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)
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                        JANUARY 12, 2004 (JANUARY 12, 2004)


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


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


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



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







                    INFORMATION TO BE INCLUDED IN THE REPORT


ITEM 5.  OTHER EVENTS

Chesapeake Energy Corporation  ("Chesapeake")  issued a Press Release on January
12, 2004. The following was included in the Press Release:


                     CHESAPEAKE ENERGY CORPORATION ANNOUNCES
           EARLY PARTICIPATION RESULTS OF SENIOR NOTES EXCHANGE OFFER

OKLAHOMA  CITY,  JANUARY 12, 2004 -  Chesapeake  Energy  Corporation  (NYSE:CHK)
announced  today that pursuant to its previously  announced  exchange offer (the
"Offer") for its 8.125% Senior Notes due April 1, 2011 (the "2011 Notes") (CUSIP
# 165167AS6),  it has received  valid tenders of  approximately  $457.1  million
aggregate  principal  amount of 2011  Notes as of  January  9,  2004,  the early
participation date.

Approximately  $71.5 million aggregate  principal amount of 2011 Notes have been
tendered  in  exchange  for new 7.75%  Senior  Notes due 2015 and  approximately
$385.6 million  aggregate  principal  amount of 2011 Notes have been tendered in
exchange for new 6.875% Senior Notes due 2016.

Holders who validly  tendered  their 2011 Notes by 5:00 p.m.,  Eastern  Standard
Time,  on  January 9, 2004,  the early  participation  date,  will  receive,  in
addition  to new  notes,  $10.00 in cash per  $1,000  principal  amount of Notes
validly tendered and accepted for exchange.  2011 Notes tendered pursuant to the
Offer may no longer be withdrawn.

The Offer will remain open until  12:00  midnight,  Eastern  Standard  Time,  on
January 12, 2004,  unless extended.  Payment for all 2011 Notes validly tendered
and accepted for exchange is expected to be made on January 14, 2004.

The terms of the Offer are  described in the Company's  Offer to Exchange  dated
December 1, 2003,  as extended by a  prospectus  supplement  dated  December 24,
2003,  copies  of  which  may be  obtained  from  D.F.  King &  Co.,  Inc.,  the
information  agent for the Offer,  at (800) 431-9633 (U.S.  toll-free) and (212)
269-5550 (collect).

Banc of America Securities LLC, Deutsche Bank Securities and Lehman Brothers are
the joint lead dealer managers in connection with the Offer. Questions regarding
the Offer may be directed to Banc of America  Securities LLC, High Yield Special
Products,  at 888-292-0070 (US toll-free) and 704-388-4813  (collect),  Deutsche
Bank Securities,  High Yield Capital Markets,  212-250-7466  (collect) or Lehman
Brothers, 800-438-3242 (U.S. toll-free) and 212-528-7581 (collect).

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This press release shall not constitute an offer to sell or the  solicitation of
an offer to buy any security and shall not constitute an offer,  solicitation or
sale in any  jurisdiction in which such offering,  solicitation or sale would be
unlawful

THIS DOCUMENT CONTAINS FORWARD-LOOKING  STATEMENTS WITHIN THE MEANING OF SECTION
27A OF THE SECURITIES ACT OF 1933 AND SECTION 21E OF THE SECURITIES EXCHANGE ACT
OF 1934.  FORWARD-LOOKING  STATEMENTS  INCLUDE  ESTIMATES  AND GIVE OUR  CURRENT
EXPECTATIONS   OR   FORECASTS  OF  FUTURE   EVENTS.   ALTHOUGH  WE  BELIEVE  OUR
FORWARD-LOOKING  STATEMENTS ARE  REASONABLE,  THEY CAN BE AFFECTED BY INACCURATE
ASSUMPTIONS OR BY KNOWN OR UNKNOWN RISKS AND UNCERTAINTIES.

CHESAPEAKE ENERGY CORPORATION IS ONE OF THE SIX LARGEST  INDEPENDENT NATURAL GAS
PRODUCERS IN THE UNITED  STATES.  HEADQUARTERED  IN OKLAHOMA CITY, THE COMPANY'S
OPERATIONS ARE FOCUSED ON EXPLORATORY AND  DEVELOPMENTAL  DRILLING AND PRODUCING
PROPERTY  ACQUISITIONS  IN THE  MID-CONTINENT,  GULF COAST,  AND  PERMIAN  BASIN
REGIONS ONSHORE IN THE UNITED STATES.



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                                    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:     /S/ AUBREY K. MCCLENDON
                                            -----------------------------------
                                                   AUBREY K. MCCLENDON
                                                Chairman of the Board and
                                                 Chief Executive Officer

Dated:        January 12, 2004

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