Chesapeake Energy Corporation Increases Quarterly Common Stock Dividend by 11% and Declares Preferred Stock Dividends

OKLAHOMA CITY--(BUSINESS WIRE)--June 10, 2008--Chesapeake Energy Corporation (NYSE:CHK) today announced that its Board of Directors has declared a $0.075 per share quarterly dividend that will be paid on July 15, 2008 to common shareholders of record on July 1, 2008. Chesapeake has approximately 546 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       3,059     5,000 3,450,000 3,031,500   143,768
-------------------- --------- --------- --------- --------- ---------
Liquidation
 Preference per
 Share                  $1,000      $100      $100      $100      $250
-------------------- --------- --------- --------- --------- ---------
                     Sept. 2,  July 1,   Sept. 2,  Aug. 1,   Sept. 2,
Record Date             2008      2008      2008      2008      2008
-------------------- --------- --------- --------- --------- ---------
                     Sept. 15, July 15,  Sept. 15, Aug. 15,  Sept. 15,
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 third-largest 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 Fort Worth Barnett Shale, Fayetteville Shale, Haynesville Shale, Mid-Continent, Appalachian Basin, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast and Ark-La-Tex regions of the United States. Chesapeake's Internet address is www.chk.com.

CONTACT: Chesapeake Energy Corporation
Jeffrey L. Mobley, CFA, 405-767-4763
Senior Vice President -
Investor Relations and Research
jeff.mobley@chk.com
or
Marc Rowland, 405-879-9232
Executive Vice President and
Chief Financial Officer
marc.rowland@chk.com
SOURCE: Chesapeake Energy Corporation