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)
- -------------------------------------------------------------------------------
                           MAY 21, 2004 (MAY 20, 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 MATTERS

Chesapeake Energy Corporation  ("Chesapeake")  issued a Press Release on May 20,
2004. The following was included in the Press Release:


                 CHESAPEAKE ENERGY CORPORATION ANNOUNCES PRICING
                  OF $300 MILLION OF 7.5% SENIOR NOTES DUE 2014

OKLAHOMA CITY, OKLAHOMA, MAY 20, 2004 - Chesapeake Energy Corporation (NYSE:CHK)
today announced that it has priced a private  offering of $300 million of senior
notes due June 15, 2014,  which will carry an interest rate of 7.5%.  The senior
notes were priced at 98.269% of par to yield 7.75% to maturity. The senior notes
being sold by Chesapeake will not be registered under the Securities Act of 1933
and may not be offered or sold in the United  States absent  registration  or an
applicable  exemption from registration  requirements.  The senior notes will be
eligible for trading under Rule 144A.

Closing of the senior notes  offering is expected to occur on May 27, 2004,  and
is subject to satisfaction of customary closing  conditions.  Chesapeake intends
to use the net proceeds of the  offering,  together  with  borrowings  under its
credit  facility  and  cash on hand,  to  finance  its  pending  acquisition  of
Greystone Petroleum LLC.

This announcement  shall not constitute an offer to sell or a solicitation of an
offer to buy.  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 U.S. NATURAL
GAS PRODUCERS.  HEADQUARTERED  IN OKLAHOMA  CITY,  THE COMPANY'S  OPERATIONS ARE
FOCUSED  ON  EXPLORATORY  AND  DEVELOPMENTAL  DRILLING  AND  PRODUCING  PROPERTY
ACQUISITIONS IN THE MID-CONTINENT,  PERMIAN BASIN, SOUTH TEXAS, TEXAS GULF COAST
AND ARK-LA-TEX  REGIONS OF THE UNITED STATES.  THE COMPANY'S INTERNET ADDRESS IS
WWW.CHKENERGY.COM.


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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:        May 21, 2004

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