Summary of CHESAPEAKE ENERGY CORP

Item 5.03 Amendments to Articles of Incorporation.

Effective June 15, 2009, the Company filed an amendment to its Certificate of Incorporation with the Oklahoma Secretary of State. The amendment increased the Company's authorized common stock from 750 million shares to one billion shares and increased the total authorized capital stock from 770 million shares to one billion twenty million shares, consisting of twenty million shares of preferred stock and one billion shares of common stock. The Amendment to the Certificate of Incorporation is attached hereto as Exhibit 3.1.1.

Also effective June 15, 2009, the Company filed a Certificate of Elimination with the Oklahoma Secretary of State retiring 143,768 shares of 6.25% Mandatory Convertible Preferred Stock, par value $0.01 per share (the "Preferred Stock"). The shares were acquired by the Company as the result of a mandatory conversion of the Preferred Stock into the Company's Common Stock. The Certificate of Elimination is attached hereto as Exhibit 3.1.2.

Also effective June 15, 2009, the Company filed a Certificate to Eliminate Certificate of Designation with the Oklahoma Secretary of State to eliminate from the Company's Certificate of Incorporation all matters set forth in the Company's Certificate of Designation of 6.25% Mandatory Convertible Preferred Stock originally filed with the Oklahoma Secretary of State on June 30, 2006 with respect to the Preferred Stock. The Certificate to Eliminate the Certificate of Designation is attached hereto as Exhibit 3.1.3.

Item 8.01 Other Events.

On June 15, 2009, the Company issued a press release announcing that its Board of Directors has declared quarterly common and preferred stock dividends and that the Company has completed the mandatory conversion of its outstanding 6.25% Mandatory Convertible Preferred Stock. A copy of the press release is filed herewith as Exhibit 99.1.