Press Releases

OKLAHOMA CITY--(BUSINESS WIRE)--Dec. 15, 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 January 15, 2009 to common shareholders of record on January 2, 2009. Chesapeake has approximately 606 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

Date of      Mar. 30,   April 19,     Sept. 14,     Nov. 8, 2005  June 30,
Issue        2004       2005          2005                        2006

Registered   165167875  165167859     165167842     165167826     165167818
CUSIP

144A CUSIP   165167883  165167867     N/A           165167834     N/A

Par Value    $0.01      $0.01         $0.01         $0.01         $0.01
per Share

Shares       3,033      5,000         2,558,900     2,095,615     143,768
Outstanding

Liquidation
Preference   $1,000     $100          $100          $100          $250
per Share

Record Date  Mar. 2,    Jan. 2, 2009  Mar. 2, 2009  Feb. 2, 2009  Mar. 2, 2009
             2009

Payment      Mar. 16,   Jan. 15,      Mar. 16,      Feb. 16,      Mar. 16,
Date         2009       2009          2009          2009          2009

Amount per   $10.3125   $1.25         $1.125        $1.25         $3.90625
Share

Chesapeake Energy Corporation is the 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, Marcellus Shale, Mid-Continent, Appalachian Basin, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast and Ark-La-Tex regions of the United States. Further information is available at www.chk.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