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Chesapeake Energy Corp | November 2011 Investor Presentation | Jeffery L Mobley | Page 14 of 11 | April 23, 2024

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May 2011 Investor Presentation November 2011 Investor PresentationCHK?s Newest Major Discovery ? Li q uids Rich Ohio Utica Shale q Immature Oil Window Wet Gas Window Dry Gas Window Began leasing in Ohio for Utica in mid-2010 now have: 1.36 mm net acres of leasehold, by far the largest position in industry(1) ~50% of the potentially drillable acres 50 miles ~50% of the potentially drillable acres Extensive well log and petrophysical data as well as 11 proprietary core wells totaling ~4,000 feet of rock Spudded 19 horizontal wells to date, 8 being completed Strong initial drilling results from 7 horizontal producing ~2 Strong initial drilling results from 7 horizontal producing wells in the wet gas and dry gas phases Early in the process of evaluating the oil phase ~75% of CHK?s leasehold focused in wet gas and oil phases ~220 miles CHK is currently operating 5 rigs in the play Plan to increase operated rigs in the play up to 8 by YE?11, up to 20 by YE?12 and up to 30 by YE?14 Believe the p la y is likel y most analo g ous, but pyyg economically superior, to the Eagle Ford in South TexasMap source: Modified from Ro wan, 2006, Geological Survey 14(1)Pro forma for Utica Shale industry JV LOI announced on 11/3/11