Chesapeake Energy Corporation Declares Quarterly Common and Preferred Stock Dividends

OKLAHOMA CITY--(BUSINESS WIRE)--Dec. 19, 2006--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 January 16, 2007 to common shareholders of record on January 2, 2007. Chesapeake has approximately 467 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
--------------- ---------- ---------- ---------- ---------- ----------
                Mar. 30,   April 19,  Sept. 14,   Nov. 8,   June 30,
Date of 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        3,065  4,600,000  3,450,000  5,750,000  2,300,000
--------------- ---------- ---------- ---------- ---------- ----------
Liquidation
 Preference per
 Share             $1,000       $100       $100       $100       $250
--------------- ---------- ---------- ---------- ---------- ----------
                 Mar. 1,    Jan. 2,    Mar. 1,    Feb. 1,    Mar. 1,
Record Date        2007       2007      2007        2007       2007
--------------- ---------- ---------- ---------- ---------- ----------
                 Mar. 15,   Jan. 16,   Mar. 15,   Feb. 15,   Mar. 15,
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 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.

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