8-K

 
                      Securities and Exchange Commission
                             Washington, DC 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): January 23, 1998


                           Gothic Energy Corporation
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            (Exact name of Registrant as specified in its Charter)


Oklahoma                            0-19753                           22-2663839
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(State of incorporation     (Commission File Number)       (IRS Employer ID No.)
   or organization)

          5727 South Lewis Avenue - Suite 700 - Tulsa, Oklahoma 74105
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                   (Address of principal executive offices)


                                (918) 749-5666
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             (Registrant's telephone number, including area code)


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         (Former name or former address, if changed since last report)


 
Item 5.    Other Events

      Gothic Energy Corporation (the "Company") announced that on January 23, 
1998 it completed the acquisition from Amoco Production Company ("Amoco"), a 
subsidiary of Amoco Corporation [NYSE:AN], of certain producing natural gas 
properties, located in the Anadarko and Arkoma Basins of Oklahoma. The purchase
price was $237.5 million before adjustments. Amoco also received a warrant to
purchase 1.5 million shares of Gothic common stock for $3.00 per share. The
acquisition and related fees and expenses were financed through a new credit
facility with Bank One, Texas, N.A. and the issuance of approximately $37
million of PIK preferred equity. The effective date of the purchase is 
December 1, 1997.



      Further information responsive to Item 2. Acquisition or Disposition of 
                                        -------------------------------------
Assets, Item 5. Other Events, and Item 7. Financial Statements and Exhibits of 
- ----------------------------      -----------------------------------------
Form 8-K containing information concerning the acquisition, financing for the 
acquisition and related matters and financial statement information will be 
provided by amendment of this Current Report.


                                      -2-

 
Item 7.    Financial Statements and Exhibits:

      (c)  Exhibits.


        Exhibit Number                 Description

             99.1         Press Release dated January 26, 1998




                                      -3-

 
                                  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 hereunto duly authorized.



                                   Gothic Energy Corporation



Dated: January 27, 1998       By:  /s/ Michael K. Paulk
                                   ---------------------------------------------
                                   Michael K. Paulk, President



                                      -4-

EX-99.1

                                                                    EXHIBIT 99.1

 [LOGO OF GOTHIC ENERGY CORPORATION APPEARS HERE]
 5727 South Lewis Avenue, Suite 700
 Tulsa, Oklahoma 74105-7148
 Telephone  (918) 749-5666
 Facsimile   (918) 749-5882

                          NEWS FOR IMMEDIATE RELEASE

January 26, 1998

                      GOTHIC ENERGY CORPORATION ANNOUNCESX
                        COMPLETION OF AMOCO ACQUISITION

Tulsa, Oklahoma based GOTHIC ENERGY CORPORATION [NASDAQ:GOTH] (the "Company"),
announced today that it has completed the acquisition from AMOCO PRODUCTION
COMPANY ("Amoco"), a subsidiary of Amoco Corporation [NYSE:AN], of certain
producing natural gas properties, located in the Anadarko and Arkoma Basins of
Oklahoma.  The purchase price was $237.5 million before adjustments.  Amoco also
received a warrant to purchase 1.5 million shares of Gothic common stock for
$3.00 per share. The acquisition and related fees and expenses were financed
through a new credit facility with Bank One, Texas, NA. and the issuance of
approximately $37 million of PIK preferred equity.  The effective date of the
purchase is December 1, 1997.

Gothic acquired interests in 705 gross wells and assumed operations of 296 of
the properties. The Company estimates total proved reserves attributable to the
acquisition are 238 billion cubic feet of natural gas equivalent, of which
approximately 70% are producing.  Current net daily production is approximately
60 million cubic feet of natural gas equivalent.  Additionally, the Company has
identified substantial probable reserves associated with the assets acquired.
Gothic will also receive approximately 10,000 net undeveloped acres located
throughout the Anadarko Basin area as well as substantial mineral and overriding
royalty interests.
 
Additionally, Gothic received Amoco's advanced well operating technology. The
technology may allow Gothic to reduce operating costs and create additional
operating efficiencies on existing producing wells.  In addition, Gothic
received significant 2D and 3D seismic data and geological information related
to the acquired assets.

With the completion of the acquisition, Gothic operates over 700 wells with net
daily production of approximately 90 MMCFE.

Gothic Energy Corporation is an oil and gas acquisition, exploitation,
development and production company headquartered in Tulsa, Oklahoma.  Additional
information may be obtained by contacting Michael Paulk, or John Rainwater, Vice
President, at company headquarters, 5727 South Lewis Avenue, Suite 700, Tulsa,
Oklahoma, 74105, telephone (918) 749-5666, facsimile (918) 749-5882.