UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                             FORM 8-K
                          CURRENT REPORT

             Pursuant to Section 13 or 15(d) of the 
                 Securities Exchange Act of 1934

  Date of Report (Date of earliest event reported) March 6, 1997

                  CHESAPEAKE ENERGY CORPORATION
      (Exact name of registrant as specified in its Charter)

         Oklahoma                1-13726             73-1395733
(State or other jurisdiction   (Commission        (IRS Employer
      of incorporation)        File Number)    Identification No.)

      6100 North Western Avenue, Oklahoma City, Oklahoma     73118
          (Address of principal executive offices)   (Zip Code)

Registrant's telephone number, including area code: (405) 848-8000


Item 5.  Other Events.

          On March 6, 1997, Chesapeake Energy Corporation ("Chesapeake") 
issued a press release announcing that it intended to privately place 
to qualified institutional buyers and certain institutional accredited 
investors approximately $200 million of long-term debt, in a transaction 
not registered under the Securities Act of 1933, as amended (the
"Securities Act").  Such press release was issued in reliance upon Rule
135c promulgated under the Securities Act.  The March 6, 1997 press
release is incorporated herein by this reference as Exhibit 99.

Item 7.   Financial Statements, Pro Forma Financial
          Information and Exhibits.

    (c)   Exhibits.

          99.  Press Release issued by Chesapeake
               on March 6, 1997.


                            SIGNATURES

          Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereto duly authorized.

                                CHESAPEAKE ENERGY CORPORATION


March 6, 1997                    By  MARCUS C. ROWLAND
                                     Marcus C. Rowland
                                     Vice President and Chief
                                     Financial Officer


                        INDEX TO EXHIBITS

Exhibit   Description                                Method of Filing
- -------   -----------                                ----------------

99        Press release issued by the Registrant     Filed herewith 
          on March 6, 1997.                          electronically

            CHESAPEAKE ANNOUNCES SENIOR NOTES OFFERING

OKLAHOMA CITY, OKLAHOMA, MARCH 6, 1997--Chesapeake Energy
Corporation (NYSE:CHK) today announced that it proposes to offer
for sale $200 million of long-term debt, of which $100 million will
mature in 2004 and $100 million will mature in 2012.  The offering
will be privately placed to qualified institutional buyers and
certain institutional accredited investors.  The purpose of the
offering is to enable Chesapeake to expand its exploration program
in the Louisiana Austin Chalk Trend, the Giddings Field, and in
other areas.

                               ###

Chesapeake Energy Corporation is an independent energy producer
headquartered in Oklahoma City.  The company focuses on utilizing
advanced drilling and completion technologies to develop
significant new oil and gas discoveries in major onshore producing
areas of the United States.