EXHIBIT 99.1
                                                                    ------------


                CHESAPEAKE ENERGY CORPORATION MAKES ANNOUNCEMENT
                      REGARDING SENIOR NOTES EXCHANGE OFFER

OKLAHOMA  CITY,  OKLAHOMA,  DECEMBER  22, 2003 - Chesapeake  Energy  Corporation
(NYSE:CHK)  today made an announcement  regarding its pending exchange offer for
up to $500 million  aggregate  principal  amount of its 8.125%  Senior Notes due
2011  (CUSIP  #  165167AS6).  Chesapeake  said  that,  in  light  of its  recent
announcement  regarding its pending  acquisitions of $510 million of oil and gas
properties,  it will not  consummate  the exchange  offer without  extending the
expiration  date of the offer,  as well as withdrawal  rights,  in order to give
holders an opportunity to review the information related to the acquisitions.

Earlier  today,  Chesapeake  announced  that it has entered into  agreements  to
acquire $510 million of Mid-Continent,  Permian Basin and onshore Gulf Coast oil
and natural gas assets.  The  acquisitions  are  expected to be fully  closed by
January 31, 2004, subject to satisfaction of customary closing  conditions.  The
company  announced  that  it  anticipates  financing  these  acquisitions  using
approximately 50% common equity and 50% short-term and/or long-term borrowings.

The exchange  offer is  scheduled to expire on December 29, 2003.  Approximately
$380 million in aggregate  principal amount of the 2011 Notes have been tendered
to date. A final  determination  regarding  the exchange  offer will be made and
announced within the next few days.


THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE  SOLICITATION OF
AN OFFER TO BUY ANY SECURITY AND SHALL NOT CONSTITUTE AN OFFER,  SOLICITATION OR
SALE IN ANY  JURISDICTION IN WHICH SUCH OFFERING,  SOLICITATION OR SALE WOULD BE
UNLAWFUL.  THIS PRESS RELEASE INCLUDE  "FORWARD-LOOKING  STATEMENTS"  WITHIN THE
MEANING OF SECTION  27A OF THE  SECURITIES  ACT OF 1933 AND  SECTION  21E OF THE
SECURITIES  EXCHANGE ACT OF 1934.  FORWARD-LOOKING  STATEMENTS  GIVE OUR CURRENT
EXPECTATIONS OR FORECASTS OF FUTURE EVENTS. ALTHOUGH WE BELIEVE THE EXPECTATIONS
REFLECTED IN THESE AND OTHER FORWARD-LOOKING  STATEMENTS ARE REASONABLE,  WE CAN
GIVE NO ASSURANCE THEY WILL PROVE TO HAVE BEEN CORRECT.  THEY CAN BE AFFECTED BY
INACCURATE  ASSUMPTIONS  OR BY KNOWN OR  UNKNOWN  RISKS  AND  UNCERTAINTIES.  WE
CAUTION YOU NOT TO PLACE UNDUE  RELIANCE  ON THESE  FORWARD-LOOKING  STATEMENTS,
WHICH  SPEAK  ONLY AS OF THE DATE OF THIS PRESS  RELEASE,  AND WE  UNDERTAKE  NO
OBLIGATION TO UPDATE THIS INFORMATION.

CHESAPEAKE ENERGY CORPORATION IS ONE OF THE SIX LARGEST INDEPENDENT U.S. NATURAL
GAS PRODUCERS.  HEADQUARTERED  IN OKLAHOMA  CITY,  THE COMPANY'S  OPERATIONS ARE
FOCUSED  ON  EXPLORATORY  AND  DEVELOPMENTAL  DRILLING  AND  PRODUCING  PROPERTY
ACQUISITIONS  IN THE  MID-CONTINENT  REGION OF THE UNITED STATES.  THE COMPANY'S
INTERNET ADDRESS IS WWW.CHKENERGY.COM.