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			Six Months Ended June 30, 2005
EARNINGS:
Income before income taxes and cumulative effect of accounting change	$	196,162	$	361,698	$	67,140	$	500,952	$	804,926		$	502,032
Interest expense (a)		86,256		98,321		111,280		147,817		161,990			100,207
(Gain)/loss on investment in equity investees in excess of distributed earnings		—		—		—		409		(606	)		(727	)
Amortization of capitalized interest		1,226		1,784		1,804		2,519		4,620			3,970
Bond discount amortization (b)		—		—		—		—		—			—
Loan cost amortization		3,669		4,022		4,962		4,254		5,728			4,144
Earnings	$	287,313	$	465,825	$	185,186	$	655,951	$	976,658		$	609,626
FIXED CHARGES:
Interest expense	$	86,256	$	98,321	$	111,280	$	147,817	$	161,990		$	100,207
Capitalized interest		2,452		4,719		4,976		13,041		36,240			33,945
Bond discount amortization (b)		—		—		—		—		—			—
Loan cost amortization		3,669		4,022		4,962		4,254		5,728			4,144
Fixed Charges	$	92,377	$	107,062	$	121,218	$	165,112	$	203,958		$	138,296
Preferred Stock Dividends
Preferred Dividend Requirements	$	8,484	$	2,050	$	10,117	$	22,469	$	39,506		$	15,322
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		$	24,056
Combined Fixed Charges and Preferred Dividends	$	100,861	$	110,473	$	138,079	$	201,352	$	265,587		$	162,352
Ratio of Earnings to Fixed Charges		3.1		4.4		1.5		4.0		4.8			4.4
Insufficient coverage	$	—	$	—	$	—	$	—	$	—		$	—
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		2.8		4.2		1.3		3.3		3.7			3.8
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.