Exhibit 12

CHESAPEAKE ENERGY CORPORATION

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(dollars in 000’s)

	Year Ended December 31, 2001		Year Ended December 31, 2002		Year Ended December 31, 2003		Year Ended December 31, 2004			Year Ended December 31, 2005		Three Months Ended March 31, 2006
EARNINGS:
Income before income taxes and cumulative effect of accounting change	$	361,698	$	67,140	$	500,952	$	804,926		$	1,493,393	$	1,006,006
Interest expense (a)		98,321		111,280		147,817		161,990			221,385		71,654
(Gain)/loss on investment in equity investees in excess of distributed earnings		—		—		409		(606	)		766		(4,179	)
Amortization of capitalized interest		1,784		1,804		2,519		4,620			9,702		3,471
Bond discount amortization (b)		—		—		—		—			—		—
Loan cost amortization		4,022		4,962		4,254		5,728			9,036		2,943
Earnings	$	465,825	$	185,186	$	655,951	$	976,658		$	1,734,282	$	1,079,895
FIXED CHARGES:
Interest expense	$	98,321	$	111,280	$	147,817	$	161,990		$	221,385	$	71,654
Capitalized interest		4,719		4,976		13,041		36,240			78,959		31,303
Bond discount amortization (b)		—		—		—		—			—		—
Loan cost amortization		4,022		4,962		4,254		5,728			9,037		2,943
Fixed Charges	$	107,062	$	121,218	$	165,112	$	203,958		$	309,381	$	105,900
Preferred Stock Dividends
Preferred Dividend Requirements	$	2,050	$	10,117	$	22,469	$	39,506		$	41,813	$	18,812
Ratio of income before provision for taxes to net income (c)		1.66		1.67		1.61		1.56			1.57		1.57
Subtotal – Preferred Dividends	$	3,411	$	16,861	$	36,240	$	61,629		$	65,646	$	29,535
Combined Fixed Charges and Preferred Dividends	$	110,473	$	138,079	$	201,352	$	265,587		$	375,027	$	135,435
Ratio of Earnings to Fixed Charges		4.4		1.5		4.0		4.8			5.6		10.2
Insufficient coverage	$	—	$	—	$	—	$	—		$	—	$	—
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		4.2		1.3		3.3		3.7			4.6		8.0
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.