Chesapeake Energy Corporation Declares Quarterly Common and Preferred Stock Dividends

OKLAHOMA CITY--(BUSINESS WIRE)--Dec. 19, 2007--Chesapeake Energy Corporation (NYSE:CHK) today announced that its Board of Directors has declared a $0.0675 per share quarterly dividend that will be paid on January 15, 2008 to common shareholders of record on January 2, 2008. Chesapeake has approximately 511 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%
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NYSE Symbol               N/A       N/A  CHK Pr D        N/A  CHK Pr E
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Date of Issue       Mar. 30,  April 19, Sept. 14,   Nov. 8,  June 30,
                         2004      2005      2005       2005      2006
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Registered CUSIP    165167875 165167859 165167842  165167826 165167818
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144A CUSIP          165167883 165167867       N/A  165167834       N/A
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Par Value per Share     $0.01     $0.01     $0.01      $0.01     $0.01
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Shares Outstanding      3,062    64,120 3,450,000  5,750,000   143,816
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Liquidation
 Preference per
 Share                 $1,000      $100      $100       $100      $250
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Record Date          Mar. 3,   Jan. 2,   Mar. 3,    Feb. 1,   Mar. 3,
                         2008      2008      2008       2008      2008
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Payment Date        Mar. 17,  Jan. 15,  Mar. 17,   Feb. 15,  Mar. 17,
                         2008      2008      2008       2008      2008
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Amount per Share     $10.3125     $1.25    $1.125      $1.25  $3.90625
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Chesapeake Energy Corporation is the largest independent producer and third-largest overall producer of natural gas in the United States. Headquartered in Oklahoma City, the company's operations are focused on exploratory and developmental drilling and corporate and property acquisitions in the Mid-Continent, Fort Worth Barnett Shale, Fayetteville Shale, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast, 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