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                                                                    EXHIBIT 23.1
 
                       CONSENT OF INDEPENDENT ACCOUNTANTS
 
     We hereby consent to the use in the Prospectus constituting part of this
Registration Statement on Form S-3 of Chesapeake Energy Corporation (the
"Company") of (a) our report on the financial statements of the Company dated
September 20, 1995, which appears in such Prospectus, and (b) our report on the
financial statements of Chesapeake Exploration Limited Partnership ("CEX") dated
September 20, 1995, which appears in such Prospectus. We also consent to the
incorporation by reference in the Prospectus constituting part of this
Registration Statement on Form S-3 of (a) our report dated September 20, 1995
with respect to the consolidated financial statements of the Company appearing
on Page 29 of the Company's Annual Report on Form 10-K for the year ended June
30, 1996, and (b) our report dated September 20, 1995 with respect to the
financial statements of CEX appearing on page 61 of the Company's Annual Report
on Form 10-K. We also consent to the reference to us under the heading "Experts"
in such prospectus.
 
PRICE WATERHOUSE LLP
 
Houston, Texas
October 25, 1996