Haynesville and Bossier Shales (Northwest Louisiana and East Texas): Chesapeake is the largest leasehold owner, largest producer and most active driller of new wells in the Haynesville Shale play in Northwest Louisiana and East Texas. Chesapeake owns approximately 530,000 net acres of leasehold in the Haynesville Shale play, under which approximately 195,000 net acres is prospective for the Bossier Shale. On its Haynesville and Bossier leasehold, Chesapeake estimates it has approximately 2.9 tcfe of proved reserves (based on the 10-year average NYMEX strip prices at June 30, 2010) and 23.7 tcfe of risked unproved resources.

The company has drilled and completed 252 gross Chesapeake-operated horizontal wells in the Haynesville and Bossier since discovering the play in 2007. During the 2010 second quarter, Chesapeake's average daily net production of 560 mmcfe in the Haynesville increased approximately 30% over the 2010 first quarter and approximately 315% over the 2009 second quarter. The company's average daily net production rate in the Haynesville in July 2010 was approximately 615 mmcfe. The company is currently drilling with 35 operated rigs in the Haynesville and anticipates operating an average of approximately 36 rigs in 2010 to drill approximately 175 net wells. The company anticipates having the vast majority of its Haynesville Shale leasehold held by production (HBP) by year-end 2011 and as such will have greater drilling flexibility in the years ahead.

Three notable recent wells completed by Chesapeake in the Haynesville are as follows:

The Sloan H-1 in DeSoto Parish, LA achieved a peak 24-hour rate of 22.2 mmcf per day;

The Brasch Family H-1 in DeSoto Parish, LA achieved a peak 24-hour rate of 22.0 mmcf per day; and

The Wren H-1 in DeSoto Parish, LA achieved a peak 24-hour rate of 21.6 mmcf per day.