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			Three Months Ended March 31, 2005
EARNINGS:
Income before income taxes and cumulative effect of accounting change	$	196,162	$	361,698	$	67,140	$	500,952	$	804,926		$	196,866
Interest expense (a)		86,256		98,321		111,280		147,817		161,990			46,172
(Gain)/loss on investment in equity investees in excess of distributed earnings		—		—		—		409		(606	)		151
Amortization of capitalized interest		1,226		1,784		1,804		2,519		4,620			1,770
Bond discount amortization (b)		—		—		—		—		—			—
Loan cost amortization		3,669		4,022		4,962		4,254		5,728			1,946
Earnings	$	287,313	$	465,825	$	185,186	$	655,951	$	976,658		$	246,905
FIXED CHARGES:
Interest expense	$	86,256	$	98,321	$	111,280	$	147,817	$	161,990		$	46,172
Capitalized interest		2,452		4,719		4,976		13,041		36,240			16,023
Bond discount amortization (b)		—		—		—		—		—			—
Loan cost amortization		3,669		4,022		4,962		4,254		5,728			1,946
Fixed Charges	$	92,377	$	107,062	$	121,218	$	165,112	$	203,958		$	64,141
Preferred Stock Dividends
Preferred Dividend Requirements	$	8,484	$	2,050	$	10,117	$	22,469	$	39,506		$	5,463
Ratio of income before provision for taxes to net income (c)		N/A		1.66		1.67		1.61		1.56			1.57
Subtotal – Preferred Dividends	$	8,484	$	3,411	$	16,861	$	36,240	$	61,629		$	8,577
Combined Fixed Charges and Preferred Dividends	$	100,861	$	110,473	$	138,079	$	201,352	$	265,587		$	72,718
Ratio of Earnings to Fixed Charges		3.1		4.4		1.5		4.0		4.8			3.8
Insufficient coverage	$	—	$	—	$	—	$	—	$	—		$	—
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		2.8		4.2		1.3		3.3		3.7			3.4
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.