EXHIBIT 12
CHESAPEAKE ENERGY CORPORATION
<Table>
<Caption>
Qtr. Qtr. Qtr.
Ended Ended Ended
March 31, June 30, Sept. 30,
2001 2001 2001
------------ ------------ ------------
EBITDA
Income before income taxes and extraordinary item 117,984 143,014 108,402
Interest 25,889 22,984 24,104
Writedown of oil and gas property -- -- --
Writedown of other assets -- -- --
Risk Management Income -- (62,455) (32,260)
DD&A 40,126 41,747 48,985
------------ ------------ ------------
EBITDA 183,999 145,290 149,231
RATIO OF EARNINGS TO FIXED CHGS
Income before income taxes and extraordinary item 117,984 143,014 108,402
Interest 25,889 22,984 24,104
Preferred Stock Dividends -- -- --
Amortization of capitalized interest 310 310 310
Less: interest capitalized during year -- -- --
Bond discount amortization (a) -- -- --
Loan cost amortization 1,010 775 1,086
------------ ------------ ------------
Earnings 145,193 167,083 133,902
Interest expense 25,889 22,984 24,104
Capitalized interest 871 1,250 1,169
Preferred Stock Dividends -- -- --
Bond discount amortization (a) -- -- --
Loan cost amortization 1,010 775 1,086
------------ ------------ ------------
Fixed Charges 27,770 25,009 26,359
Ratio 5.2 6.7 5.1
(a) Bond discount excluded since its included in interest expense
Insufficient coverage -- -- --
</Table>