Chesapeake Energy Corporation Declares Quarterly Common and Preferred Stock Dividends

OKLAHOMA CITY, Sep 25, 2006 (BUSINESS WIRE) -- 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 October 16, 2006 to common shareholders of record on October 2, 2006. Chesapeake has approximately 435 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)
---------------------- ---------------- --------------- --------------
NYSE Symbol                   CHK Pr B             N/A            N/A
---------------------- ---------------- --------------- --------------
Date of Issue            Nov. 18, 2003   Mar. 30, 2004  April 19, 2005
---------------------- ---------------- --------------- --------------
Registered CUSIP             165167800       165167875      165167859
---------------------- ---------------- --------------- --------------
144A CUSIP                         N/A       165167883      165167867
---------------------- ---------------- --------------- --------------
Par Value per Share              $0.01           $0.01          $0.01
---------------------- ---------------- --------------- --------------
Shares Outstanding              38,625           3,065      4,600,000
---------------------- ---------------- --------------- --------------
Liquidation Preference
 per Share                        $100          $1,000           $100
---------------------- ---------------- --------------- --------------
Record Date               Nov. 1, 2006    Dec. 1, 2006   Oct. 2, 2006
---------------------- ---------------- --------------- --------------
Payment Date             Nov. 15, 2006   Dec. 15, 2006  Oct. 16, 2006
---------------------- ---------------- --------------- --------------
Amount per Share                 $1.25        $10.3125          $1.25
---------------------- ---------------- --------------- --------------

                            4.50%         5% (2005B)        6.25%
---------------------- ---------------- --------------- --------------
NYSE Symbol                   CHK Pr D             N/A       CHK Pr E
---------------------- ---------------- --------------- --------------
Date of Issue           Sept. 14, 2005    Nov. 8, 2005  June 30, 2006
---------------------- ---------------- --------------- --------------
Registered CUSIP             165167842       165167826      165167818
---------------------- ---------------- --------------- --------------
144A CUSIP                         N/A       165167834            N/A
---------------------- ---------------- --------------- --------------
Par Value per Share              $0.01           $0.01          $0.01
---------------------- ---------------- --------------- --------------
Shares Outstanding           3,450,000       5,750,000      2,300,000
---------------------- ---------------- --------------- --------------
Liquidation Preference
 per Share                        $100            $100           $250
---------------------- ---------------- --------------- --------------
Record Date               Dec. 1, 2006    Nov. 1, 2006   Dec. 1, 2006
---------------------- ---------------- --------------- --------------
Payment Date             Dec. 15, 2006   Nov. 15, 2006  Dec. 15, 2006
---------------------- ---------------- --------------- --------------
Amount per Share                $1.125           $1.25       $3.90625
---------------------- ---------------- --------------- --------------

Chesapeake Energy Corporation is the third 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 www.chkenergy.com.

SOURCE: Chesapeake Energy Corporation

Chesapeake Energy Corporation, Oklahoma City
Jeffrey L. Mobley, 405-767-4763
jmobley@chkenergy.com
or
Marc Rowland, 405-879-9232
mrowland@chkenergy.com