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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT SEPTEMBER 29, 1998
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DATE OF EARLIEST EVENT REPORTED SEPTEMBER 24, 1998
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CHESAPEAKE ENERGY CORPORATION
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(Exact name of registrant as specified in its charter)
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OKLAHOMA 1-13726 73-1395733
(State or other jurisdiction (Commission (IRS Employer Identification No.)
of incorporation) File Number)
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6100 NORTH WESTERN AVENUE, OKLAHOMA CITY, OKLAHOMA 73118
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(Address of principal executive offices) (Zip Code)
(405) 848-8000
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(Registrant's telephone number, including area code)
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
On September 24, 1998, Chesapeake Energy Corporation ("Chesapeake")
issued a press release announcing a cash dividend on its preferred stock.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits. The following exhibit is filed herewith:
99. Press Release issued by the Registrant on September 24, 1998.
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SIGNATURE
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/ AUBREY K. MCCLENDON
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Aubrey K. McClendon,
Chief Executive Officer
Dated: September 28, 1998
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EXHIBIT INDEX
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EXHIBIT DESCRIPTION
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99 Press Release issued by the Registrant on September 24, 1998.
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CONTACT: MARC ROWLAND, CHIEF FINANCIAL OFFICER
(405)848-8000, EXT. 232
FOR IMMEDIATE RELEASE TOM PRICE, JR., VICE PRESIDENT-
SEPTEMBER 24, 1998 CORPORATE DEVELOPMENT
(405)848-8000, EXT. 257
CHESAPEAKE ENERGY CORPORATION
ANNOUNCES CASH DIVIDEND FOR PREFERRED STOCK
OKLAHOMA CITY, OKLAHOMA, SEPTEMBER 24, 1998 -- Chesapeake Energy Corporation
(NYSE:CHK) announced that its Board of Directors has declared a quarterly cash
dividend on the company's 7% convertible preferred stock. The dividend for the
preferred stock is payable on November 1, 1998 to shareholders of record on
September 30, 1998 at the rate of $0.875 per share. The company has 4.6 million
preferred shares outstanding.
Chesapeake's Board also determined that because of low oil and natural gas
prices during the third quarter, the company would suspend the $0.02 per share
quarterly dividend on its common stock. The payment of future common stock
dividends will be reviewed at the December meeting of the Board of Directors.
The company has approximately 96.5 million common shares outstanding.
Chesapeake is currently drilling with 12 rigs in the Mid-Continent area, 6 rigs
in the Gulf Coast, and 1 rig in New Mexico. The company plans to release its
third quarter financial results and provide an update on its developmental and
exploration drilling programs on or before November 5, 1998.
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Chesapeake Energy Corporation is an independent oil and natural gas producer
headquartered in Oklahoma City. The company's operations are focused on
exploratory and developmental drilling and producing property and corporate
acquisitions in major onshore producing areas of the United States and Canada.
The company's internet address is http://www.chesapeake-energy.com.
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