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 ANNUAL REPORT  |  18
LIQUIDS-RICH AREAS
Anadarko Basin  The Anadarko Basin is home to four of Chesapeake’s liquids-rich plays, 
which we anticipate will become significant contributors to our growth in the years ahead.  
Chesapeake was one of the first to utilize modern horizontal drilling methods and has assembled  
an unrivaled leasehold position in numerous horizontal liquids-rich plays in the basin. Chesapeake  
will continue drilling with a focus on the Granite Wash, where rates of return are the highest in our  
company, and with an increasing focus on the Cleveland, Tonkawa and Mississippian liquids-rich  
unconventional plays. We estimate we could drill up to 11,400 net wells on our Anadarko Basin 
acreage in the future and plan to utilize an average of 31 operated rigs in 2011 to further develop 
our current 1.7 million net leasehold acres.
Rockies  Chesapeake is the second-largest leasehold owner in the Niobrara Shale,  
Frontier and Codell plays in the Powder River and Denver Julesburg (DJ) basins of Wyoming  
and Colorado. In February 2011, Chesapeake completed a $1.3 billion joint venture agreement with  
CNOOC, whereby CNOOC acquired a 33.3% interest in Chesapeake’s approximately 800,000 net  
leasehold acres in the Powder River and DJ basins. CNOOC paid Chesapeake approximately $570 million  
in cash at closing and will pay an additional $697 million in carries by funding 66.7% of Chesapeake’s  
share of drilling and completion expenditures, which  
Chesapeake expects to occur by year-end 2014. We plan  
to utilize an average of approximately 11 rigs in 2011 to  
develop our current 535,000 net leasehold acres with  
our partner and estimate that we could drill up to 7,600 net wells.
8
Permian Basin   Chesapeake has built a strong position of approx -
imately 1.2 million net leasehold acres in the Permian Basin including 
560,000 net leasehold acres in the Bone Spring, Avalon, Wolfcamp and Wolfberry  
unconventional liquids plays. This area has the potential to deliver significant  
upside as we move toward increasing our oil production substantially in the years 
ahead. We have developed multiple new horizontal oil projects in this area, where 
we plan to utilize an average of approximately eight operated rigs in 2011 to further 
develop our leasehold in the Permian and Delaware basins and estimate we could drill  
up to 4,400 net wells. 
7
Eagle Ford Shale  As part of a growing emphasis on increasing oil and natural gas liquids  
production, Chesapeake has built the industry’s second-largest leasehold position in the Eagle  
Ford Shale play in South Texas. In 2010 Chesapeake increased its leasehold from 80,000 net acres at the  
beginning of the year to more than 600,000 net acres. In November 2010, Chesapeake completed  
a $2.2 billion Eagle Ford Shale joint venture agreement with Beijing-based CNOOC Limited  
(NYSE:CEO), whereby CNOOC acquired a 33.3% interest in 600,000 net leasehold acres in the Eagle  
Ford Shale. CNOOC paid Chesapeake approximately $1.12 billion in cash at closing and will pay 75%  
of Chesapeake’s share of drilling and completion expenditures until the $1.08 billion carry obligation  
has been funded, which Chesapeake expects to occur by year-end 2012. Our focus has been in the wet gas and  
oil prone portions of the play. We estimate we could drill up to 5,500 net wells on our Eagle Ford acreage and plan  
to utilize an average of 23 operated rigs in 2011 to further develop our leasehold position in the Eagle Ford Shale. In addition,  
we believe that the Pearsall Shale should be prospective for natural gas underneath approximately 75% of our Eagle Ford leasehold.
6
5
2010 Total Production:  
145 bcfe, +4%, 14%
12/31/10 Proved Reserves: 
2,440 bcfe, +21%, 14%
12/31/10 Net Leasehold Acres: 
1,420,000, +15%, 11%
2010 Total Production: