Exhibit 12

CHESAPEAKE ENERGY CORPORATION

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(dollars in 000’s)

	Year Ended December 31, 1999		Year Ended December 31, 2000		Year Ended December 31, 2001		Year Ended December 31, 2002		Year Ended December 31, 2003		Nine Months Ended September 30, 2004
EARNINGS:
Income before income taxes and cumulative effect of accounting change	$	35,030	$	196,162	$	361,698	$	67,140	$	500,952	$	479,087
Interest expense (a)		81,052		86,256		98,321		111,280		147,817		118,151
(Gain)/loss on investment in equity investees in excess of distributed earnings		—		—		—		—		409		(583	)
Amortization of capitalized interest		1,047		1,226		1,784		1,804		2,519		3,119
Bond discount amortization (b)		—		—		—		—		—		—
Loan cost amortization		3,338		3,669		4,022		4,962		4,254		3,987
Earnings	$	120,467	$	287,313	$	465,825	$	185,186	$	655,951	$	603,761
FIXED CHARGES:
Interest expense	$	81,052	$	86,256	$	98,321	$	111,280	$	147,817	$	118,151
Capitalized interest		3,356		2,452		4,719		4,976		13,041		23,186
Bond discount amortization (b)		—		—		—		—		—		—
Loan cost amortization		3,338		3,669		4,022		4,962		4,254		3,987
Fixed Charges	$	87,746	$	92,377	$	107,062	$	121,218	$	165,112	$	145,324
Preferred Stock Dividends
Preferred Dividend Requirements	$	16,711	$	8,484	$	2,050	$	10,117	$	22,469	$	30,799
Ratio of income before provision for taxes to net income (c)		1.05		N/A		1.66		1.67		1.61		1.56
Subtotal – Preferred Dividends	$	17,597	$	8,484	$	3,411	$	16,861	$	36,240	$	48,046
Combined Fixed Charges and Preferred Dividends	$	105,343	$	100,861	$	110,473	$	138,079	$	201,352	$	193,370
Ratio of Earnings to Fixed Charges		1.4		3.1		4.4		1.5		4.0		4.2
Insufficient coverage	$	—	$	—	$	—	$	—	$	—	$	—
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		1.1		2.8		4.2		1.3		3.3		3.1
Insufficient coverage	$	—	$	—	$	—	$	—	$	—	$	—

(a) Excludes the effect on unrealized gains or losses on interest rate derivatives.

(b) Amortization of bond discount is excluded since it is included in interest expense.

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