EXHIBIT 12

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

	Years Ended December 31,													Nine Months Ended September  30,
	2007		2008		2009			2010			2011			2012
	($ in millions)
EARNINGS:
Income (loss) before income taxes and cumulative effect of accounting change	$	2,347	$	991	$	(9,288	)	$	2,884		$	2,880		$	(1,537	)
Interest expense(a)	375		225		237			122			94			112
(Gain)/loss on investment in equity investees in excess of distributed earnings	21		40		39			(232		)	(154		)	90
Amortization of capitalized interest	40		74		150			212			297			293
Loan cost amortization	16		19		26			25			28			34
Earnings	$	2,799	$	1,349	$	(8,836	)	$	3,011		$	3,145		$	(1,008	)
FIXED CHARGES:
Interest Expense	$	375	$	225	$	237		$	122		$	94		$	112
Capitalized interest	311		586		627			711			727			766
Loan cost amortization	16		19		26			25			28			34
Fixed Charges	$	702	$	830	$	890		$	858		$	849		$	912
PREFERRED STOCK DIVIDENDS:
Preferred dividend requirements	$	94	$	33	$	23		$	111		$	172		$	128
Ratio of income (loss) before provision for taxes to net income (loss)(b)	1.62		1.64		1.59			1.63			1.65			1.44
Preferred Dividends	$	152	$	54	$	37		$	181		$	284		$	184
COMBINED FIXED CHARGES AND  REFERRED DIVIDENDS	$	854	$	884	$	927		$	1,039		$	1,131		$	1,096
RATIO OF EARNINGS TO FIXED CHARGES	4.0		1.6		(9.9		)	3.5			3.7			(1.1		)
INSUFFICIENT COVERAGE	$	—	$	—	$	9,726		$	—		$	—		$	1,920
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	3.3		1.5		(9.5		)	2.9			2.8			(0.9		)
INSUFFICIENT COVERAGE	$	—	$	—	$	9,763		$	—		$	—		$	2,104

(a) Excludes the effect of unrealized gains or losses on interest rate derivatives and includes amortization of bond discount.

(b) Amounts of income (loss) before provision for taxes and of net income (loss) exclude the cumulative effect of accounting change.