake's Board has declared dividends on its outstanding convertible preferred stock issues, as stated below.




                        Chesapeake Energy Corporation
                     Preferred Stock Dividend Declaration

                                Cumulative Convertible Preferred Stock

                     5% (2003)    4.125%     5% (2005)     4.50%    5% (2005B)
    Date of Issue     Nov. 18,    Mar. 30,   April 19,   Sept. 14,     Nov. 8,
                         2003        2004        2005        2005        2005
    Registered
     CUSIP           165167800   165167875   165167859   165167842   165167826
    144A CUSIP             N/A   165167883   165167867         N/A   165167834
    Par Value
     per Share           $0.01       $0.01       $0.01       $0.01       $0.01
    Shares
     Outstanding        38,625     3,065    4,600,000   3,450,000   5,750,000
    Liquidation
     Preference
     per Share            $100      $1,000        $100        $100        $100
    Record Date        Aug. 1,    Sept. 1,     July 3,     Sept. 1,    Aug. 1,
                         2006        2006        2006         2006       2006
    Payment Date      Aug. 15,   Sept. 15,    July 17,    Sept. 15,   Aug. 15,
                         2006        2006        2006         2006       2006
    Amount per Share     $1.25    $10.3125       $1.25       $1.125      $1.25

Chesapeake Energy Corporation is the second 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 http://www.chkenergy.com .

SOURCE Chesapeake Energy Corporation

Jeffrey L. Mobley, CFA, Senior Vice President - Investor Relations and Research, +1-405-767-4763, or jmobley@chkenergy.com , or Marc Rowland, Executive Vice President and Chief Financial Officer, +1-405-879-9232, or mrowland@chkenergy.com , both of Chesapeake Energy Corporation

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The information includes forward-looking statements, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially. We refer you to the discussion of risk factors that could affect future operating or financial performance in our most recent prospectus and Form 10-K and other SEC Filings. Chesapeake assumes no obligation to update any forward-looking statements made here as a result of new information or future events or developments. You will find a reconciliation of any non-GAAP financial measure, as defined by the SEC in Regulation G, to the most directly comparable GAAP number in Reconciliation of Non-GAAP Financial Measures.

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