Press Releases

Chesapeake Energy Corporation today announced that its Board of Directors has declared a $0.05 per share quarterly dividend that will be paid on April 17, 2006 to common shareholders of record on April 3, 2006. Chesapeake has approximately 379 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)
                       May 18,   Mar. 30,   April 19,   Sept. 14,   Nov. 8,
  Date of Issue         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   842,673     86,310   4,600,000   3,450,000  5,750,000
  Liquidation
   Preference per
   Share                  $100     $1,000        $100        $100       $100
  Record Date           May 1,   June 1,     April 3,    June 1,     May 1,
                        2006      2006        2006        2006       2006
  Payment Date         May 15,   June 15,   April 17,   June 15,     May 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