Chesapeake Energy Corporation Declares Quarterly Common and Preferred Stock Dividends

OKLAHOMA CITY, Mar 14, 2008 (BUSINESS WIRE) -- 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 April 15, 2008 to common shareholders of record on April 1, 2008. Chesapeake has approximately 514 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
                   ---------------------------------------------------
                                                      5%
                     4.125%    5% (2005)   4.50%    (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       3,062     5,000 3,450,000 5,750,000   143,768
------------------ ----------- --------- --------- --------- ---------
Liquidation
 Preference per
 Share                  $1,000      $100      $100      $100      $250
------------------ ----------- --------- --------- --------- ---------
                      June 2,  April 1,   June 2,    May 1,   June 2,
Record Date               2008      2008      2008      2008      2008
------------------ ----------- --------- --------- --------- ---------
                     June 16,  April 15, June 16,   May 15,  June 16,
Payment Date              2008      2008      2008      2008      2008
------------------ ----------- --------- --------- --------- ---------
Amount per Share      $10.3125     $1.25    $1.125     $1.25  $3.90625
------------------ ----------- --------- --------- --------- ---------

Chesapeake Energy Corporation is the largest independent and third-largest overall 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, 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.chk.com.

SOURCE: Chesapeake Energy Corporation

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