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


                 CHESAPEAKE ENERGY CORPORATION ANNOUNCES PRICING
                 OF $600 MILLION OF 6.375% SENIOR NOTES DUE 2015

OKLAHOMA  CITY,  OKLAHOMA,  DECEMBER  1, 2004 -  Chesapeake  Energy  Corporation
(NYSE:CHK) today announced that it has priced a private offering of $600 million
of senior notes due June 15, 2015,  which will carry an interest rate of 6.375%.
The senior notes were priced at 99.056% of par to yield 6.50% to  maturity.  The
senior  notes  being  sold by  Chesapeake  have not been  registered  under  the
Securities  Act of 1933  and may not be  offered  or sold in the  United  States
absent registration or an applicable  exemption from registration  requirements.
The senior notes will be eligible for trading under Rule 144A.

Chesapeake intends to use the net proceeds to fund its recently announced tender
offer for all of its approximately $210 million  outstanding 8.375% Senior Notes
due 2008,  to fund the recently  announced  acquisition  of certain  natural gas
properties  from  Hallwood  Energy  Corporation,  and to repay  debt  under  its
revolving bank credit facility.

This announcement  shall not constitute an offer to sell or a solicitation of an
offer to buy.  This  document  contains  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 include estimates
and give our current  expectations  or forecasts of future  events.  Although we
believe our forward-looking  statements are reasonable,  they can be affected by
inaccurate assumptions or by known or unknown risks and uncertainties.


CHESAPEAKE  ENERGY  CORPORATION  IS THE SIXTH  LARGEST  INDEPENDENT  PRODUCER OF
NATURAL GAS 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, TEXAS GULF COAST
AND ARK-LA-TEX  REGIONS OF THE UNITED STATES.  THE COMPANY'S INTERNET ADDRESS IS
WWW.CHKENERGY.COM.