EXHIBIT 12

CHESAPEAKE ENERGY CORPORATION

RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

($ in millions)

	Year Ended December 31, 2003		Year Ended December 31, 2004			Year Ended December 31, 2005		Year Ended December 31, 2006			Year Ended December 31, 2007		Nine Months Ended September 30, 2008
EARNINGS:
Income (loss) before income taxes and Cumulative effect of accounting change	$	501	$	805		$	1,493	$	3,255		$	2,341	$	2,575
Interest expense (a)		148		162			221		299			379		249
(Gain)/loss on investment in equity investees in excess of distributed earnings		—		(1	)		1		(3	)		21		36
Amortization of capitalized interest		3		5			10		19			39		45
Bond discount amortization (b)		—		—			—		—			—		—
Loan cost amortization		4		6			9		13			17		16
Earnings	$	656	$	977		$	1,734	$	3,583		$	2,797	$	2,921
FIXED CHARGES:
Interest expense	$	148	$	162		$	221	$	299		$	379	$	249
Capitalized interest		13		36			79		179			269		307
Bond discount amortization (b)		—		—			—		—			—		—
Loan cost amortization		4		6			9		13			17		16
Fixed Charges	$	165	$	204		$	309	$	491		$	665	$	572
Preferred Stock Dividends
Preferred Dividend Requirements	$	22	$	40		$	42	$	89		$	94	$	27
Ratio of income before provision for taxes to net income (c)		1.61		1.56			1.57		1.62			1.61		1.63
Subtotal – Preferred Dividends	$	36	$	62		$	66	$	144		$	151	$	44
Combined Fixed Charges and Preferred Dividends	$	201	$	266		$	375	$	635		$	816	$	616
Ratio of Earnings to Fixed Charges		4.0		4.8			5.6		7.3			4.2		5.1
Insufficient coverage	$	—	$	—		$	—	$	—		$	—	$	—
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		3.3		3.7			4.6		5.6			3.4		4.7
Insufficient coverage	$	—	$	—		$	—	$	—		$	—	$	—

(a) Excludes the effect of 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.