12 | LETTER TO SHAREHOLDERS wet natural gas and dry natural gas), similar to the components of the  Eagle Ford Shale. We have made a large commitment to this play and  have acquired approximately 1.2 million net leasehold acres and expect  to increase this total to as much as 1.5 million net leasehold acres in the  coming months. We are currently using three rigs to evaluate the play  and believe our leasehold could support the drilling of up to 12,000 net  wells. This is an area where we anticipate bringing in a joint venture  partner late in 2011 or early in 2012. Great assets cannot exist without great people, so we take great pride  in hiring, training, motivating, rewarding and retaining what we regard  atmosphere of vitality and energy at Chesapeake, important ingredi- ents of our distinctive culture. These attributes, along with a vibrant  and attractive corporate headquarters campus, low levels of bureau- cracy, great assets and a well-executed corporate strategy combine to  create our culture of success and innovation.  This has generated extremely positive external feedback as  Chesapeake was recently recognized for the fourth consecutive year  as one of the FORTUNE 100 Best Companies to Work For ®(3)  in the U.S.  In fact, we moved up to #32 overall and #1 in our industry — we are  very proud of having created and sustained what is now considered  the best place to work in all of the U.S. energy production industry.  In addition, we were honored in December 2010 at the 12th Annual  Platts Global Energy Awards as finalists for CEO of the Year, Community  Development Program of the Year, Deal of the Year, Energy Producer  of the Year and the Industry Leadership Award. Chesapeake was one  of only two companies selected as a finalist in five or more categories.  The company was also honored in 2010 with a Certificate of Recognition  for our military reserve recruiting efforts, named a 2010 Best Diversity  Company by Engineering & Information Technology Magazine and rec- ognized for Best Investor Relations in Energy Sector and Best Investor  Relations Website at the 2010 IR Magazine U.S. Awards. as the best employees in the industry. From our beginning 22 years ago  with 10 employees in Oklahoma City to employing more than 10,000  people across 15 states today, Chesapeake has always focused on build- ing first-class human resources within a distinctive corporate culture. Talk  to Chesapeake employees and you will note genuine pride and great enthusiasm about the company and the critical role that we play in deliv- ering increasing quantities of clean and affordable American natural gas  and valuable and reliable liquids to energy consumers across the country. Chesapeake employees are distinctive in other ways as well. They  are much younger than the industry average, with half of our almost  4,000 Oklahoma City-based headquarters employees 33 years old  or younger. Their enthusiasm and willingness to learn create an  You may be aware that I have been outspoken in attempting to persuade  our country’s political leadership to recognize that the discovery of vast  resources of unconventional natural gas and oil in the U.S. is a complete  game changer for our country from an economic, national security and  environmental perspective. After two years of my best efforts and the  efforts of many others in the industry, most notably T. Boone Pickens, Recent Events and a Better Way Forward Our People  << A Chesapeake rig drills in the Marcellus Shale, where the company is the leading leasehold owner, largest producer and most active driller. From our beginning 22 years ago with 10  employees in Oklahoma City to employing  more than 10,000 people across 15 states  today, Chesapeake has always focused on  building first-class human resources within a distinctive corporate culture. 