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


               CHESAPEAKE ENERGY CORPORATION ANNOUNCES EXPIRATION
                              OF CASH TENDER OFFER

OKLAHOMA  CITY,  OKLAHOMA,  DECEMBER  29, 2004 - Chesapeake  Energy  Corporation
(NYSE:CHK)  today announced that it has completed its previously  announced cash
tender  offer and  consent  solicitation  (the  "Offer")  for any and all of its
$209,815,000  aggregate  principal  amount of 8.375%  Senior Notes due 2008 (the
"Notes")  (CUSIP No.  165167AV9).  The Offer  expired at 12:00  midnight  EST on
Tuesday,  December 28, 2004 (the "Expiration  Date"). As of the Expiration Date,
$190,825,000 aggregate principal amount of Notes were tendered which represented
approximately 91% of the outstanding aggregate principal amount of the Notes.

The Company has accepted for payment and paid for all Notes validly  tendered on
or prior to the Expiration Date, including all Notes tendered on or prior to the
December  13, 2004  consent  date.  In  connection  with the Offer,  the Company
received the  required  consents  from holders of the Notes to approve  proposed
amendments (the "Proposed  Amendments") to the indenture  governing the Notes to
eliminate  substantially  all of the  restrictive  covenants  of the  indenture.
Adoption of the Proposed  Amendments required the consent of holders of at least
a majority of the aggregate principal amount of the outstanding Notes.

The terms of the Offer are  described  in the  Company's  Offer to Purchase  and
Consent  Solicitation  Statement dated November 30, 2004, copies of which may be
obtained from MacKenzie Partners,  Inc., the information agent for the Offer, at
(800) 322-2885 (US toll free) and (212) 929-5500 (collect).

The Company  engaged  Deutsche Bank Securities Inc. to act as dealer manager and
solicitation agent in connection with the Offer.  Questions  regarding the Offer
may be directed to Deutsche Bank Securities Inc., High Yield Capital Markets, at
(800) 553-2826 (US toll-free) and (212) 250-7466 (collect).

This  announcement  is not an offer to purchase,  a solicitation  of an offer to
purchase or a solicitation of consent with respect to any securities.  The Offer
was made solely by the Offer to  Purchase  and  Consent  Solicitation  Statement
dated November 30, 2004.

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.