Chesapeake Energy Corporation Declares Quarterly Common and Preferred Stock Dividends

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 April 15, 2010 to common shareholders of record on April 1, 2010. Chesapeake has approximately 651 million common shares outstanding. In addition, Chesapeake''s Board has declared dividends on its outstanding convertible preferred stock issues, as stated below.

	�		�	�	�		�	�	�
		�	�	�	�	�	�	�	�	�
�	�	5% (2005)	�	�	�	4.50%	�	�	�	5% (2005B)
NYSE Symbol	�	N/A	�	�	�	CHK Pr D	�	�	�	N/A
Date of Issue	�	April 19, 2005	�	�	�	September 14, 2005	�	�	�	November 8, 2005
Registered CUSIP	�	165167859	�	�	�	165167842	�	�	�	165167826
144A CUSIP	�	165167867	�	�	�	N/A	�	�	�	165167834
Par Value per Share	�	$0.01	�	�	�	$0.01	�	�	�	$0.01
Shares Outstanding	�	5,000	�	�	�	2,558,900	�	�	�	2,095,615
Liquidation Preference per Share	�	$100	�	�	�	$100	�	�	�	$100
Record Date	�	April 1, 2010	�	�	�	June 1, 2010	�	�	�	May 3, 2010
Payment Date	�	April 15, 2010	�	�	�	June 15, 2010	�	�	�	May 17, 2010
Amount per Share	�	$1.25	�	�	�	$1.125	�	�	�	$1.25
										�

Chesapeake Energy Corporation is the second-largest producer of natural gas in the U.S.Headquartered in Oklahoma City, the company''s operations are focused on the development of onshore unconventional and conventional natural gas in the U.S. in the Barnett Shale, Fayetteville Shale, Haynesville Shale, Marcellus Shale, Anadarko Basin, Arkoma Basin, Appalachian Basin, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast and East Texas regions of the United States.Further information is available at www.chk.com.

Contacts:

Chesapeake Energy Corporation
Investor Contact:
Jeffrey L. Mobley, CFA
Senior Vice President - Investor Relations and Research
405-767-4763
jeff.mobley@chk.com
or
Media Contact:
Jim Gipson, Director – Media Relations
405-935-1310
jim.gipson@chk.com