8-K

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 (Date of earliest event reported)

December 29, 2005 (December 21, 2005)

CHESAPEAKE ENERGY CORPORATION

(Exact name of Registrant as specified in its Charter)

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

6100 North Western Avenue, Oklahoma City, Oklahoma	73118
(Address of principal executive offices)	(Zip Code)

(405) 848-8000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[_]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[_]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

(17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

(17 CFR 240.13e-4(c))

Section 8 – Other Events

Item 8.01 Other Events.

On December 21, 2005, Chesapeake Energy Corporation issued a press release announcing that its Board of Directors has declared quarterly common and preferred stock dividends. A copy of the press release is attached as exhibit 99.1 to this Current Report.

Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
	(c)	Exhibits
Exhibit No.			Document Description
99.1			Chesapeake Energy Corporation press release dated December 21, 2005

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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
	Aubrey K. McClendon Chairman of the Board and Chief Executive Officer

Date: December 29, 2005

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EXHIBIT INDEX
Exhibit No.	Document Description
99.1	Chesapeake Energy Corporation press release dated December 21, 2005

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EX-99

EXHIBIT 99.1

FOR IMMEDIATE RELEASE DECEMBER 21, 2005 N e w s R e l e a s e Chesapeake Energy Corporation P. O. Box 18496 Oklahoma City, OK 73154

JEFFREY L. MOBLEY, CFA VICE PRESIDENT- INVESTOR RELATIONS AND RESEARCH (405) 767-4763 MARC ROWLAND EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER (405) 879-9232

CHESAPEAKE ENERGY CORPORATION DECLARES QUARTERLY

COMMON AND PREFERRED STOCK DIVIDENDS

OKLAHOMA CITY, OKLAHOMA, DECEMBER 21, 2005 - Chesapeake Energy Corporation (NYSE:CHK) today announced that its Board of Directors has declared a $0.05 per share quarterly dividend that will be paid on January 16, 2006 to common shareholders of record on January 2, 2006. Chesapeake has approximately 369.8 million common shares outstanding. In addition, Chesapeake’s Board has declared dividends on all of its outstanding convertible preferred stock issues.

Chesapeake’s Board has declared a quarterly cash dividend on Chesapeake’s 4.125% Cumulative Convertible Preferred Stock, par value $0.01. The dividend for the 4.125% preferred stock is payable on March 15, 2006 to preferred shareholders of record on March 1, 2006 at the quarterly rate of $10.3125 per share. Chesapeake has 93,060 shares of 4.125% preferred stock outstanding with a liquidation value of $93.1 million.

Chesapeake’s Board has declared a quarterly cash dividend on Chesapeake’s 5.0% Cumulative Convertible Preferred Stock (Series 2003), par value $0.01. The dividend for the 5.0% preferred stock is payable on February 15, 2006 to preferred shareholders of record on February 1, 2006 at the quarterly rate of $1.25 per share. Chesapeake has 1.026 million shares of 5.0% preferred stock (Series 2003) outstanding with a liquidation value of $102.6 million.

Chesapeake’s Board has declared a quarterly cash dividend on Chesapeake’s 6.0% Cumulative Convertible Preferred Stock, par value $0.01. The dividend for the 6.0% preferred stock is payable on March 15, 2006 to preferred shareholders of record on March 1, 2006 at the quarterly rate of $0.75 per share. Chesapeake has 100,310 shares of 6% preferred stock outstanding with a liquidation value of $5.0 million.

Chesapeake’s Board has declared a quarterly cash dividend on Chesapeake’s 5.0% Cumulative Convertible Preferred Stock (Series 2005), par value $0.01. The dividend for the 5.0% preferred stock is payable on January 16, 2006 to preferred shareholders of record on January 2, 2006 at the rate of $1.25 per share. Chesapeake has 4.6 million shares of 5.0% preferred stock (Series 2005) outstanding with a liquidation value of $460.0 million.

Chesapeake’s Board has declared a quarterly cash dividend on Chesapeake’s 4.5% Cumulative Convertible Preferred Stock, par value $0.01. The dividend for the 4.5% preferred stock is payable on March 15, 2006 to preferred shareholders of record on March 1, 2006 at the rate of $1.125 per share. Chesapeake has 3.45 million shares of 4.5% preferred stock outstanding with a liquidation value of $345.0 million.

Chesapeake’s Board has declared a quarterly cash dividend on Chesapeake’s 5.0% Cumulative Convertible Preferred Stock (Series 2005B), par value $0.01. The dividend for the 5.0% preferred stock is payable on February 15, 2006 to preferred shareholders of record on February 1, 2006 at the quarterly rate of $1.3472 per share. Chesapeake has 5.75 million shares of 5.0% preferred stock (Series 2003) outstanding with a liquidation value of $575.0 million.

Chesapeake Energy Corporation is the second largest independent producer of natural gas in the U.S. Headquartered in Oklahoma City, the company's operations are focused on exploratory and developmental drilling and property acquisitions in the Mid-Continent, Permian Basin, South Texas, Texas Gulf Coast, Barnett Shale, Ark-La-Tex and Appalachian Basin regions of the United States.

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