THE OIL GAMBLE

Sources: Bloomberg, public records

CHESAPEAKE CEO McCLENDON SAYS HE REALIZED IN 2007 THAT BOTH HE AND HIS COMPANY HAD TO DIVERSIFY FROM JUST NATURAL GAS TO OIL DRILLING. THAT BET COULD COST HIM HIS JOB.

1/10/07

Ronnie Irani and Aubrey McClendon meet at IHOP for the first time to discuss the Prize Project.

5/07

Irani and Chesapeake reach final agreement to split acreage 50-50 in the Powder River Basin.

3/08

Chesapeake announces positions in five new oil plays.

7/08

McClendon puts up his wine collection as collateral for a Goldman Sachs loan of an undisclosed amount.

8/08

Wachovia helps arrange transactions so that Chesapeake reaps $600 million and McClendon gets $88 million.

10/08

As Chesapeake slashes spending, McClendon sells most of his Chesapeake stock to meet a margin call.

FALL 08

A firm now called EIG Global Energy Partners agrees to lend McClendon money to finance his share in Chesapeake’s wells.

6/09

Chesapeake’s capital expenditures drop to $1.06 billion in the second quarter from $7.3 billion in the third quarter of 2008.

12/10

Carl Icahn buys a 5.8 percent stake in Chesapeake and pushes for cuts in spending and debt. He later sells this stake.

1/11

Chesapeake sells a one-third share of its Powder River Basin play to Cnooc.

4/12

Natural gas, which accounts for 81 percent of Chesapeake’s sales volume, falls to lowest in a decade.

6/12

Icahn and Southeastern push to replace four board members. Chesapeake replaces McClendon as chairman.

As of June 11.

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