EXHIBIT 99.1
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                          CHESAPEAKE ENERGY CORPORATION
                    ANNOUNCES PRICING OF PRIVATE OFFERING OF
                    5% CUMULATIVE CONVERTIBLE PREFERRED STOCK

OKLAHOMA  CITY,  OKLAHOMA,  APRIL  13,  2005  -  Chesapeake  Energy  Corporation
(NYSE:CHK) today announced that it has priced a private offering of $400 million
of a series of 5%  cumulative  convertible  preferred  stock at its  liquidation
preference  of $100 per share.  Chesapeake  expects the issuance and delivery of
the shares to occur on April 19, 2005.  Chesapeake  has also granted the initial
purchasers a 30-day option to purchase up to $60 million in additional shares of
the preferred stock.

Each share of  preferred  stock will be  subject  to an annual  cumulative  cash
dividend of $5.00 payable quarterly when, as and if declared by the company,  on
the fifteenth day of each January, April, July, and October to holders of record
as of the first day of the  payment  month,  commencing  on July 15,  2005.  The
preferred stock will not be redeemable.

Each preferred share will be convertible at any time at the option of the holder
into 3.8811  shares of  Chesapeake  common  stock,  which is based on an initial
conversion  price of $25.77 per common share. The conversion price is subject to
customary  adjustments in certain  circumstances.  The preferred  shares will be
subject to  mandatory  conversion  after April 15, 2010 into  Chesapeake  common
stock, at the option of the company, if the closing price of Chesapeake's common
stock  exceeds  130% of the  conversion  price for 20  trading  days  during any
consecutive 30 trading day period.

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,  excess
proceeds will be used to repay debt under its bank credit facility.

The preferred  stock being sold by Chesapeake  and the  underlying  common stock
issuable on its  conversion  will not be registered  under the Securities Act of
1933, as amended (the  "Securities  Act"), and may not be offered or sold in the
United States absent  registration or an applicable  exemption from registration
requirements  of the  Securities  Act and  applicable  state laws. The preferred
stock will be eligible for trading under Rule 144A.  Purchasers of the preferred
stock are being granted  rights to register  resales of the preferred  stock and
underlying  common stock under the Securities Act. This  announcement  shall not
constitute  an offer to sell or a  solicitation  of an offer to buy the notes or
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.