NATURAL GAS SHALE AREAS 17 | OPERATING AREAS 2010 Total Production:  0 bcfe, NM, NM 12/31/10 Proved Reserves: 10 bcfe, NM, NM 12/31/10 Net Leasehold Acres: ***  205,000, +14%, 2% 2010 Total Production:  240 bcfe, +182%, 23% 12/31/10 Proved Reserves: 3,570 bcfe, +95%, 21% 12/31/10 Net Leasehold Acres: ***  530,000, +2%, 4% 2010 Total Production:  55 bcfe, +175%, 5% 12/31/10 Proved Reserves: 860 bcfe, +231%, 5% 12/31/10 Net Leasehold Acres:  1,670,000, +3%, 13% 4 Marcellus Shale Chesapeake is the industry’s leading leasehold o wner, largest producer and most active developer in the Marcellus Shale play that spans from northern  West Virginia across much of Pennsylvania into southern New York. The Marcellus is located in the highes t gas- consuming region of the U.S. and therefore receives the best natural gas prices in the  nation. We estimate we could drill up to 21,000 net wells on our Marcellus acreage in the futu re and plan  to utilize an average of approximately 32 operated rigs in 2011 to further develop our  1.7 million net acres of Marcellus Shale leasehold. During 2010 approximately $600  million of Chesapeake’s drilling costs in the Marcellus were paid by its joint ven - ture partner, Oslo-based Statoil (NYSE:STO, OSE:STL). During 2011 and 2012, 75% of Chesapeake’s drilling and completion costs in the Marcellus, up to $1.4 billion, will  be paid by STO. We expect that over time, the Marcellus Shale will become the largest natural gas field in the U.S. and the second-largest in the world. 3 Haynesville Shale In early 2008, Chesapeake announced its disco very of  the Haynesville Shale, which is located in northwestern Louisiana and East T exas, a reservoir that likely will become one of the two largest natural gas fields in the U.S. ( along  with the Marcellus) and one of the five largest in the world. The Haynesville Shale is no w the  nation’s largest producing shale play. We are the largest leasehold owner, largest  producer and most active driller of new wells in the Haynesville Shale play. We  estimate that we could drill up to 6,300 net wells on our Haynesville Shale acreage  in the future and plan to utilize an average of approximately 29 operated rigs in 2011 to  further develop our 530,000 net acres of Haynesville Shale leasehold. During 2011 we  anticipate spending approximately $1.65 billion, or 32% of our total budget, for explor ation and development activities in the Haynesville Shale. In 2011 we anticipate reducing our ri g count beginning  mid year as we complete drilling objectives to hold our leasehold through establishing initial production. 2 Bossier Shale The Bossier Shale overlies about one-third of our Haynesville Shale acreage. We estimate we could drill up to 2,600 net wel ls on our Bossier Shale acreage in the future to develop our 205,000 net acres of Boss ier  Shale leasehold. Because the Bossier lies above the Haynesville, horizontal wells drilled just to the Bossier may not always hold Haynesville rights. As a result,  Chesapeake and other producers are drilling aggressively to hold all rights  through the Haynesville before the initial three-year term of a typical lease expires, therefore not much Bossier drilling is yet underway. However, once our  leases are HBP (held by production) by Haynesville drilling, we plan to focus on developing the Bossier Shale more aggressively beginning most likely in 2013. 1 Barnett Shale Chesapeake is the second-largest producer of natural gas, the m ost active driller and the largest leasehold owner in the Core and Tier 1 sweet spots of Tarr ant and Johnson counties. In January 2010, Chesapeake completed a joint venture and sold 25% of its  assets in the Barnett to Total E&P USA, Inc., a wholly owned subsidiary of Paris-based Total S.A.  (NYSE:TOT, FP:FP) (Total) for $2.25 billion in cash and drilling carries. During 2010 approx - imately $480 million of Chesapeake’s drilling and completion costs in the Barnett were  paid by Total. Total will fund 60% of our share of future drilling and completion costs until an  additional $970 million of our costs have been funded, which we expect to occur by year-end  2013. We anticipate using an average of approximately 18 operated rigs in 2011 to further develop  our  220,000 net acres of Barnett Shale leasehold, of which 205,000 net leasehold acres are located in  the prime  Core and Tier 1 areas. On this acreage, we estimate we could drill up to 2,300 net wells in the year s to come. Reduction in production and  proved reserves were caused by our joint venture sale to Total. 12/31/10 Net Leasehold Acres:  220,000, -24%*, 2%** 12/31/10 Proved Reserves:  3,060 bcfe, -11%*, 18%** 2010 Total Production:  175 bcfe, -27%*, 17%**