Exhibit 12

CHESAPEAKE ENERGY CORPORATION

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(dollars in 000’s)

	Year Ended December 31, 2000		Year Ended December 31, 2001		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2004
EARNINGS:
Income before income taxes and cumulative effect of accounting change	$	196,162	$	361,698	$	67,140	$	500,952	$	804,926
Interest expense (a)		86,256		98,321		111,280		147,817		161,990
(Gain)/loss on investment in equity investees in excess of distributed earnings		—		—		—		409		(606	)
Amortization of capitalized interest		1,226		1,784		1,804		2,519		4,620
Bond discount amortization (b)		—		—		—		—		—
Loan cost amortization		3,669		4,022		4,962		4,254		5,728
Earnings	$	287,313	$	465,825	$	185,186	$	655,951	$	976,658
FIXED CHARGES:
Interest expense	$	86,256	$	98,321	$	111,280	$	147,817	$	161,990
Capitalized interest		2,452		4,719		4,976		13,041		36,240
Bond discount amortization (b)		—		—		—		—		—
Loan cost amortization		3,669		4,022		4,962		4,254		5,728
Fixed Charges	$	92,377	$	107,062	$	121,218	$	165,112	$	203,958
Preferred Stock Dividends
Preferred Dividend Requirements	$	8,484	$	2,050	$	10,117	$	22,469	$	39,506
Ratio of income before provision for taxes to net income (c)		N/A		1.66		1.67		1.61		1.56
Subtotal – Preferred Dividends	$	8,484	$	3,411	$	16,861	$	36,240		61,629
Combined Fixed Charges and Preferred Dividends	$	100,861	$	110,473	$	138,079	$	201,352		265,587
Ratio of Earnings to Fixed Charges		3.1		4.4		1.5		4.0		4.8
Insufficient coverage	$	—	$	—	$	—	$	—		—
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		2.8		4.2		1.3		3.3		3.7
Insufficient coverage	$	—	$	—	$	—	$	—		—

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

(b) Amortization of bond discount 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.