This paper reports on a novel approach for producing high energy femtosecond pulses without external amplification. The so-called chirped-pulse oscillator (CPO) concept is based on an extended-cavity oscillator, operating at small net positive intracavity group delay dispersion (GDD), over a broad spectral range by the use of chirped multilayer mirrors. The resultant chirped picosecond pulses are compressed by a dispersive delay line external to the laser cavity. Utilizing this technique, sub-30 fs pulses with an energy exceeding 200 nJ at a repetition rate of 11 MHz were produced. The demonstrated peak power in excess of 5 MW is the highest ever achieved from a cw-pumped laser and is expected to be scaleable to tens of megawatts by increasing the pump power and/or decreasing the repetition rate. The demonstrated source allows micromachining of any materials under relaxed focusing conditions.