FOR IMMEDIATE RELEASE MARCH 14, 2008       N e w s   R e l e a s e       Chesapeake Energy Corporation P. O. Box 18496 Oklahoma City, OK  73154

CONTACTS:

JEFFREY L. MOBLEY, CFA SENIOR VICE PRESIDENT – INVESTOR RELATIONS AND RESEARCH (405) 767-4763 jmobley@chkenergy.com MARC ROWLAND EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER (405) 879-9232 mrowland@chkenergy.com

CHESAPEAKE ENERGY CORPORATION DECLARES QUARTERLY

COMMON AND PREFERRED STOCK DIVIDENDS

OKLAHOMA CITY, OKLAHOMA, MARCH 14, 2008 – Chesapeake Energy Corporation (NYSE:CHK) today announced that its Board of Directors has declared a $0.0675 per share quarterly dividend that will be paid on April 15, 2008 to common shareholders of record on April 1, 2008.  Chesapeake has approximately 514 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 Issue	Mar. 30, 2004		April 19, 2005		Sept. 14, 2005		Nov. 8, 2005		June 30, 2006
Registered CUSIP		165167875		165167859		165167842		165167826		165167818
144A CUSIP		165167883		165167867		N/A		165167834		N/A
Par Value per Share	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01
Shares Outstanding		3,062		5,000		3,450,000		5,750,000		143,768
Liquidation Preference per Share	$	1,000	$	100	$	100	$	100	$	250
Record Date	June 2, 2008		April 1, 2008		June 2, 2008		May 1, 2008		June 2, 2008
Payment Date	June 16, 2008		April 15, 2008		June 16, 2008		May 15, 2008		June 16, 2008
Amount per Share	$	10.3125	$	1.25	$	1.125	$	1.25	$	3.90625

Chesapeake Energy Corporation is the largest independent and third-largest overall 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, Fort Worth Barnett Shale, Fayetteville Shale, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast, Ark-La-Tex and Appalachian Basin regions of the United States. The company’s Internet address is www.chk.com.