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            DECEMBER 23, 1997
(DATE OF EARLIEST EVENT REPORTED)          DECEMBER 22, 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 Identification No.)
of incorporation)             File Number)



          6100 NORTH WESTERN AVENUE,  OKLAHOMA CITY,  OKLAHOMA     73118
                 (Address of principal executive offices)        (Zip Code)

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



                INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 5.   OTHER EVENTS

     On  December 22, 1997, Chesapeake Energy Corporation ("Chesapeake") issued
a press release  announcing the declaration of a quarterly cash dividend on the
company's $.01 par  value common stock.  The December 22, 1997 press release is
filed herewith as Exhibit 99 and incorporated herein by reference.


ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS

     (c)  Exhibits.   The following exhibit is filed herewith:

          99   Press Release issued by the Registrant on December 22, 1997.


                                  SIGNATURE


          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, thereunto duly authorized.

                              CHESAPEAKE ENERGY CORPORATION

                              BY:    AUBREY K. MCCLENDON
                                     Aubrey K. McClendon,
                                   Chairman of the Board and
                                    Chief Executive Officer

Dated: December 22, 1997





__________________________EXHIBIT INDEX______________________________

EXHIBIT   DESCRIPTION                  METHOD OF FILING
                                 
99        Press Release issued by the  Filed herewith electronically
          Registrant on December 22, 
          1997

                                 CONTACT: MARC ROWLAND, CHIEF FINANCIAL OFFICER
                                                        (405)848-8000, EXT. 232

FOR IMMEDIATE RELEASE               TOM PRICE, JR., VICE PRESIDENT-
DECEMBER 22, 1997                             CORPORATE DEVELOPMENT
                                            (405)848-8000, EXT. 257


                         CHESAPEAKE ENERGY CORPORATION
                   ANNOUNCES CASH DIVIDEND FOR SHAREHOLDERS

OKLAHOMA CITY, OKLAHOMA, DECEMBER 22, 1997  --  Chesapeake  Energy  Corporation
(NYSE:CHK) today announced the declaration of a quarterly cash dividend  on the
company's $.01 par value common stock.  The dividend is payable on January  15,
1998,  to  shareholders of record on December 31, 1997, at the rate of $.02 per
share.

                                     ####


CHESAPEAKE ENERGY  CORPORATION  IS  AN INDEPENDENT OIL AND NATURAL GAS PRODUCER
HEADQUARTERED IN OKLAHOMA CITY WHICH SPECIALIZES IN UTILIZING ADVANCED SEISMIC,
DRILLING AND COMPLETION TECHNOLOGIES TO DEVELOP NEW RESERVES OF OIL AND NATURAL
GAS.  THE COMPANY'S OPERATIONS ARE FOCUSED  ON  EXPLORATORY  AND  DEVELOPMENTAL
DRILLING IN MAJOR ONSHORE PRODUCING AREAS OF THE UNITED STATES.