Dobson Communications Announces Dividend on 12 1/4% Preferred Stock

Oklahoma City, Oklahoma, UNITED STATES

OKLAHOMA CITY, March 23, 2001 (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 April 15, 2001 to holders of record at the close of business on April 1, 2001.

Holders of shares of 12 1/4% Senior Exchangeable Preferred Stock will receive 0.03062 additional shares of 12 1/4% Senior Exchangeable Preferred Stock for each share held on the record date. The dividend covers the period January 15, 2001 through April 14, 2001. 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 19 states. For additional information on the Company and its operations, please visit its Web site at


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