This 1.5 volt led fasher runs more than a year on a single 'd" cell and alternately flashes 2 LEDs at about a 1 second rate. The circuit employs a 74HC14 CMOS hex inverter that will operate at very low voltages (less than 1 volt). One section is used as a squarewave oscillator (pins 1 and 2), while the others are wired to produce a short 10mS pulse on alternate edges of the square wave so the LEDs will alternate back and forth. The output sections each use a capacitor charge pump to increase the voltage for the LEDs. The circuit draws an average current of 800uA from the 'D' battery and the LED peak current is about 40mA with a fresh battery and drops to about 10mA as the battery voltage falls to 1.1 volts. The capacity of a alkaline 'D' cell is about 12 amp hours with a cutoff voltage of 1.1 so the circuit should run about 12/.0008 = 15000 hours or maybe 625 days, but I haven't verified that yet. The idea for this circuit came from a single 1.5 volt LED flasher by Dave Johnson that can viewed at
http://www.imagineeringezine.com/PDF-FILES/ac14fls.pdf
Dual LED flasher 1.5 volt Circuit