Dobson Communications Announces Preferred Stock Dividend

Oklahoma City, Oklahoma, UNITED STATES

OKLAHOMA CITY, June 29, 2000 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq:DCEL) today declared an in-kind dividend on its outstanding 12 1/4% Senior Exchangeable Preferred Stock. The dividend will be payable on July 15, 2000 to holders of record at the close of business on July 1, 2000.

Holders of shares of 12 1/4% Senior Exchangeable Preferred Stock will receive 0.03063 additional shares of 12 1/4% Senior Exchangeable Preferred Stock for each share held on the record date. The dividend covers the period April 15, 2000 through July 14, 2000. The dividends have an annual rate of 12 1/4% on the $1,000 per share liquidation preference value of the preferred stock.

Dobson Communications is a leading provider of cellular phone services to rural markets in the United States. Headquartered in Oklahoma City, the rapidly growing Company owns or manages wireless operations in 18 states, covering a total population of 8.6 million. For the year ended December 31, 1999, Dobson reported total revenues of $319.9 million. For additional information on the Company and its operations, please visit its web site at


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