Filed Pursuant Rule 424(b)(3)
Relating to Form S-3 Registration
Statement Nos. 333-04027
and 333-12533
CHESAPEAKE ENERGY CORPORATION
Supplement to Prospectus dated September 27, 1996
_____________________
This Supplement to Prospectus dated September 27, 1996
supplements and amends the Selling Shareholders table at page 13
of the Prospectus to reflect the results of certain donations
made since the date of the Prospectus. The Prospectus is used in
connection with the offering of an aggregate 929,100 shares of
the common stock, par value $.10 per share (the "Common Stock"),
of Chesapeake Energy Corporation (CHK). The number of shares of
Common Stock covered by the Prospectus remains unchanged and,
except as set forth below, the Selling Shareholders table set
forth in the Prospectus remains unchanged:
<TABLE>
<CAPTION>
Common Stock Number of Shares to
Selling Beneficially Owned Prior be Offered for
Shareholder Address to August 31, 1996 Owner's Account
----------- ------- ------------------------ --------------------
<S> <C> <C> <C>
John J. Mack c/o Morgan Stanley 172,250 152,250
Group, Inc.
1585 Broadway
New York, NY 10036
CJ Mack Foundation 91 Sunset Lane -- 20,000
Rye, NY 10580
Robert E. Braver 3512 S.E. 15th 12,150 11,650
Edmond, OK 73013
Heritage Hall 1401 N.W. 115th -- 500
School Oklahoma City, OK
73114
</TABLE>
This Supplement to Prospectus dated September 27, 1996
relates to Chesapeake Energy Corporation's Registration Statement
of Form S-3, No. 333-04027, effective May 22, 1996, and
Registration Statement on Form S-3, No. 333-12533, effective
September 27, 1996.
The date of this Supplement is December 23, 1996.
