Chesapeake Energy Declares Quarterly Dividend

Chesapeake Energy Corp.

Chesapeake has declared a $0.075 per share quarterly dividend that will be paid on July 15, 2009 to common shareholders of record on July 1, 2009. Chesapeake has approximately 626 million common shares outstanding.

Effective today, Chesapeake converted all of its outstanding 6.25% Mandatory Convertible Preferred Stock, par value $0.01 per share (the "Preferred Stock"), into Chesapeake Energy Corporation Common Stock, par value $0.01 per share (the "Common Stock"). The Preferred Stock was converted at a rate equal to 8.6218 shares of Common Stock per share of Preferred Stock. Cash was paid in lieu of fractional shares of Common Stock. No payment or adjustment was made upon conversion of the Preferred Stock for accrued dividends with respect to the Preferred Stock or for dividends with respect to the Common Stock issued upon conversion. From and after today, the Preferred Stock remaining outstanding will be deemed to be no longer outstanding and all rights of the holders with respect to such Preferred Stock will terminate, except the right to receive the whole shares of common stock issuable upon conversion and cash in lieu of any fractional shares, as described above.