text: Haynesville Shale In early 2008, Chesapeake announced its discovery of 
  **3**
  the Haynesville Shale, which is located in northwestern Louisiana and East Texas, 
  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 now 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 exploration and 
  development activities in the Haynesville Shale. In 2011 we anticipate reducing our rig count beginning 
  mid year as we complete drilling objectives to hold our leasehold through establishing initial production. 