New York (CNN Business) Chesapeake Energy helped pioneer America's shale natural gas revolution. Now, the company is warning that it may not survive the era of cheap gas it helped to usher in.

The Oklahoma-based energy company said Tuesday in a filing to the Securities and Exchange Commission that if "depressed prices persist," there is "substantial doubt" about its ability to continue as a "going concern."

Chesapeake Energy CHK The warning underlines just how farhas fallen. The company's early bets on fracking made it a natural gas powerhouse, and at one point it was the nation's No. 2 natural gas producer. Aubrey McClendon, Chesapeake's late founder and CEO , was considered one of the leaders of the shale boom.

But the company now is drowning in $10 billion of debt. And it's struggling to pay it all back, because America is swimming in excess natural gas, keeping prices very weak. Chesapeake's average realized natural gas price dropped nearly 12% during the third quarter.

Chesapeake's share price plunged 15% on Tuesday to $1.34 following the warning and a weak earnings report. The stock has lost 98% of its value since closing at a record high of $65.63 in July 2008.

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