Chesapeake Energy 2008 Annual Report Download - page 9

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■
The Fayetteville is currently the second
most productive natural gas shale in
the U.S. and one of the nation’s 10
largest natural gas fi elds of any type
■
Chesapeake entered the Fayetteville
Shale in 2005 and now owns the industry’s
second-largest acreage position
■
Chesapeake owns approximately
420,000 net acres of leasehold in the core
area of the Fayetteville
■
During the 2008 third quarter, Chesapeake
entered into a joint venture and sold a 25%
interest in its Fayetteville assets to BP for
$1.9 billion of cash and future drilling carries
■
During 2009, nearly all of Chesapeake’s
drilling costs, or approximately $550
million, will be paid for by our joint venture
partner BP
Letter to Shareholders
9