Chesapeake Energy Corporation Increases Quarterly Common Stock Dividend By 20%, Also Declares Preferred Stock Dividends
PRNewswire-FirstCall
OKLAHOMA CITY

Chesapeake Energy Corporation 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

CONTACT: 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