Filed pursuant to Rule 424(b)(3)
                                                      Registration No. 333-61508



Prospectus Supplement No. 1 dated February 13, 2003
to Prospectus dated May 30, 2001



                          Chesapeake Energy Corporation

     This  prospectus  may be used in  connection  with the resale of  1,117,216
shares of our outstanding  common stock and 1,118,567 shares of our common stock
issuable upon  exercise of warrants.  This  prospectus  also may be used for the
resale of warrants to purchase 462,690 shares of our common stock.

                    -----------------------------------------


     The selling securityholder table on page 10 of the prospectus is amended by
this  supplement  no. 1 to add the  following  securityholders  who acquired the
shares of our common  stock  indicated  upon the  exercise of warrants  prior to
their expiration on January 23, 2003:





                      Securities Beneficially                              Securities Beneficially
                      Owned Before Offering        Securities Offered        Owned After Offering
                      -----------------------      ------------------      -----------------------
                                                              Common                     Common
Name of Selling                  Common Stock                  Stock                      Stock
Securityholder      Warrants   Shares    Percent   Warrants   Shares      Warrants        Shares
--------------      --------   ------    -------   --------   ------      --------       -------



                                                        
Donaldson, Lufkin
 & Jenrette           --       6,820       *         --       6,820          --            --
Foxglove & Co.        --       1,818       *         --       1,818          --            --
Hare & Co.            --         112       *         --         112          --            --
Heisen & Co.          --       2,682       *         --       2,682          --            --
Kane & Co.            --       2,453       *         --       2,453          --            --
UBS #23/TNCBTDHYP     --          49       *         --          49          --            --


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     *  Indicates less than 1%