EXHIBIT  DESCRIPTION

99       Press Release issued by the Registrant on May 11, 2004


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


            CHESAPEAKE ENERGY CORPORATION ANNOUNCES NOTICE OF RELEASE
               OF AGREEMENT TO ACQUIRE $425 MILLION OF NATURAL GAS
                    PROPERTIES AND SUBSEQUENT CONFERENCE CALL


OKLAHOMA CITY, OKLAHOMA, MAY 11, 2004 - Chesapeake Energy Corporation (NYSE:CHK)
has scheduled the release of an  announcement to acquire $425 million of natural
gas properties  after the close of trading on the New York Stock Exchange today,
Tuesday, May 11, 2004.

A conference call is scheduled for this afternoon at 5:00 pm EDT,  Tuesday,  May
11, 2004 to discuss the release.  The telephone  number to access the conference
call is  913.981.5523.  We encourage  those who would like to participate in the
call to place your calls between 4:50 and 5:00 pm EDT.

For  those  unable to  participate  in the  conference  call,  a replay  will be
available  for audio  playback at 9:00 pm EDT on Tuesday,  May 11, 2004 and will
run through  midnight  EDT  Wednesday,  May 26,  2004.  The number to access the
conference call replay is 719.457.0820; passcode for the replay is 437427.

The  conference  call will also be  simulcast  live on the  Internet  and can be
accessed by going directly to the Chesapeake  website at  WWW.CHKENERGY.COM  and
selecting "Conference Calls" under the "Investor Relations" section. The webcast
of the conference call will be available on our website indefinitely.


CHESAPEAKE  ENERGY  CORPORATION  IS THE SIXTH  LARGEST  INDEPENDENT  NATURAL GAS
PRODUCERS IN THE U.S.  HEADQUARTERED IN OKLAHOMA CITY, THE COMPANY'S  OPERATIONS
ARE FOCUSED ON EXPLORATORY  AND  DEVELOPMENTAL  DRILLING AND PRODUCING  PROPERTY
ACQUISITIONS  IN THE  MID-CONTINENT,  PERMIAN BASIN,  SOUTH TEXAS AND TEXAS GULF
COAST REGIONS OF THE UNITED STATES.