Today, Governor Bobby Jindal joined Chesapeake Energy Corporation CEO Aubrey McClendon to celebrate the opening of Chesapeake’s new Haynesville Shale Corporate Office in Shreveport. Governor Jindal highlighted the significant impact Haynesville Shale has on Louisiana’s economy and emphasized Chesapeake’s critical role in helping to produce natural gas from the shale.


Governor Jindal said, “Chesapeake’s mission to explore and produce natural gas here in the Haynesville Shale area is helping to move our economy forward.



“A recent economic study conducted estimates that overall activity in the shale in 2008 generated approximately $2.4 billion in new business sales within Louisiana, created nearly $3.9 billion in household earnings, generated an increase of more than 32,000 jobs within the state, and increased state and local tax revenues by at least $153.3 million due to the extraction activities in the Haynesville Shale.



“Chesapeake is one of the driving forces behind developing the shale here in North Louisiana and a major factor in why we’re able to reap the economic benefits of this natural resource. In 2008 alone, Chesapeake distributed nearly $30 million in royalty payments to Louisianians.”



Governor Jindal highlighted the long-term opportunities that Haynesville Shale provides for both Louisiana and Chesapeake. He noted that Chesapeake currently operates 29 rigs in Haynesville, with the goal of averaging 35 in 2010.



Governor Jindal said, “With an estimated 6.5 billion cubic feet of recoverable natural gas per well in Haynesville, Chesapeake is certain to remain in Louisiana for some time and they will help ensure that Louisiana remains at the forefront of the nation’s energy industry.



“In fact, Chesapeake believes that Haynesville will become the nation's top producing natural gas field by 2015. This is not only good news for our economy, but it means that we will be able to produce more clean and affordable energy for our state and the nation.”



The Governor said that the state is taking steps to increase the use of clean and affordable energy sources, such as natural gas. He noted that he recently signed House Bill 110 by Rep. Jane Smith into law, which increases personal and corporate income tax credits for the use of alternative fuel for motor vehicles, including the use of compressed natural gas (CNG).



Specifically, this new law increases the existing income tax credit from 20 to 50 percent for the purchase of clean burning motors.



Governor Jindal said, “This new law will stimulate the demand for the production of more natural gas and in turn help to grow our economy. Most importantly, it drives the demand to produce more energy here at home instead of remaining dependent on foreign countries to supply our energy needs.”



Chesapeake is the nation’s most active driller for natural gas with 96 rigs currently drilling in the U.S. In addition, Chesapeake is the largest independent producer of natural gas in the nation and the number one producer of natural gas in the Haynesville Shale, where its current production exceeds 280 million cubic feet of natural gas per day from its approximately 500,000 net acres of Haynesville Shale leasehold.



Chesapeake Energy Corporation is the largest independent producer of natural gas in the U.S. Headquartered in Oklahoma City, the company's operations are focused on the development of onshore unconventional and conventional natural gas in the U.S. in the Barnett Shale, Haynesville Shale, Fayetteville Shale, Marcellus Shale, Anadarko Basin, Arkoma Basin, Appalachian Basin, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast and East Texas regions of the United States.




Buck