Exhibit 12

CHEAPEAKE ENERGY CORPORATION

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(dollars in 000’s)

	Year Ended December 31, 1998			Year Ended December 31, 1999		Year Ended December 31, 2000		Year Ended December 31, 2001		Year Ended December 31, 2002		Nine Months Ended September 30, 2003
EARNINGS:
Income before income taxes and extraordinary item	$	(920,520	)	$	35,030	$	196,162	$	361,698	$	67,140	$	389,060
Interest		68,249			81,052		86,256		98,321		111,280		110,557
Amortization of capitalized interest		12,240			1,047		1,226		1,784		1,804		1,769
Bond discount amortization		—			—		—		—		—		—
Loan cost amortization		2,516			3,338		3,669		4,022		4,962		5,300
Earnings	$	(837,515	)	$	120,467	$	287,313	$	465,825	$	185,186	$	506,686
Interest expense	$	68,249		$	81,052	$	86,256	$	98,321	$	111,280	$	110,557
Capitalized interest		6,470			3,356		2,452		4,719		4,976		8,753
Bond discount amortization		—			—		—		—		—		—
Loan cost amortization		2,516			3,338		3,669		4,022		4,962		5,300
Fixed Changes	$	77,235		$	87,746	$	92,377	$	107,062	$	121,218	$	124,610
Preferred Stock Dividends
Preferred Dividend Requirements	$	12,077		$	16,711	$	8,484	$	2,050	$	10,117	$	15,484
Ratio of income before provision for taxes to Net income		N/A			1.05		N/A		1.66		1.67		1.61
Subtotal – Preferred Dividends	$	12,077		$	17,597	$	8,484	$	3,411	$	16,861	$	24,975
Combined Fixed Charges and Preferred Dividends	$	89,312		$	105,343	$	100,861	$	110,473	$	138,079	$	149,585
Ratio of Earnings to Fixed Charges		—			1.4		3.1		4.4		1.5		4.1
Insufficient coverage	$	914,750		$	—	$	—	$	—	$	—	$	—
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		—			1.1		2.8		4.2		1.3		3.4
Insufficient coverage	$	926,824		$	—	$	—	$	—	$	—	$	—