Chesapeake Energy Corporation Increases Quarterly Common Stock Dividend By 20%, Also Declares Preferred Stock Dividends

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Chesapeake Energy Corporation Increases Quarterly Common Stock Dividend By 20%, Also Declares Preferred Stock Dividends

    OKLAHOMA CITY, June 14 /PRNewswire-FirstCall/ -- Chesapeake Energy
Corporation (NYSE: CHK) today announced that its Board of Directors has
declared a $0.06 per share quarterly dividend that will be paid on July 17,
2006 to common shareholders of record on July 3, 2006. This is an increase
of 20% from the last quarterly common stock dividend of $0.05 per share
that was paid on April 17, 2006. Chesapeake has approximately 400 million
common shares outstanding. In addition, Chesapeake's Board has declared
dividends on its outstanding convertible preferred stock issues, as stated
below.
                        Chesapeake Energy Corporation
                     Preferred Stock Dividend Declaration

                                Cumulative Convertible Preferred Stock

                     5% (2003)    4.125%     5% (2005)     4.50%    5% (2005B)
    Date of Issue     Nov. 18,    Mar. 30,   April 19,   Sept. 14,     Nov. 8,
                         2003        2004        2005        2005        2005
    Registered
     CUSIP           165167800   165167875   165167859   165167842   165167826
    144A CUSIP             N/A   165167883   165167867         N/A   165167834
    Par Value
     per Share           $0.01       $0.01       $0.01       $0.01       $0.01
    Shares
     Outstanding        38,625     3,065    4,600,000   3,450,000   5,750,000
    Liquidation
     Preference
     per Share            $100      $1,000        $100        $100        $100
    Record Date        Aug. 1,    Sept. 1,     July 3,     Sept. 1,    Aug. 1,
                         2006        2006        2006         2006       2006
    Payment Date      Aug. 15,   Sept. 15,    July 17,    Sept. 15,   Aug. 15,
                         2006        2006        2006         2006       2006
    Amount per Share     $1.25    $10.3125       $1.25       $1.125      $1.25
    Chesapeake Energy Corporation is the second largest independent
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, Permian
Basin, South Texas, Texas Gulf Coast, Barnett Shale, Ark-La-Tex and
Appalachian Basin regions of the United States. The company's Internet
address is http://www.chkenergy.com .

SOURCE Chesapeake Energy Corporation

http://www.chkenergy.com
CONTACT:
Jeffrey L. Mobley, CFA, Senior Vice President
- Investor Relations and Research, +1-405-767-4763, or
jmobley@chkenergy.com , or Marc Rowland, Executive Vice President
and Chief Financial Officer, +1-405-879-9232, or
mrowland@chkenergy.com , both of Chesapeake Energy Corporation