NT 10-K

                           UNITED STATES

                SECURITIES AND EXCHANGE COMMISSION

                      Washington, D.C. 20549


                            FORM 12b-25       SEC File Number
                                                  1-13726

                    NOTIFICATION OF LATE FILING


For Period Ended:  June 30, 1997

(Check  one):   X  Form  10-K    Form 20-F   Form 11-K   Form 10-Q     
                   Form N-SAR


If  the notification relates to a portion  of  the  filing  checked  above,
identify the Item(s) to which the notification relates:

Part  II.  Item  6.  Selected Financial Data; Part II. Item 7. Management's
Discussion and Analysis  of  Financial Condition and Results of Operations;
Part II. Item 8. Financial Statements  and Supplementary Data; and Part IV.
Item 14. Exhibits, Financial Statement Schedules  and  Reports  on Form 8-K
(with  respect to the financial statements, independent auditors'  opinion,
unaudited  quarterly  financial  information,  financial statement schedule
and exhibit number 23 - consent of independent  auditors).



PART I - REGISTRANT INFORMATION

                   CHESAPEAKE ENERGY CORPORATION
      (Exact name of registrant as specified in its charter)

                     6100 North Western Avenue
                  Oklahoma City, Oklahoma   73118
              (Address of principal executive office)


PART II - RULES 12b-25(b) AND (c)

If the subject report could not be  filed  without  unreasonable  effort or
expense  and  the  registrant seeks relief pursuant to Rule 12b-25(b),  the
following should be completed. (Check box if appropriate) X

     (a) The reasons  described  in  reasonable  detail in Part III of this
form could not be eliminated without unreasonable effort or expense.

     (b) The subject annual report will be filed on or before the fifteenth
calendar day following the prescribed due date; and

      (c)  The  accountant's statement or other exhibit  required  by  Rule
12b-25(c) has been attached if applicable.


PART III - NARRATIVE

State below in reasonable detail the reasons why the Form 10-K could not be
filed within the prescribed time period.

The Company's results  of  operation for the fourth quarter and fiscal year
ended  June 30, 1997 were materially  and  adversely  affected  by  a  $236
million writedown of its oil and gas assets.  Following its announcement on
June 27,  1997  of  recent  negative  drilling  results  and  the  expected
impairment  of  assets,  eight purported class action suits have been filed
against the Company and certain of its officers and directors.  The Company
is in the process of selecting  defense  counsel and evaluating the claims.
This process has taken considerable management attention.  As a result, the
Company has been unable without unreasonable  effort  to  complete the Form
10-K  for  filing  within  the  prescribed  time period.  As a result,  the
Company has not yet completed its financial statements  for its fiscal year
ended June 30, 1997.  The Company expects to file its 1997 Form 10-K within
the 15-day extension afforded by Rule 12b-25.

As  described  in  Exhibit  99,  Coopers  &  Lybrand L.L.P., the  Company's
independent auditors, concur with the Company's statements set forth above.

Registrant respectfully requests extension of  the  time prescribed to file
the  portions  of  its  1997  annual  report  on Form 10-K detailed  above,
pursuant to Form 12b-25.


PART IV - OTHER INFORMATION

(1)  Name  and  telephone number of person to contact  in  regard  to  this
notification

     Marcus C. Rowland                 405          848-8000
    Vice President - Chief        (Area code) (Telephone Number)
      Financial Officer
           (Name)

(2) Have all other  periodic  reports required under Section 13 or 15(d) or
the Securities Exchange Act of  1934 been filed?  If answer is no, identify
report(s).    X Yes    No

(3) Is it anticipated that any significant  change in results of operations
from the corresponding period for the last fiscal year will be reflected by
the earnings statements to be included in the  subject  report  or  portion
thereof?   X Yes     No

If  so,  attach  an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.  See below explanation.

On August 28, 1997,  the Company announced that it expected to report a net
loss of $183 million for fiscal 1997, compared to net income of $23 million
in fiscal 1997.  This release was filed as part of a current report on Form
8-K on September 9, 1997 and is incorporated herein by reference.


Exhibits:  Exhibit 99 -  Independent  Auditors'  letter  accompanying  Form
12b-25.



                            SIGNATURES

CHESAPEAKE ENERGY  CORPORATION  has  caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.

                                 MARCUS C. ROWLAND

                         By:     Marcus C. Rowland
                                 Vice President - Chief Financial
                                  Officer

Date:     September 29, 1997




                           EXHIBIT INDEX

                                  
Exhibit No.      Description            Method of Filing

99               Independent Auditors'  Filed herewith electronically
                 Letter accompanying    
                 Form 12b-25

EX-99

COOPERS & LYBRAND
COOPERS & LYBRAND L.L.P.
a professional services firm
15 North Robinson, Suite 400
Oklahoma City, Oklahoma  73102
telephone (405) 236-5800
facsimile (405) 232-5238

September 29, 1997



Mr. Marc Rowland
Chesapeake Energy Corporation
6104 N. Western
Oklahoma City, OK  73118

Dear Mr. Rowland:

You have furnished us with a copy of your  "Notification of Late Filing" on
Form 12b-25 dated September 29, 1997.

We are in agreement with the comments under  Part  III  of  the  Form  with
respect  to  the  reasons  why  we  are unable to furnish our report on the
consolidated financial statements of  Chesapeake Energy Corporation for the
inclusion in the Form 10-K for the year ended June 30, 1997.

Yours very truly,

COOPERS & LYBRAND L.L.P.