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CHK » Topics » and Seven Other New Discoveries and Projects

This excerpt taken from the CHK 8-K filed Mar 24, 2008.
and Seven Other New Discoveries and Projects
 
As a result of recent drilling results, Chesapeake is announcing eight new unconventional natural gas discoveries and unconventional oil projects described below.
 
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Haynesville Shale: Based on its geoscientific, petrophysical and engineering research during the past two years and the results of three horizontal and four vertical wells it has drilled, Chesapeake believes the Haynesville Shale play could potentially have a larger impact on the company than any other play in which it has participated to date.  Chesapeake is currently utilizing four rigs to drill Haynesville Shale wells and plans to increase its drilling activity level to approximately 10 rigs by year-end 2008 and potentially more in 2009.  The company currently owns or has commitments for more than 200,000 net acres of leasehold in the Haynesville Shale and has a leasehold acquisition effort underway with the goal of owning up to 500,000 net acres in the play.
 
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Colony Granite Wash (Anadarko Basin of western Oklahoma):  Chesapeake is also announcing the discovery of the Colony Granite Wash play in Washita and Custer Counties, Oklahoma.  Developed internally two years ago, the Colony Granite Wash play is now producing 40 million cubic feet of natural gas equivalent (mmcfe) per day net to the company from 12 net horizontal wells.  Chesapeake is currently utilizing four rigs to further develop its leasehold of approximately 60,000 net acres in the Colony Granite Wash play that the company believes will accommodate the drilling of approximately 250 additional net horizontal wells over time.
 
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Mountain Front Granite Wash (Anadarko Basin of southwestern Oklahoma and Texas Panhandle):  During the past few months, Chesapeake has drilled three horizontal Granite Wash wells along the 150 mile Mountain Front area of the Anadarko Basin.  The company believes its current leasehold of approximately 75,000 net acres will accommodate the drilling of approximately 400 additional net horizontal wells over time.
 
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Five New Unconventional Oil Projects:  Chesapeake is also announcing today that it has identified five new unconventional oil projects, four of which have been developed on a proprietary basis.  The projects range in size from approximately 100,000 to 1,000,000 acres and are located in four different states in the U.S.  Chesapeake has commenced oil production in two of the projects and initial drilling in the other projects is scheduled during the next 12 months.
 
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