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


                CHESAPEAKE ENERGY CORPORATION DECLARES QUARTERLY
                      COMMON AND PREFERRED STOCK DIVIDENDS

OKLAHOMA  CITY,  OKLAHOMA,  MARCH  11,  2005  -  Chesapeake  Energy  Corporation
(NYSE:CHK) today announced that its Board of Directors has declared a $0.045 per
share  quarterly  dividend  that  will be  paid  on  April  15,  2005 to  common
shareholders  of record  on April 1,  2005.  Chesapeake  has  approximately  314
million common shares outstanding.

Chesapeake's  Board has also declared a quarterly cash dividend on  Chesapeake's
4.125% Cumulative Convertible Preferred Stock, par value $0.01. The dividend for
the 4.125% preferred stock is payable on June 15, 2005 to preferred shareholders
of  record  on June 1,  2005  at the  quarterly  rate  of  $10.3125  per  share.
Chesapeake  has 313,250  shares of 4.125%  preferred  stock  outstanding  with a
liquidation value of $313.3 million.

Chesapeake's  Board has also declared a quarterly cash dividend on  Chesapeake's
5.0% Cumulative  Convertible  Preferred Stock, par value $0.01. The dividend for
the 5.0% preferred stock is payable on May 16, 2005 to preferred shareholders of
record on May 2, 2005 at the quarterly  rate of $1.25 per share.  Chesapeake has
1.725 million  shares of 5.0%  preferred  stock  outstanding  with a liquidation
value of $172.5 million.

Chesapeake's  Board has declared a quarterly cash dividend on Chesapeake's  6.0%
Cumulative  Convertible  Preferred  Stock, par value $0.01. The dividend for the
6.0% preferred  stock is payable on June 15, 2005 to preferred  shareholders  of
record on June 1, 2005 at the quarterly rate of $0.75 per share.  Chesapeake has
103,010 shares of 6% preferred  stock  outstanding  with a liquidation  value of
$5.2 million.


CHESAPEAKE  ENERGY  CORPORATION  IS THE FOURTH 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.