WASHINGTON, D.C. 20549

                                    FORM 8-K

                         SECURITIES EXCHANGE ACT OF 1934

                           MAY 12, 2004 (MAY 11, 2004)

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

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

        (Address of principal executive offices)                   (Zip Code)

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



Chesapeake Energy  Corporation  ("Chesapeake")  issued two press releases on May
11, 2004 that disclosed the following matters:

1.   Chesapeake Announces Notice of Release of Agreement to Acquire $425 Million
     of Natural Gas Properties and Subsequent Conference Call.

Chesapeake  Energy  Corporation  has scheduled the release of an announcement to
acquire $425 million of natural gas properties after the close of trading on the
New York Stock Exchange today, Tuesday, May 11, 2004.

A conference call is scheduled for this afternoon at 5:00 pm EDT,  Tuesday,  May
11, 2004 to discuss the release.  The telephone  number to access the conference
call is  913.981.5523.  We encourage  those who would like to participate in the
call to place your calls between 4:50 and 5:00 pm EDT.

For  those  unable to  participate  in the  conference  call,  a replay  will be
available  for audio  playback at 9:00 pm EDT on Tuesday,  May 11, 2004 and will
run through  midnight  EDT  Wednesday,  May 26,  2004.  The number to access the
conference call replay is 719.457.0820; passcode for the replay is 437427.

The  conference  call will also be  simulcast  live on the  Internet  and can be
accessed by going directly to the Chesapeake  website at  WWW.CHKENERGY.COM  and
selecting "Conference Calls" under the "Investor Relations" section. The webcast
of the conference call will be available on our website indefinitely.

The Company's  Press  Release  dated May 11, 2004  relating to the  announcement
concerning  the agreement to acquire $425 million of natural gas  properties and
conference  call is filed as EXHIBIT 99.1 to this current report on Form 8-K and
is incorporated in its entirety into Item 5 of this report.

2.   Chesapeake  Announces  Agreement  to Acquire  $425  Million of Natural  Gas

Chesapeake  Energy  Corporation  today  announced  that it has  entered  into an
agreement  to acquire  natural gas assets in the  Ark-La-Tex  region of northern
Louisiana  through  the $425  million  acquisition  of the equity  interests  of
Houston-based,  privately-held  Greystone Petroleum LLC. Greystone's major asset
is its 16,100 gross acre  contiguous  leasehold  position  over the crest of the
giant Sligo Field  located in Bossier  Parish,  Louisiana.  Discovered  in 1938,
Sligo has produced 1.6 tcfe of natural gas from the Rodessa, Pettit, Hosston and
Cotton Valley formations at depths of 4,100 feet to 9,600 feet.

Through  this  transaction,   Chesapeake  anticipates  acquiring  an  internally
estimated 214 billion cubic feet of gas equivalent  proved  reserves  (bcfe) and
production of 45 million cubic feet of natural gas equivalent production (mmcfe)
per day.

After allocating  approximately $65 million of the purchase price to unevaluated
leasehold and mid-stream gas assets,  Chesapeake's acquisition cost per thousand
cubic feet of gas equivalent (mcfe) of proved reserves will be $1.68. The proved
reserves have a reserves-to-production index of 13.0 years, are 98% gas, are 93%
operated,  are 55% proved developed and have current lease operating expenses of
$0.39 per mcfe.  Greystone's  very low lease operating  expenses  (approximately
$0.35 per mcfe below the industry  average) create unusually high economic value
per mcfe of proved reserves.

The acquisition is expected to close on June 2, 2004 and is subject to customary
closing  conditions.  The  company  intends to finance the  acquisition  using a
combination  of proceeds from a new private  issue of senior  notes,  borrowings
from the company's  newly expanded $500 million bank credit facility and cash on

Greystone  was formed in 1995 by Joe M. Bridges and Michael A. Geffert who later
were  joined  as  equity  holders  by the  private  equity  firm  First  Reserve
Corporation to help fund Greystone's acquisition of interests in the Sligo Field
in 2002.  Greystone  was advised in the sale to  Chesapeake by Simmons & Company
International and Griffis & Associates, LLC. Chesapeake was advised by Randall &


3.       Chesapeake Updates Hedging Positions

Chesapeake  has recently  hedged the current daily natural gas  production of 45
mmcf from the new acquisition at the attractive  price of $6.25 per mcf for June
2004 through June 2005.


(c) Exhibits. The following exhibits are filed herewith:

          99.1 Press Release issued by the Registrant on May 11, 2004 concerning
     the release of agreement to acquire $425 million of natural gas  properties
     and subsequent conference call.

          99.2 Press Release issued by the Registrant on May 11, 2004 concerning
     an agreement to acquire $425 million of natural gas  properties,  additions
     to hedging  positions and  increases in 2004  production  forecasts.  (This
     Exhibit  99.2 is being  filed  solely  for the  purposes  of Item 9 of this
     report  and  shall  not be deemed  incorporated  in any other  item of this


Chesapeake  issued a press  release on May 11, 2004  concerning  a $425  million
acquisition of natural gas  properties,  increases in its hedging  positions and
increases in 2004 production  forecasts.  This press release is filed as EXHIBIT
99.2 to this  current  report on Form 8-K solely for the  purposes  of Item 9 of
this report. This press release disclosed the following matters:

1.       Additional Information Concerning Proposed Acquisition

In connection  with announcing a $425 million  pending  acquisition,  Chesapeake
estimated  that the  acquisition  also includes 51 bcfe of probable and possible
reserves.  Pro forma for this acquisition,  Chesapeake's  proved oil and natural
gas  reserves  will be  approximately  3.8  trillion  cubic feet of natural  gas
equivalent (tcfe) and its projected June 2004 production will exceed 950 million
cubic feet of natural gas  equivalent  per day.  The  company  plans to increase
production from the Greystone properties by approximately 50% to 65-70 mmcfe per
day through a 2-4 rig drilling program during the next 12-18 months.  Chesapeake
has identified  approximately 70 proved undeveloped and 75 probable and possible
locations on the acreage.  Including anticipated future drilling costs for fully
developing the proved,  probable and possible  reserves,  the company  estimates
that its all-in  acquisition cost for the 265 bcfe if estimated reserves will be
$1.94 per mcfe.

2.       Updated 2004 Production Forecasts

Chesapeake is today increasing its 2004 production  forecast by 11.0 bcfe (3.3%)
to a range of 341-347 bcfe (940 mmcfe per day at the mid-point)  from a range of
330-336  (910 mmcfe per day at the  mid-point).  Approximately  9.7 bcfe of this
11.0 bcfe  increase  is  attributable  to the  anticipated  production  from the
Greystone  transaction  while 1.3 bcfe is  attributable  to  anticipated  higher
production from better than expected recent drilling results.

3.       Additional Hedging Information

The press release dated May 11, 2004, filed as EXHIBIT 99.2 to this report, also
includes tables that compare  Chesapeake's  projected  2004-2007 oil and natural
gas production volumes that have been hedged as of May 11, 2004 to what had been
previously hedged as of April 26, 2004.  Depending on changes in oil and natural
gas futures  markets and  management's  view of  underlying  oil and natural gas
supply and demand tends,  Chesapeake may either increase or decrease its hedging
positions at any time in the future without notice.

Chesapeake's  updated  2004  forecast is included in EXHIBIT  99.2 in an Outlook
dated May 11, 2004 labeled  Schedule "A". This Outlook has been changed from the
Outlook  dated  April  26,  2004   (attached  as  Schedule  "B"  for  investors'
convenience) to reflect the increased  production  forecast  announced today and
the projected effects from changes in our hedging positions.

With the filing of this report on Form 8-K, we are posting the same  information
on our web site at  WWW.CHKENERGY.COM.  We caution you that our outlook is given
as of May 11, 2004 based on currently available information, and that we are not
undertaking any obligation to update our estimates as conditions change or other
information become available



This  press  release  and the  accompanying  exhibits include  "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
expectations regarding closing of the announced  acquisitions,  estimates of oil
and  gas  reserves,  expected  oil  and  gas  production  and  future  expenses,
projections  of future oil and gas  prices,  planned  capital  expenditures  and
estimated  costs for drilling,  leasehold  acquisitions  and seismic  data,  and
statements concerning anticipated cash flow and liquidity, business strategy and
other  plans  and  objectives  for  future  operations.  Disclosures  concerning
derivative  contracts and their estimated  contribution to our future results of
operations are based upon market information as of a specific date. These market
prices  are  subject  to  significant   volatility.   Although  we  believe  the
expectations  and  forecasts  reflected  in  these  and  other   forward-looking
statements are reasonable, we can give no assurance they will prove to have been
correct.  They can be affected by inaccurate  assumptions or by known or unknown
risks and  uncertainties.  Factors  that could  cause  actual  results to differ
materially from expected results are described under "Risk Factors" in Item 1 of
our 2003 Annual Report on Form 10-K and  subsequent  filings with the Securities
and  Exchange  Commission  (SEC).  They  include the  volatility  of oil and gas
prices;  adverse  effects  our  substantial   indebtedness  could  have  on  our
operations and future growth; our ability to compete  effectively against strong
independent  oil and gas  companies  and majors;  the cost and  availability  of
drilling and production  services;  possible financial losses as a result of our
commodity  price and interest  rate risk  management  activities;  uncertainties
inherent in estimating quantities of oil and gas reserves, including reserves we
acquire,  projecting  future rates of production  and the timing of  development
expenditures;  exposure to potential  liabilities  of acquired  properties;  our
ability to replace  reserves;  the availability of capital;  changes in interest
rates;  and  drilling  and  operating  risks.  We caution you not to place undue
reliance on these forward-looking statements, which speak only as of the date of
this press release, and we undertake no obligation to update this information.

The SEC has generally permitted oil and gas companies,  in filings made with the
SEC, to disclose only proved reserves that a company has  demonstrated by actual
production  or  conclusive  formation  tests  to  be  economically  and  legally
producible under existing  economic and operating  conditions.  We use the terms
"probable" and "possible"  reserves or other descriptions of volumes of reserves
potentially  recoverable through additional drilling or recovery techniques that
the SEC's  guidelines  may  prohibit us from  including in filings with the SEC.
These  estimates are by their nature more  speculative  than estimates of proved
reserves  and  accordingly  are subject to  substantially  greater risk of being
actually  realized by the company.  We cannot assure you that we can recover our
estimated volumes of oil and natural gas reserves.

The  announcement  of a proposed  offering of senior notes in this press release
shall not constitute an offer to sell or a  solicitation  of an offer to buy the
senior  notes.  The terms of any such  offering  and the  senior  notes  offered
thereby have not been decided. The senior notes will not be registered under the
Securities Act of 1933 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 state laws.

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



         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 12, 2004