EXHIBIT 99.1
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           CHESAPEAKE ENERGY CORPORATION ANNOUNCES PRIVATE OFFERING OF
               $400 MILLION CUMULATIVE CONVERTIBLE PREFERRED STOCK

OKLAHOMA  CITY,  OKLAHOMA,  APRIL  12,  2005  -  Chesapeake  Energy  Corporation
(NYSE:CHK)  today  announced  that it  intends to  commence a private  placement
offering  to  eligible  purchasers  of  $400  million  of a new  series  of  its
cumulative  convertible  preferred  stock with a stated value of $100 per share.
The offering is expected to be eligible for resale under Rule 144A.  The private
offering,  which is subject to market and other conditions,  will be made within
the United States only to qualified institutional buyers, and outside the United
States only to non-U.S.  investors  under  Regulation S of the Securities Act of
1933.

Chesapeake  intends to use the net proceeds of the  offering to  partially  fund
approximately  $686 million of recently  announced  acquisitions  of oil and gas
properties, or in the event the acquisitions are not consummated,  to repay debt
under its bank credit facility.

The company also intends to grant a 30-day  option to the initial  purchasers to
purchase  a  maximum  of $60  million  stated  value  in  additional  shares  of
convertible preferred stock to cover any over-allotments in the offering.

The preferred stock has not been registered  under the Securities Act of 1933 or
applicable  state  securities laws, and may not be offered or sold in the United
States absent  registration  or an applicable  exemption  from the  registration
requirements of the Securities Act and applicable state laws. This  announcement
shall not constitute an offer to sell or a  solicitation  of an offer to buy the
preferred stock.


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 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.