We investigate cosmological models with extended Chaplygin gas (ECG) as a candidate for dark energy and determine the equation of state parameters using observed data namely, observed Hubble data, baryon acousticoscillation data and cosmic microwave background shift data. Cosmological models are investigated considering cosmic fluid which is an extension of Chaplygin gas, however, it reduces to modified Chaplygin gas (MCG) andalso to generalized Chaplygin gas (GCG) in special cases. It is found that in the case of MCG and GCG, the best-fit values of all the parameters are positive. The distance modulus agrees quite well with the experimental Union2data. The speed of sound obtained in the model is small, necessary for structure formation. We also determine the observational constraints on the constants of the ECG equation.