chk05102010

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 10, 2010

CHESAPEAKE ENERGY CORPORATION

(Exact name of Registrant as specified in its Charter)

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

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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

* Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

* Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

* Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

* Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 7 – Regulation FD

Item 7.01 Regulation FD Disclosure.

On May 10, 2010, Chesapeake Energy Corporation (the “Company”) issued a press release announcing a strategic and financial plan to increase shareholder value and reduce debt. The press release is attached herewith as Exhibit 99.1.

Also, on May 10, 2010, the Company issued a press release announcing a private placement of $600 million of 5.75% cumulative non-voting convertible preferred stock with two investors in Asia. The updated outlook is attached herewith as Exhibit 99.2

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. See "Index to Exhibits" attached to this Current Report on Form 8-K, which is incorporated by reference herein.

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.

	CHESAPEAKE ENERGY CORPORATION

	By:	/s/ JENNIFER M. GRIGSBY
		Jennifer M. Grigsby
		Senior Vice President, Treasurer and Corporate Secretary

Exhibit No.		Document Description

99.1		Chesapeake Energy Corporation press release dated May 10, 2010 – Strategic and Financial Plan

99.2		Chesapeake Energy Corporation press release dated May 10, 2010 – 5.75% Cumulative Non-Voting Convertible Preferred Stock

Exhibit 99.1

N e w s R e l e a s e

Chesapeake Energy Corporation

P. O. Box 18496

Oklahoma City, OK 73154

FOR IMMEDIATE RELEASE

MAY 10, 2010

INVESTOR CONTACTS:
JEFFREY L. MOBLEY, CFA (405) 767-4763 jeff.mobley@chk.com JOHN J. KILGALLON (405) 935-4441 john.kilgallon@chk.com	JIM GIPSON (405) 935-1310 jim.gipson@chk.com

CHESAPEAKE ENERGY CORPORATION ANNOUNCES STRATEGIC AND FINANCIAL PLAN TO INCREASE

SHAREHOLDER VALUE AND REDUCE DEBT

OKLAHOMA CITY, OKLAHOMA, MAY 10, 2010 – Chesapeake Energy Corporation (NYSE:CHK) today announced a strategic and financial plan designed to increase shareholder value, reduce debt and ultimately achieve an investment grade rating for the company’s debt securities. Through a series of transactions over the next 24 months, including the preferred stock placement announced today, the company is planning to raise up to $5.0 billion in order to repay up to $3.5 billion of senior indebtedness and increase its investment in liquids-rich plays by up to $1.5 billion. Chesapeake is in various stages of implementing its strategic and financial plan, several steps of which are outlined below.

The company is planning to sell up to a 20% equity interest in its subsidiary, Chesapeake Appalachia, L.L.C., which includes its Marcellus Shale operations, to private and/or public investors within the next 3-12 months. Chesapeake is one of the largest producers, the largest leasehold owner with 1.5 million net acres and the most active driller with 24 operated rigs in the Marcellus Shale play.

Chesapeake will repay $600 million of certain outstanding senior notes with proceeds from the preferred stock placements to investors in Asia which was separately announced today. Over the next 24 months, Chesapeake anticipates repaying up to an additional $2.9 billion of senior notes with proceeds from the potential placement of up to $500 million of additional preferred stock to investors in Asia, the sale of an equity interest in Chesapeake Appalachia, L.L.C. referenced above, the potential joint ventures described below and/or other asset monetizations.

The company has built an industry-leading position in 12 liquids-rich plays. Chesapeake is currently using 21 operated rigs to further develop its 1.9 million net acres of leasehold in these plays. Chesapeake is exploring various joint venture opportunities to enable it to recover its leasehold expenditures to date and to fund accelerated drilling in these plays. Specifically, by the end of the third quarter of 2010, the company intends to enter into a joint venture on its Eagle Ford Shale play that currently includes approximately 400,000 net acres of leasehold. The company is also considering entering into joint ventures on certain of its other liquids-rich plays. Chesapeake’s goal is to achieve a 50 operated rig program on its liquids-rich plays within the next 12 months, which would lead to much more rapid value creation for shareholders.

Finally, Chesapeake plans further midstream asset monetizations from its wholly owned midstream subsidiary, Chesapeake Midstream Development, L.P. that primarily owns gas gathering operations in the Haynesville, Fayetteville, Marcellus and Eagle Ford shales. Some of the monetizations may be completed with a subsidiary of the company’s 50/50 midstream joint venture with Global Infrastructure Partners L.P., which acquired Chesapeake’s gathering assets in the Barnett Shale and certain of its gas gathering assets in the Mid-Continent in 2009.

Conference Call Information

A conference call to discuss this release has been scheduled for Tuesday morning, May 11, 2010, at 9:00 a.m. EDT. The telephone number to access the conference call is 913-312-0822 or toll-free 888-811-5436. The passcode for the call is 4587425. We encourage those who would like to participate in the call to dial the access number between 8:30 and 9:00 a.m. EDT. For those unable to participate in the conference call, a replay will be available for audio playback from 2:00 p.m. EDT on May 11, 2010 through midnight EDT on May 25, 2010. The number to access the conference call replay is 719-457-0820 or toll-free 888-203-1112. The passcode for the replay is 4587425. The conference call will also be webcast live on the Internet and can be accessed by going to Chesapeake’s website at www.chk.com in the “Events” subsection of the “Investors” section of the website. The webcast of the conference call will be available on Chesapeake’s website for one year.

This press release includes “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 give our current expectations or forecasts of future events. They include statements about the expected effects, timing and benefits of the strategic and financial plan announced, the amounts of capital to be raised and indebtedness to be repaid, the anticipated monetization of a portion of our Marcellus Shale operations and liquids-rich plays, our drilling plans to focus on liquids-rich plays, possible future midstream monetizations and other statements regarding our plans and objectives for future operati ons. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this press release, and we undertake no obligation to update this information.

The forward-looking statements in this press release are subject to numerous risks and uncertainties and may be influenced by factors beyond our control that could cause actual results to differ materially from expected results, including the impact of general economic and industry conditions and our ability to execute securities offerings, arrange joint ventures and effect other asset monetizations as planned. Any of the risk factors that affect our business generally, as described under “Risk Factors” in our 2009 Form 10-K filed with the U.S. Securities and Exchange Commission on March 1, 2010, could affect the outcome of our strategic and financial plan. For a discussion of additional risks and uncertainties that may affect our future results, please see our filings with the SEC available on www.sec.gov.

Chesapeake Energy Corporation is one of the largest producers of natural gas and the most active driller of new wells in the U.S. Headquartered in Oklahoma City, the company's operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. Chesapeake owns leading positions in the Barnett, Fayetteville, Haynesville, Marcellus, and Bossier natural gas shale plays and in the Eagle Ford, Granite Wash and various other unconventional liquids-rich plays. The company has also vertically integrated its operations and owns substantial midstream, compression, drilling and oilfield service assets. Further information is available at www.chk..

Exhibit 99.2

N e w s R e l e a s e

Chesapeake Energy Corporation

P. O. Box 18496

Oklahoma City, OK 73154

FOR IMMEDIATE RELEASE

MAY 10, 2010

INVESTOR CONTACTS:	MEDIA CONTACT:
JEFFREY L. MOBLEY, CFA (405) 767-4763 jeff.mobley@chk.com JOHN J. KILGALLON (405) 935-4441 john.kilgallon@chk.com	JIM GIPSON (405) 935-1310 jim.gipson@chk.com

CHESAPEAKE ENERGY CORPORATION ANNOUNCES PRIVATE PLACEMENT

OF $600 MILLION OF 5.75% CUMULATIVE NON-VOTING CONVERTIBLE

PREFERRED STOCK WITH TWO INVESTORS IN ASIA

OKLAHOMA CITY, OKLAHOMA, MAY 10, 2010 – Chesapeake Energy Corporation (NYSE:CHK) today announced a private placement of convertible preferred stock. The company has entered into securities purchase agreements with Maju Investments (Mauritius) Pte Ltd, an affiliate of Temasek Holdings (Private) Limited, and Hampton Asset Holding Ltd., an affiliate of Hopu Investment Management Co, Ltd., under which they have collectively agreed to buy $600 million of a new series of Chesapeake 5.75% cumulative non-voting convertible preferred stock with a liquidation preference of $1,000 per share. The closing of the preferred stock placement is scheduled for May 17, 2010 and is subject to customary conditions. The company has also granted a 30-day option to the two purchasers to place up to $500 million in additio nal preferred stock of the same series with investors in Asia. Chesapeake intends to use the net proceeds from the placements to repay senior indebtedness.

The annual dividend on each share of preferred stock is $57.50 and is payable quarterly when, as and if declared by the company, in cash, in arrears on each February 15, May 15, August 15 and November 15, commencing August 15, 2010. The preferred stock is not redeemable. Each share of preferred stock will be convertible at any time at the option of the holder into approximately 37.037 shares of Chesapeake common stock, which is based on an initial conversion price of $27.00 per common share. The conversion price is subject to customary adjustments in certain circumstances. The preferred stock will be subject to mandatory conversion after May 17, 2015 into Chesapeake common stock, at the option of the company, if the closing price of Chesapeake's common stock exceeds 130% of the conversion pri ce for 20 trading days during any consecutive 30 trading day period.

The preferred stock being sold by Chesapeake and the underlying common stock issuable upon conversion will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the preferred stock, the underlying common stock, or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the preferred stock, the underlying common stock or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

This press release 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, including the anticipated closing and the expected use of proceeds. Forward-looking statements give our current expectations 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, and actual results may differ from the expectations expressed.

Chesapeake Energy Corporation is one of the largest producers of natural gas and the most active driller of new wells in the U.S. Headquartered in Oklahoma City, the company's operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. Chesapeake owns leading positions in the Barnett, Fayetteville, Haynesville, Marcellus, and Bossier natural gas shale plays and in the Eagle Ford, Granite Wash and various other unconventional oil plays. The company has also vertically integrated its operations and owns substantial midstream, compression, drilling and oilfield service assets. Further information is available at www.chk.com.