Dividend Reinvestment Plan

On October 1, 2003, Chesapeake instituted a Dividend Reinvestment Program (DRIP), a convenient and economical way for investors to increase ownership of Chesapeake common stock. Dividends are credited to your account on whole and fractional shares, and you may enroll or discontinue participation at any time. Computershare Trust Company, N.A. (the ''Bank'') will hold your shares in safekeeping for you at no charge until you discontinue your participation in the DRIP or request that a certificate be issued to you.

Each time cash dividends are paid on the Chesapeake common stock in your DRIP account, the Bank will commingle your dividends with those of other DRIP participants and will then purchase additional shares of Chesapeake common stock in the open market. Your proportionate share of the additional shares purchased, including fractional shares carried to four decimal places, will be credited to your account. The fractional shares will earn dividends just as the whole dividends. You will receive a statement of your account each time there is activity.

The price per share of the Chesapeake common stock acquired on your behalf in the open market will be the weighted average of the actual prices paid by the Bank for all of the shares purchased by the DRIP for a specific dividend. Any fees or commissions that the Bank is required to pay to buy the additional shares will be reimbursed by Chesapeake and not charged to your account.

Any registered owner of Chesapeake common stock is eligible to participate in the DRIP. Beneficial owners of our common stock whose shares are held through a bank, broker or other nominee must contact their bank, broker or nominee regarding options for participating in the DRIP.

To begin, contact our transfer agent at the address or phone number below and request a Chesapeake Energy reinvestment kit. Fill out the Authorization Form and sign it exactly as your name appears in Chesapeake's shareholder records (all joint owners must sign). The Authorization Form authorizes the Bank, as your agent, to receive your cash dividends and use them to purchase additional shares of Chesapeake common stock in the open market on your behalf.

On the Authorization Form you may choose to have your dividends reinvested on all or a percentage of the shares of Chesapeake common stock in your account. You can change your election to have all or a percentage of your shares subject to dividend reinvestment at any time by completing and returning a new Authorization Form to the Bank.

Your Authorization Form must be received by the Bank before the dividend record date for a particular dividend in order for that dividend to be reinvested for you through the DRIP.

All notices, questions or other communications regarding the DRIP should be addressed to:

Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
800-884-4225

Be sure to reference Chesapeake Energy Corporation in all of your correspondence to the Bank regarding the DRIP.